questions regarding approaching lenders - Posted by EWest (MI)

Posted by Gerry (NC) on March 09, 2002 at 09:45:21:

In most cases all you have to do is go to your bank present your card and ask for a cash
advance, up to the cash limit, you will find this amount on your statement. But be careful,
some cards have a high cash advance fee along with a very high % rate. I have seen some
as high as 26.99%. And some will only let you to receive around $300 a day.
So call your credit card customer service and they will tell you every thing you need to
know. Hope this helps.
Gerry (NC)

questions regarding approaching lenders - Posted by EWest (MI)

Posted by EWest (MI) on March 08, 2002 at 11:48:41:

I have read Lonnies 2 books twice the last couple of days(already had read Deals on Wheels once before however a few years ago) and went out and drove a few parks and got quite a few phone numbers of houses for sale and am planning on going and talking to a park manager in a few minutes.

Now to the point of my post. I have very limited funds which are going else where and will be for the forseeable Future. I am going to attend a real estate meeting this coming monday and was wondering how I would go about inquiring about investors lending thier money for my little venture. Chapter 12 of Making Money with Mobile Homes sounds like my best option at the moment. Finding someone who wants to make 18 or so percent on their money and still allow me a small profit per deal with no money out of my own pocket until I get enough of these going that they will be funding themselves.

What kind of information will I need to provide to the lender? What kind of guarentee will he need? colateral other than the Mobile home? I would appreciate any feedback from people who have been in this situation and how they handled it.

Another idea that I have is to try and tie a couple homes up on an option to buy for a couple weeks if I run into any that are of interest when I head out to the parks in a little while. Anyone happen to know what the wording of the option would be with the purchase dependant upon obtaining approval from my lender? or any other similiar phrase?

Thank you for your time

Re: questions regarding approaching lenders - Posted by ScottS(NC)

Posted by ScottS(NC) on March 08, 2002 at 12:40:12:


When I first started I used my home equity loans,credit cards(Usually less than 18% now) and any other bank loans I could gather up. Do you have any of these sources at your disposal? I have never had to borrow from private individuals, banks are usually cheaper. Ernest Tew’s Getting Rich Helping Others course is full of good info on options. He also includes a disk with all of his forms, it is worth the money. Take Care ScottS(NC)

Re: questions regarding approaching lenders - Posted by MJK

Posted by MJK on March 08, 2002 at 19:08:09:

Scott, how do you use your credit card to purchase these MH’s.
Thanks Matt

courtesy checks can have better terms… - Posted by Jerry Freeman

Posted by Jerry Freeman on March 08, 2002 at 21:26:29:

I’ve noticed that those credit card courtesy checks that some card companies send from time to time sometimes can be used for cash advances without the high interest rates or transaction fees that cash advances usually carry. You have to examine every offer carefully, because they’re all over the map.

Re: questions regarding approaching lenders - Posted by SandraS(NC)

Posted by SandraS(NC) on March 08, 2002 at 20:58:38:

We usually are able to get a cash advance for the amount we need.

Re: questions regarding approaching lenders - Posted by MJK

Posted by MJK on March 08, 2002 at 22:10:50:

Pardon my ignorance on the subject, but how do you get a cash advance from your credit card? Do you have to call the company and ask for it? I,ve seen some cards where you can get $500 from your ATM, is this what you’re talking about.

Thanks – Matt