Anyone doing this? - Posted by Daren (NV)
Posted by Daren (NV) on April 30, 2000 at 10:58:11:
I have done a few Lonnie deals, I’m no expert by any means. Some deals we just have to pass on for various reasons.
Example, seller can’t stand dealers or sales people, will hold and pay lot rent forever on a vacant mobile before working with these people.
They are asking more than what we are willing to pay, but instead of passing on this deal, if you had a park approved buyer and could talk the seller into carrying, is anyone structuring the deal for the seller for say a series of payments.
I could have done a couple of these already but have passed due to agency and representation issues.
Example: Talk seller into carrying note, they want 7K you know you can get $8500 if they carry.
$8500 @15% for 36MO PMT is 294.66. The fee (I like to use the word partner instead of fee) for helping them you get the first three or four payments outright or maybe you take 147.33 (half of the 294.66) for 6 or 7 months so your both getting something.
Has anyone tried this, if so what are you using as an agreement between you and the seller?
Sorry this post is long. Hope you all have a great Sunday.
Feel free to email me any responces.