Posted by B.L.Renfrow on February 28, 2000 at 13:24:48:
Is it risky? Yes. Would I do it? Maybe. Just be sure the market value of the MH is realistic, i.e. what you could actually sell it for in your community, not what some book says it’s worth.
“Can I have conditions in my note that if they 1) break park rules, or 2)default on their first loan, or 3) default on my loan, that I can repossess the mobile home if I pay off or assume their first loan?” Not only CAN you, it’s a MUST.
“Would this be difficult to do?” I wouldn’t think so.
I know Lonnie was saying in Atlanta that he makes loans to his MH buyers all the time, particularly at Christmas. I don’t know whether he secures them with a second lien, but I would assume so.