Re: can I offer financing…(long) - Posted by Lin (OR)
Posted by Lin (OR) on September 22, 2004 at 11:10:10:
Keep reading on this site and you’ll get some good ideas for how to make this happen. You’ve already been given some good advice, and if it needs fleshing out, search the archives for related posts. You can also order the book “Deals on Wheels” from this site, and it’ll be at your door in a week. It’s worth its weight in gold.
I know you said you don’t want to rip anybody off, but consider that you’re taking a risk by providing financing to your buyer or doing a lease with a purchase option. You’re entitled to compensation for that risk. If you’re not comfortable charging double, like you said most of the trailers in your park were selling for, figure out what you are comfortable with.
I think once you start doing the math for how many months it would take to get somebody out of your home legally, if they stopped paying you multiplied by the monthly cost of insurance, space rent, and utilities, plus repairs to the place once they were out, plus all the costs associated with getting a new buyer (space rent, ads, utlities, and time out of your day to show it and screen buyers) you’ll find that close to double what you owe isn’t greedy. It just makes good business sense.
Best of luck to you!