Posted by Don(miami) on December 25, 1998 at 13:30:14:
I have to agree with you that the best notes are the ones you creat yourself. i had a firend that was always doing this in the siding business and he had about $1500 in payments coming in each month. i was too greedy i always had to have the cash payment. but as i look back and believe me i have for quite some time now …ha ha. i should have done some financing myself.
I have a friend that is getting into the home improvement business in s.c. and i advised hime to finance deals whenever he was able to.
if he gets enoug down to cover the cost of materials and labor and some profit. then he will be o.k. of course that is my opinion.i agree with you when you say yield and profit dont mean a lot however if you have a good strong yield and profit then you can afford to lose a few whne they dont pay.
as i said in my first post to you. If you are going to finance these type of deals. then i would take ff the tounge of the home and underpinn the home in brick(added profit) and it give you a stable foundation. the home are considered fixed to the land. and an investor will buy it more readily if you need to sell. i would attach the home for security and get some down payment and well as everything else that i said earlier.
also if you can pull a credit report on the payor and charge them accordingly .
talk to an attorney in you state and ask him the particulars and i am sure you will do great. keep in touch and ;et me know how it is going.