Posted by Robert D on December 16, 2000 at 14:23:45:
No Due on sale clause at my bank.
if you find one ask bank to remove it. My banker knows
that he is protected because he now has two parties to go after if there is a default.
finding deals in a seller’s market in New England? - Posted by NHgurl
Posted by NHgurl on December 02, 2000 at 09:33:15:
Is there anyone out there doing Lonnie deals in New England? I’m a little discouraged as home prices here are nowhere near the prices I’m reading about on the list. Homes in decent parks are typically around $25,000 on the retail market, and parks where Lonnie prices could be found look like junkyards? With SF home prices going through the roof, it looks like MH are a hot seller.
How can I even begin in a climate like this?
Re: finding deals in New England? - Posted by Robert D
Posted by Robert D on December 02, 2000 at 17:50:13:
I am doing Deals in Juneau Alaska prices here are 25,000to 30,000 for a 20yr old mobile home. this is what I do
asking price 28,000.00
negotiate the price down to at least 20,000.00
25% down = 5,000.00 the Rest is banks money @ 12.5%
resell @ 32,000.0
carry note @ 14.25%
for 7 yrs same as bank note
over 300.00 dollar positivecash flow
If I can do this in a town of only 30,000 people
New Englanders should go for it.
% on theese deals over 200%
Re: finding deals in New England? - Posted by Marco
Posted by Marco on December 06, 2000 at 08:55:45:
Hi -
If I understand corretcly you buy the MH w/a bank loan
and then resell, thus using two notes. A bank note
that you pay and a Note that the buyer pays you.
Did you use a Mortgage? The reason I ask is that a lot
of Mortgages have a ‘due-on-sale’ clause that allows the lender to call for full payment upon sale of the
home… If so, how did you get around that clause?
The above statement is only valid for mortages as I
understand it…
Thanks,
Marco