Posted by JHyre in OH on February 16, 2000 at 06:41:12:
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Anyone use Conseco to flip MHs? - Posted by Mikeb
Posted by Mikeb on February 15, 2000 at 15:32:15:
I’ve run across a '92 14X80 for sale in one of the parks I like to deal in. The owner wants payoff which is $13,000. Book value is $17000.
Thinking about trying to tie this thing up somehow so I can show it and maybe find a buyer that I could get financed for book value. Would like to make an easy 3 or 4k.
The guy at Conseco says they’ll finance up to 145% of book value or appraised value (whichever is less) at 13% - 14% with 7 points (ouch). He said he could pile the closing costs on top of the loan. He made it sound like my costs would be very low. He was very eager.
Questions:
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How do I tie this property up so I can show it? I was thinking of offering to lease it and then just sell it and pay her off. Also, How do I find out if she is telling truth about the payoff?
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How difficult is it to find a buyer willing and able with the requisite credit to get a loan with Conseco?
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Would it be worthwhile to pay the $185 bucks for the appraisal before I commit myself?
Anyone do these that could offer me some advice?
Thanks.
Mikeb
Is Conseco a national firm? - Posted by Steve (NY)
Posted by Steve (NY) on February 15, 2000 at 20:37:03:
Do they have offices everywhere?
-Steve Wardell
Re: Anyone use Conseco to flip MHs? - Posted by lyal
Posted by lyal on February 15, 2000 at 17:26:07:
Gator just answered a post in a thread below where he mentioned doing this. He even gave a name and a phone number of the guy he deals with at Conseco (I think he called them by the old name…Greentree).