Posted by Greg Aurand on February 26, 2001 at 24:41:41:
Thank you for the response. I’d like to look over the Net Lease and Option forms that you use, please email a copy to me. This is new territory for me, I am very happy to have this board available. Thank you.
Greg
Need some guidance - Posted by Greg
Posted by Greg on February 22, 2001 at 12:08:05:
Hello everyone,
I could use a little advice. My Daughter in Colorado has finally found a buyer for a trailer that I bought for her many years ago. The buyer doesn’t have financing and would like us to carry the loan. I am happy to do this, but I’m unsure of the going interest rate for this type of note. This is also my first time carrying a note and I could use some guidance writing the contract. Can anyone recommend a lawyer (preferably in Colorado) who is familiar with putting this type of contract together. Your input is most appreciated. Thank you.
Greg
Creative@tiki.net
Re: Need some guidance - Posted by Ernest Tew
Posted by Ernest Tew on February 24, 2001 at 17:00:26:
Greg, people in the business of selling mobile homes charge interest rates ranging from 11% to 18%. We have charged 14.5% on most of our sales. I believe Lonnie charges 12.75%.
What matters to most buyers is “how much down and how much per month.” You are getting a few hundred down, aren’t you?
If there is a gain or taxable profit on the sale, you might want to consider a Lease-Purchase arrangement in order to pay taxes as the money is received.
If you would like to have a copy of the Net Lease and Option forms we use, please advise and I can e-mail them to you.