HELP!! Newbie Needs Help!!! - Posted by Abdul

Posted by Jeff on February 04, 2002 at 20:29:31:

Hi Abdul! I am in the same boat with funds… but I do highly recommend that you order DOW. Also, if you can afford it, the Carleton Sheets info offers tons of ways to creatively finance things. I just made a post where basically I am asking for partners in a potential deal on a group of mobile homes and land. Sheets speaks highly of partners but I don’t know if this would be the best way to go on just one MH. Out of curiousity, since the ad has been running for a month, the seller may becoming more motivated. Why not just call them and ask them if they would be willing to hold a note on the home and sell it to you this way. This might give you a chance to go ahead and acquire the home while trying to find the funds to pay-off the note. If nothing else, the Sheets course along with DOW has taught me to try almost anything. The worst thing that could happen is the seller could say “No!” but at least it might open a dialoge where you may be able to discuss other options with them. Good luck!


HELP!! Newbie Needs Help!!! - Posted by Abdul

Posted by Abdul on February 04, 2002 at 17:41:19:

I have noticed for a couple months now, an ad running in our local paper about a mobile home with all appliances for $5000. I would like to do something about this deal. But I do not have any money. Can anyone suggest ways that I can buy this home creatively. Thank you.

Re: HELP!! Newbie Needs Help!!! - Posted by ScottS(NC)

Posted by ScottS(NC) on February 04, 2002 at 20:44:48:


Hi, the best thing I think you could do is go and see the home. Talk to the owner try to see what they want(need). If the home is worth 5,000 ie… you can sell it for 10,000 owner financed, then tell the owner you are willing to give them full price and they can choose one of two offers. Offer No#1 You give them a small down payment (what ever you can come up with) and they finance the rest at $150 a month at 0% intrest. Start with 0 intrest I have had several people say they don’t care anything about intrest. This also gives some negotiating room for them with little impact to you. With this deal you should be able to pay them off in 2-3 years, and collect $50-100 monthly cashflow. with a year or two of full payments on the backend of the note. Offer No#2 Tell the current owner you will pay them a small option consideration fee (less than $50) to give you exclusive right to buy for a month and that you will pay them full price. Some people will get nosey and want to know how much profit you will get. Tell them it isn’t a whole lot and change the subject. Also tell the owner if they are living there you will need to show it without them present. I usually show just the outside initially then if they want it we look at the inside with the first owner not present if at all possible. The reason for this is if your buyer gets together with original owner they could cut you out. I have used these techniques and they work well Offer 1 is my favorite yields go out the roof when you put $1000 down and recieve it back plus a monthly income for several years. Good Luck! Take Care ScottS(NC)