Posted by Blane (MI) on May 01, 2000 at 09:18:37:
Robert,
$2,500 shouldn’t be difficult to come up with. Look to family or friends who might be interested in making 12-15% instead of what banks or CD’s pay. Is there any way you can scrape it together yourself?
If I remember correctly, you’re in the Detroit area. If so, please contact me, as I’m interested in the details of your deal. Would be happy to help if I can.
Good luck,
Blane Swenson
swenmb@provide.net
(734) 675-4743
Can Conseco help me get financed for $2500? - Posted by Robert Cox
Posted by Robert Cox on April 30, 2000 at 22:03:10:
I am trying to buy my first Used MH for $2500. Are there any other lenders that could help me. Should I get someone to co-sign for me on a personal loan?
Thank to all who reply
Robert Cox
Re: Can Conseco help me get financed for $2500? - Posted by IdahoRob
Posted by IdahoRob on May 02, 2000 at 24:13:32:
Hi Robert:
The major Lending companys will only lend down to $10,000 this is the smallest amount they will lend–on a mobile home, the last I checked—and is one of the major factors that make Lonnie deals work in the first place for us.
You see a mobile home owner does not know this fact— so when they go to sell the mobile home for $6,000 the buyer tried to finance the mh and can not. Bingo we come in offer $2,000 $3,000 using lonnies step down method (in his books) and we finance— because we do the financing we can create a higher amount than the owner did at $6,000 selling with a $1,000 down and createing a note for up to $9,000 And more— if you live in So.Cal. market.
So Robert look for your financing as was suggested in the last post. Or tie up the mobile home with a pure option. The option would give you the soul right to sell the mobile home for a period of time I would try for 60 to 90 days and give the seller $50.00 to $100.00 as option consideration. Agin this method is talked about in one of Lonnie’s books, something you might want to think over.
However is the mobile home in a park and can it stay the 2 big questions you need answered before you go looking for ways to buy it.
This is my 2cents worth hope it helps
Rob Harris ---- IdahoRob