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