Posted by dewCO on December 12, 2000 at 22:21:47:
Hey babe in the woods, there is a mobile home part to this site and a finacing forum that this would probably work better on.
Need financing Help…For Newby - Posted by Neil… Az
Posted by Neil… Az on December 12, 2000 at 16:40:35:
I have learned a lot on this site but still just a babe in the woods.
I am looking for some help on how to finance a mobile home and lot. This would be my
first deal. I would appreciate any ideas you could help me with. Mobile homes and lots
are a package deal in rural Arizona. Just like a home you buy one you get the other.
The owner is asking 39K and wants to get out with all cash. When I asked what?s the
lowest he would go for cash, he said 36K. He might go a little lower but not much. His
old mobile burned and he replaced it with a used mobile. He?s a young kid and wants all
cash so he can move on. Moble needs no repairs. Have not placed offer yet. Have been trying to find financing.
Have tried American Note, and a bunch of mortgage brokers around here. It seems no
one wants to loan on, or buy a note on a single wide mobile.
The mobile is a 1986 14x60 on almost a half acre.
Comps. for that size mobile and lot are between 50 and 60K
I was going to sell it for 50,000, with owner financing create a note and sell note, and then
I carry anything above the note minus down.
It?s a hot market here so it will not last long, even fixers are selling for FMV.
I would appreciate any advice I can get. I have no money and no credit. (sound familiar)
Neil
Re: Need financing Help…For Newby - Posted by BillW.
Posted by BillW. on December 12, 2000 at 22:24:11:
Neil, you need to get a partner who will provide the cash/credit as needed. For the first few deals, split the profits and use the partner. Once you have some cash above your living expenses and some more experience, you can start doing the deals yourself.
BillW.