Posted by Tony-VA on November 12, 2000 at 03:02:23:
Way to go Carlene! You passed the Lonnie 30 day challenge and it has only been a couple of weeks. Good work!
As for the money end. Why not pursue both? Selling partials is nice, but the discounts can be costly to you.
A line of credit is not necessarily a bad thing. In fact, if one can be obtained, it will provide you with less expensive capital and begin to build your relationship with the lender. Down the road you may work that relationship into many different deals.
The good news is that you have options. By using both sources, you expand your opportunity. The line of credit may take time to establish and the relationship with the lender may take time to develope (before they will consider hypothecation etc.). Okay so in the meantime you use partial note sales as a funding source.
You may also want to consider IRA money from family and friends. Companies like Entrust and MidOhio allow Self-Directed IRA’s to invest in mobile home notes. These friends and relatives can pick up a great yield, tax deferred (or tax free if Roth). There are some “arms length” transaction restrictions to keep in mind but either of these companies can explain further.
The point is that there are many options available to you. Keep doing good business and the money will find you.
See what happens when you set a goal and refuse to quit until you accomplish it!