Posted by John Merchant, JD on June 09, 2002 at 22:25:58:

You should get familiar with the MH section of this website. A lot of good and valuable info there about MH’s, their notes, etc.

And one thing I’ll toss out…in a well run MHP, where there’s on-the-ball management, and where, when you look at it, and meet and visit with the management, you find it neat & tidy, and no old tires, refrigerators, junk, etc., then you’ve got the security of knowing THEY have checked out the residents very well, and the resident tenants (the note debtors, whose notes you’re looking at to buy)have reasonably good credit and income-or else they wouldn’t be there!

Another thing in your favor with MHP notes: there’s not any major institutional financing these days for these notes, so you may be the only game in town-making for some real bargaining power in your hands.


Posted by Allen on March 31, 2002 at 16:09:34:

Has anyone bought existing mobile home notes (in retirement communities) for 40-50 cents on the dollar? What would be awesome for me is if I could buy a $20,000 mobile home note thats been getting paid on time for awhile (seasoned) and buy it for $10k or less. I would like to be able to take in at least $500 per month or more on my $10k investment. Is this possible or do I have to buy the mobile homes, fix them up, and then finance them? :frowning: I build and sell Internet businesses which is where my passion is so I dont want to get caught up in the “Realestate Business”… Has ANYONE in this forum ever bought existing notes like Im speaking of and then just started collecting on a monthly basis? Is it easy? Do the mobile home holders usually keep paying on time when you take over the notes? Do the people selling the notes usually sell you a bad note? Please reply ASAP, all opinions are greatly appreciated.

Re: BUYING MOBILE HOME NOTES? HELP! - Posted by Brian M. May

Posted by Brian M. May on April 13, 2002 at 17:45:19:

Allen, Yes you can buy existing mobile home notes. This week I’m closing a 3 note dealed with a M.H. broker who answered my ad in the local newspaper. He says he can provide me with one a week if I’m interested. So yousee they are out there but treat this as a business and do you home work on each note. Many of the payors have bad credit. this doen’t make it a bad note, just be careful. Good Luck