How and Where to find MH note buyers. - Posted by Todd (Wisconsin)

Posted by David Butler ANN on November 12, 2000 at 14:48:16:

Hello Todd,

If you’ll scroll down about six posts here, you’ll find most of the answers I think, for what you are looking for, in the replies to the post 11/09/00 by Darren Cole (WHO BUYS MOBILEHOME PAPER OR NOTES?).

Also, you can list notes you actually control, on ANN’s FREE Note Listing Service at:
http://notenetwork.com/at.cgi?a=118510&e=Noteservice/

For figuring out how much you might make, you may want to study ANN’s FREE “NOTE GRADING/PRICING GUIDELINES” at: http://notenetwork.com/at.cgi?a=118510&e=Reports/Note.Pricing.Guidelines.html

This report takes you through most note pricing scenarios, including mobilehomes in parks… and gives you about an accurate measure as you can get…

By the way, you may find the information in TIN CAN ALLEY (available on this site) very helpful in learning how to perform the necessary “front-end” due diligence with regard to note evaluation, park evaluation, and packaging the note(s) for the best chance of quick sale at best price, and packaging the “back-end” due diligence to get the deal closed.

Hope this helps, and best wishes for your success!

David P. Butler VP Broker Relations
America’s Note Network

How and Where to find MH note buyers. - Posted by Todd (Wisconsin)

Posted by Todd (Wisconsin) on November 12, 2000 at 03:45:50:

How and where can I find buyers for my Mobile Home notes? How much will they pay me?

Re: How and Where to find MH note buyers. - Posted by Jack-FL

Posted by Jack-FL on November 15, 2000 at 06:40:49:

It has been our experience that Mobile Home note buyers tend to be local people, who like to stick close to where the security sits(now). Mobile homes being what they are, may be difficult to resell, if you have to reposess or foreclose (with land). Hence you may want to look for local investors in your area, who have their own funds or IRAs. For example, we buy MH notes in the Greater Tampa, St Pete, Clearwater area of Florida. If you know of any there, we can help. Discount amounts on MH Notes, seem to be greater than on Real Property, especially green (unseasoned) notes, probably because the general perception is that the risk is greater. It is our experience that you can expect discounts to 35% yields. Partial purchases are also a way to go. You may also need to sell with recourse, or guarantee the payments.

Re: How and Where to find MH note buyers. - Posted by Tim (Atlanta)

Posted by Tim (Atlanta) on November 14, 2000 at 07:05:22:

If you have friends or family, their IRAs can be a great source of funds. They would have to set up a self-directed IRA, but that is fairly simple. Remember to take care of these investors. Once they realize that you do what you say you can do, they will refer others to you, and your funds available will continue to grow.

If you can’t find that relative or friend willing to invest their IRA, I know of some people who buy notes and partials. E-mail me and I will be happy to pass that information along.