MH Note - Posted by Travis Capps

Real Estate Investing Mobile Homes & Mobile Home Parks
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Posted by Ernest Tew on May 21, 2000 at 07:04:55:

Without knowing how much a person will pay and when, there is no way of knowing the final payoff.

If you don’t have a calculator capable of figuring mortgage payments, you should get one and learn how to use it. You will find that it will be one of your most important tools when working with mobile homes, real estate and other investments. Prices start at about $25. You can work primarily with four keys: The number of months, the interest rate, the loan amount, and the monthly payment. To get an answer, you need to enter any three known numbers and then press the fourth button for the answer.

With the four numbers are filled in, you can then get a fifth number–future value. One example of future value is the payoff at a specified time.

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MH Note - Posted by Travis Capps

Posted by Travis Capps on May 21, 2000 at 05:23:45:

I have just sold my first MH, and the buyer has indicated that he’ll occasionally be making more than the minimum payment to me, to pay his home off more quickly. How do I figure the payoff time and amount with these extra principal payments?

Thanks!

Travis Capps

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Re: MH Note - Posted by Lonnie

Posted by Lonnie on May 21, 2000 at 20:41:38:

Hi Travis,

I use T-Value software and highly recommend it. It will handle any king of cash flow stream you can throw at it. And it’s very easy to learn. (It has to be for me to use it.)

I have notes that are computed on a daily basis, partial payments, and etc. Once you set the note up, it’s simply a matter of entering the date and amount of payment, and you have your answer. Also, if someone wants a pay-off on a certain date, it’s done with a couple of key strokes.

Hope this helps,

Lonnie

PS I think you can buy the program on this site. Check with JP.

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Re: MH Note - Posted by Robert McNeely

Posted by Robert McNeely on May 21, 2000 at 08:23:54:

If you have no way of figuring partial principal payments, ask the buyer to make only additional payment that equal a monthy principal amount. This will allow you to skip down a month, jumping ahead in monthly increments.