Another option and maybe cash out of your deal … - Posted by Jerry Freeman
Posted by Jerry Freeman on February 20, 2002 at 07:47:44:
Another way you might be able to do this would be to find a financing broker who specializes in MH financing.
If your buyer’s credit is goood enough to qualify for outside financing, you’ll get all your money at the time of sale, and it won’t matter if the buyer wants to move the home.
Karl Kleiner uses Mobile Home Financial Services in Cincinnati, 800-289-1015. I found the local MH financing broker that I use by looking in my local Yellow Pages.
This is also a way to get cash out of some of your MH sales so you can keep doing Lonnie deals. Before you decide to hold a note on each home, you can run your best prospective buyer through the broker to see if they qualify. Once in awhile, you’ll find someone who qualifies for outside financing, and you’ll get a chunk of cash. It’s worthwhile to learn the financing broker’s requirements and different ways that they will accept financing. For example, sometimes the buyer doesn’t qualify on their own, but they would qualify with a cosigner, who might be a parent.
I tell all my prospects that my first preference is to use my broker to see if we can fit them into a financing package. If that doesn’t work, I’ll finance myself, but only after I’ve tried to find someone who qualifies for the financing package. If their credit isn’t very good, I ask them if they have some who can cosign. My broker runs the credit and tells me who’s the best risk if I have to carry the note myself.