Maryland Mobile Homes - Posted by Dave

Posted by Dave on February 01, 2004 at 10:06:16:

Thanks. I checked around the mobile home forums and found a note investor at Thanks again.

Maryland Mobile Homes - Posted by Dave

Posted by Dave on January 31, 2004 at 11:17:02:

I have purchased two mobile homes so far with savings that I then owner financed the sale the Lonnie way. I would like to buy more properties and there are always good priced ones available in my area. Since I owner financed, my investment capital is tied up in the properties I purchased all cash. Any suggestions on how to get small loans for more purchases? Can I get an equity loan on a mobile home even though it is really chattel or personal property? What are my options for quickly building purchase money to buy more homes?

Re: Maryland Mobile Homes - Posted by Keith G

Posted by Keith G on May 06, 2006 at 06:18:08:

Dave, You’re the first person I’ve found actually doing “Lonnie deals” in Maryland. I’m reading “Deals on Wheels” now. I have 2 questions: Is buying/selling a MH in Maryland just like selling a car? That is, the back of the title is signed and registered with the MVA along with sales tax of 5%. Also, (I believe the answer to this is yes, but not sure) are there homes to be bought for around 3000.00 as suggested in Lonnie’s book? I’ve seen several ads for singlewide MHs in the 10 - 20 year old range, but they were asking at least 19000.00.

How about a LOC? - Posted by Michael (KCMO)

Posted by Michael (KCMO) on January 31, 2004 at 22:18:49:

By using the extra income from my Prommissory Notes I was able to get an unsecured Line Of Credit (LOC) from the credit union I had been banking w/. Started out w/ a $3000 limit which was enough to do another deal. Then each time I sold another home I just went in, told them my new income amount from the payments on the note, and requested an increase in my limit.

I think this is better than selling all or part of a note due to the fact that:

  1. Your probably going to have to sell at a pretty good discount from face amount
  2. Most buyers of this type of note are going to require recourse. So if there’s a problem collecting on the note you’re going to be the one dealing w/ it anyway.

Why not keep control of the note and just use it to secure other financing? It’s been working for me.

Re: Maryland Mobile Homes - Posted by Mark-Or

Posted by Mark-Or on January 31, 2004 at 21:20:16:

Dave, have you looked into selling your notes from the two MH deals? You can also sell a portion of the contract. There are people lurking around on this board who can help you with that. Try doing a search and you may find someone.