Creating a Mobile Home Note???? - Posted by BrettGa

Posted by BrettGa on June 29, 2007 at 16:15:56:

Ok, I have an opportunity to buy a mobile home with one acre of land for 23000 with HWY frontage. The appraisal is around 40 K. I have already spoken to my realtor friend and the deal will go quick. It is a foreclosure. With repairs it could sell for more than 40K. It even has a storage building out back. My question is, how do I create my own personal mortgage and sell it to get the funding that I need for this deal? Hard money lenders have shyed away because it being a manufactured home and the price is so low. Once I have a not created, how do I sell it quickly? I want to sell the property within 3 months and I can easily do that in the area its in. My local newspaper does not have a section entitled “mortgage” or “Notes”. Let me know what you think. Thanks