Posted by TonyOhio on August 27, 2003 at 12:50:01:
Well there you have it! The answer to your questions!
Have Great Deal(s) - Where Do I Get the Money? - Posted by Elizabeth (NJ)
Posted by Elizabeth (NJ) on August 26, 2003 at 15:19:15:
I recently posted that I have a deal to buy 6 repos from the manufacturer for $10K total, all 92’s & 93’s, sizes 14 x 80, 14 x 72, and 14 x 76. No significant liens except for one which the manufacturer brought to my attention last week & renegotiated the deal for me.
My problem is that I don’t know where to get the money to close this deal. I have terrible credit, but I know these homes retail for $10K each and up. I even asked the manufacturer to give me a letter on their letterhead that states the average retail price of these homes is about $10,500 each because I thought that letter (proof) would help me obtain financing. Banks in my area won’t even talk about mobiles.
I would even consider “assigning” the package to an investor in much the same way as I do with regular real estate deals.
Help!!! I don’t want to lose this but I don’t know where to get the money to close.
Elizabeth
Re: Have Great Deal(s) - Where Do I Get the Money? - Posted by Tim (Atlanta)
Posted by Tim (Atlanta) on August 27, 2003 at 06:34:07:
Could you give a few more specifics on the deal? Where are the MHs located? Are they already set in parks, or will they require moving? Where will you get the funds for that if they need to be moved and setup? What about rehab costs? I presume they are not in pristine condition.
If you gave more specifics about your plan for these MHs, perhaps someone (maybe me) in the group will see the potential as well. Right now all I see is a pretty good price on the purchase, but I don’t see a deal. Not without the rest of the picture.
Re: Have Great Deal(s) - Where Do I Get the Money? - Posted by tim
Posted by tim on August 26, 2003 at 15:34:32:
I too have the same problem…how to finance these deals with bad credit and a skinny bank account. If you find a solution please share I will do likewise. It would be nice to find an investor in the area who doesn’t have time or motivation to do the legwork, but knows enough about the business to realize the potential. I would think a reasonable return on their investment would make it worth it. Hopefully we can both find that type person, or another solution.
Re: Have Great Deal(s) - Where Do I Get the Money? - Posted by Elizabeth (NJ)
Posted by Elizabeth (NJ) on August 28, 2003 at 13:25:42:
Here is a listing of the homes I’m purchasing in this package of mobiles:
- 1992 14 x 80, 3 BR
- 1993 14 x 80, 3 BR
- 1993 14 x 70, 3 BR
- 1990 14 x 76, 3 BR
- 1987 14 x 76, 3 BR
- 1986 14 x 76, 3 BR
We know that the used 1993’s are retailing at approx. $10,500 each and have asked for and received written verification of that.
Numbers 5 & 6 have been moved out of the parks by the repo seller onto their sales lot. The remaining 4 are all in parks and I’ve been told they can remain there.
I plan to sell the homes where they sit. What I need is approx. $15,000 which will pay the asking price, the taxes (about $300 average due on each), and the $2,000 lot rent due on one home. I will sign a promissory note at 12% for a period of one year. As each home is sold, I will split the profit with my investor and carve that home out of the promissory note, thereby reducing it down until we have sold all of the homes.
What I need out of the deal personally is my share of the profit. I will manage and sell the homes with the help of my father who has been in the mobile home business (moving them) for almost 30 years in the next adjoining state to where these homes are located.
If anyone who is interested in this deal, please email me or call me at 888-798-8218.
Thank you.
Elizabeth
Re: Have Great Deal(s) - Where Do I Get the Money? - Posted by Elizabeth (NJ)
Posted by Elizabeth (NJ) on August 27, 2003 at 14:19:10:
Tim,
The reason I don’t put all the specifics on any site is that this is a proprietary transaction and as such I am protecting myself and the parties with whom I am dealing.
If you would like to discuss more specifics, please email me privately and also indicate where you are located.
Re: Have Great Deal(s) - Where Do I Get the Money? - Posted by JOE
Posted by JOE on August 26, 2003 at 23:28:34:
Like I teach my kids, that is why you keep your credit good. Credit is one of the most important things in your life. Without good credit you are buying from lonnie sellers not BEING lonnie sellers.
You are buying at a buy here pay here car lot and paying 90 per week for a old piece of crap when you could buy a new car for that. You are buying at rent-a-center and paying 50 per week for a t.v. over 5 years. One piece of advise for everyone out there.
KEEP THE CREDIT GOOD.
Re: You don’t tell the makes. but… - Posted by Greg Meade
Posted by Greg Meade on August 28, 2003 at 18:50:51:
this sounds very, very cool. 3/2 homes sell well and these are all large homes. Be careful…I buy lots of repos and this is cheaper than i can buy them. Try to option the package for thirty days even if it costs a grand to do so. If this is an institutional lender you can get away with this as they don’t usually pay rent, taxes, etc. anyway. Tie em up and you have 30 days to find a cash buyer. At these prices, you should double your money or better! Good luck.this sounds real interesting, please post and tell us the rest of the story…