Posted by Anne_ND on June 29, 2007 at 16:44:06:
Selling a note you create at closing is not easy if you don’t have connections with quick access to funds. You might post this on the cashflow forum to see what advice you get in terms of advertising your note. I don’t sell notes, so I’m not sure where you’d post that.
Alternatively, you could borrow funds from a small bank, or a private individual, or look farther afield for hard money. I assure you, there is hard money available for MHs on land.
Have you gotten inside the home? Be sure to understand the extent of the repairs needed (esp. septic!) and get a good idea of what the land/MH can sell for fixed up. Don’t forget we’re in a bit of a slump now and it might take longer to sell the property, and it surely will take longer to fix up than you have estimated (been there, done that).
Tony and Scott have a lot of posts on precisely this kind of deal in the archives, and also will be discussing these kinds of deals at their bootcamp in August.
Don’t worry if you miss out on this particular deal, you’ll find another one if this one gets sold. Just don’t jump on this one because a realtor told you to do so. It’s good you’re out there looking.