Posted by Jeffrey Short on January 27, 2000 at 07:35:12:
Ed,
You could do what you are talking about… since I am sure that you can find investors for any type of note. The basic question is why?
If you structure it right, your buyer’s down payment should cover your purchase price (or pretty close to it). Then you would have monthly payments coming in for the next 2 years or so. But, there is something else to consider…
What if you buyer fails to keep his/her monthly payments current? Well… since you still have title… you can claim the MH back and re-sell it to someone else. And continue to do this until someone pays off their loan in full.
However, I’ll let Dirk, Lonnie or someone to correct myself…
Want to get into mobile home investing also.
Doing REI but looking to add MH’s to the action. Can you put these deals together where you by low and sell with owner financing using notes then sell the note to the investor?
I pretty much know the buy rates for homes but how do notes on MH’s work?
Who are the ones that purchase these notes at closing?
Posted by Dirk Roach on January 27, 2000 at 22:18:15:
hi Ed,
You know that simple little post has some very big questions.
Really too big to get into the whole in’s and out’s of here.
However You have sniffed out where a TON of MONEY is.
And that is the Used Mobile Home Note Market. Very big money if done correctly.
The best way to learn the in’s and outs of that market is Terry Vaughan’s Cashing In Course.
Well Worth the money, and the software is excellent. I use both everyday.
An interesting article that you can read for information can be found here at the site:
Fast Cash And Up To 75% Yield With No
Competition
by Terry L. Vaughan
Re: Dirk & other Mobile Home Experts…HELP… - Posted by Karl (OH)
Posted by Karl (OH) on January 27, 2000 at 08:42:49:
Another MH investor I know sells a home to a buyer on a note, then offers a discount on the purchase price if the buyer gets Greentree financing within 30 days. If they get financing, he cashes out.
Or you could just help your buyer get financing from the start, and not have to give a discount at all. Call some of the finance companies that do MH’s and get a feel for how flexible they are with questionable credit buyers.
But then you can’t take the home back when they stop paying.