Posted by Andrea on April 25, 2000 at 12:57:18:
Do I understand your post?
You have old MH’s that you want to get rid of? and replace with one’s that you’ll owe money on? to rent?
Are they beyond Lonnie deals? Might be nice to get most of them sold that way and replace a couple at a time if needed. Or did you really want to manage rentals?
Questions, questions…
Andrea
MH Financing - Posted by Lance Paulsen
Posted by Lance Paulsen on April 25, 2000 at 12:44:08:
We’ve acquired a park that has a number of run-down homes. The banks in our area are not interested in financing more than owner-occupied homes. My park lender doesn’t want to get in any deeper. Where does one go to get financing for new and used mobile homes that will be rented?
Financing - Good idea, Dirk, on Seperate Company - Posted by Brian Gagliardi
Posted by Brian Gagliardi on April 25, 2000 at 14:44:26:
Having a seperate finance company also makes collection efforts a lot easier. You can shift all the blame to a third party about late fees, interest rates, and yes, reposessions. I’ve done it with autos and mobiles both ways, and when I call from the finance company for some reason people get less irate and pay up.
Why rent??? - Posted by Dirk Roach
Posted by Dirk Roach on April 25, 2000 at 13:10:41:
Get Deal’s on Wheel’s by Lonnie Scruggs, read it and I’m sure you’ll see what a gold mine opp you have here in front of you.
Why rent the Homes?
Set up another business entity, that’s whole job is to finance mobile homes. You finance the folks with that entity, you rent the spaces to them, with your park entity.
You have cash flow streaming in from both, but in one you have created a bunch of notes that you can sell, trade or barrow against.
If it was me, I just wouldn’t be very hip on “giving” away my money to a finance company. Anyhow something to think about. Hope this helps
Dirk
Re: MH Financing - Posted by Michael from Bham
Posted by Michael from Bham on April 25, 2000 at 13:02:18:
See if you can “assume payments” on some homes for sale…offset payments with rental income, then you’re only out of pocket the cost of moving and setup.
By the way, how/where did you acquire the lender? I am interested in purchasing a MHP as well…thanks.