Help on Financing Deal - Posted by Neil-Az

Real Estate Investing Mobile Homes & Mobile Home Parks
#1

Posted by jennifer-az on December 22, 2000 at 22:30:42:

I live in south scottsdale, and I am looking into properties on the outskirts of maricopa county and possibly otherwise as well. I am wondering if it is worth thinking of purchasing mobiles set on small acreage, and renting them out. I haven’t had any input on renting mobiles yet, and I need some advice before I go out and get stuck in something I can’t handle. I know the market around here is pretty fast, but is it worth thinking of renting them out, or is it better to just flip them? Any advice would be appreciated. I have heard such great stuff about Lonnie’s book. Is it that good? Is it worth buying? Please respond.

#2

Help on Financing Deal - Posted by Neil-Az

Posted by Neil-Az on December 13, 2000 at 11:43:59:

I have learned a lot on this site but still just a babe in the woods.

I am looking for some help on how to finance a mobile home and lot. This would be my first deal. I
would appreciate any ideas you could help me with. Mobile homes and lots are a package deal in rural
Arizona. Just like a home you buy one you get the other.

The owner is asking 39K and wants to get out with all cash. When I asked what?s the lowest he would
go for cash, he said 36K. He might go a little lower but not much. His old mobile burned and he
replaced it with a used mobile. He?s a young kid and wants all cash so he can move on. Have not
placed offer yet. Have been trying to find financing.
Have tried American Note, and a bunch of mortgage brokers around here. It seems no one wants to
loan on, or buy a note on a single wide mobile.

The mobile is a 1986 14x60 on almost a half acre.
Comps. for that size mobile and lot are between 50 and 60K
I was going to sell it for 50,000, with owner financing create a note and sell note, and then I carry
anything above the note minus down.

It?s a hot market here so it will not last long, even fixers are selling for FMV.
I would appreciate any advice I can get. I have no money and no credit. (sound familiar)

Neil

#3

Re: Help on Financing Deal - Posted by Charles

Posted by Charles on December 16, 2000 at 23:05:44:

Neil,
i am in Tucson, AZ.Give me a call at my office (520) 917-LOAN xt 109 or tollfee 800-459-2929 xt 109.
I have some specialist financing options for Singlewides.

Charles
www.homeloanexecutives.com