Posted by Trena (OH) on September 19, 2003 at 09:19:06:
Would you be willing to finance some notes on Mobile Homes in Ohio? If so drop me an email
flyingacer2002@yahoo.com
MH Financing question - Posted by Ben Stackhouse
Posted by Ben Stackhouse on September 17, 2003 at 16:09:09:
Has anyone on here taken the approach with this business where they are just financing the purchase of a MH, charging a nice interest rate and charging a moderate loan fee. Versus the traditional approach on here of doing the Lonnie deals buy the MH and then carry the financing to a new buyer. Just curious, I have some money to invest and was thinking of just advertising for MH financing and earning the 12-15% interest on shorter term loans.
Interested in hearing some feedback.
Thanks
Ben in OH
Re: MH Financing question - Posted by Forrest_FL
Posted by Forrest_FL on September 19, 2003 at 20:24:52:
Look where the big finance companies have gotten taking such approach. Personally, I don’t think (12%-15%)is enough profit VS the risk. I would MUCH rather buy notes and in doing so earn a minimum of 35% yield / preferably higher!!! Anyway - that’s my 2cents.
Forrest
Re: MH Financing question - Posted by Rick (OH)
Posted by Rick (OH) on September 18, 2003 at 10:46:43:
Hello Ben,
You could also easily make the 15% you are looking for by buying some partial notes from those of us here that are currently doing the ‘Lonnie’ deals. You would then receive your payment directly from the dealer and the loan is secured by a MH note and the dealer. Even if the buyer’s defaulted on the note the dealer still pays you and can substitute another note as security or the new note if he/she has to resell the MH. It reduces your headaches tremendously.
Hope this helps,
Rick
Tonya is right on. - Posted by Dr. Craig Whisler CA NV
Posted by Dr. Craig Whisler CA NV on September 17, 2003 at 23:57:56:
If however, you still want to make direct loans, you and your money will be very popular, especially with mobile home buyers and sellers.
You will probably need to be licensed by your state if you make direct loans. Generally real estate brokers and attorneys are exempt from licensing in most states but they still need to comply with hundreds of laws regulating such loans.
If that is more involved than you want to be, then just work through a local loan broker. He will arrange loans for you under his license and be sure you have title insurance and that the documents are all in order and in compliance with applicable laws etc. You won’t have to pay for this service. It will be paid for by the borrower so why not take advantage of it.
Maybe you ought to consider working through a ROTH IRA for complete freedom from federal income taxes for all of your profits, forever.
You just set up a self-directed ROTH IRA. You will have the loan broker set up the loans for you and the IRA custodian will fund the loans and receive the payments and do your record keeping for you.
Regards, doc
Re: MH Financing question - Posted by Tonya_VA
Posted by Tonya_VA on September 17, 2003 at 21:22:55:
I think there is an excellent market for mobile home financing ESPECIALLY if you would be willing to finance for people with not-so-perfect credit.
You could make much higher returns if you do Lonnie deals. Why settle for 12-15% interest if you can double your money doing a Lonnie deal?
Thanks,
Atonya
Virginia
Re: MH Financing question - Posted by Mickey
Posted by Mickey on September 29, 2003 at 23:41:16:
What do you mean by BUY THE NOTES?? How do you accomplish this?? I am interested in getting started in the mobilre home business. Please reply.
Thanks