Sub prime lenders for Lonnie Deals - Posted by Dave (WI)

Real Estate Investing
#1

Posted by leslie on April 07, 2000 at 23:25:22:

Get a service to make automatic payments for you, so you don’t have to write checks, then go do 20 more deals, and quit crying…

good luck, and sucess to you, leslie

P.S. my ira funds my buyers loans, you will make enough soon to do this, (spend less of your proceeds)

#2

Sub prime lenders for Lonnie Deals - Posted by Dave (WI)

Posted by Dave (WI) on April 07, 2000 at 22:35:35:

Does anyone know of any sub prime lenders who could finance some of my “Lonnie Deal” M.H.'s?

I just purchsed my 10th M.H. and am close to running out of cash, right when I’m getting 2-3 phone calls a week from M.H. sellers.

I talked with the folks at the local American General office and they said that they would lend up to $10,000 to my buyers. They will also let me finance any down payment that may be required. By doing this my buyers could get in with no money down and my risk would be minimal.

I did sell a couple of partial notes, but the idea of writing monthly checks is killing me.

Can anyone suggest any lenders or private parties who could help me finance 20 - 30 year old M.H.'s

#3

You need a revolving line of credit… - Posted by Ben (NJ)

Posted by Ben (NJ) on April 08, 2000 at 11:01:52:

I have a large portfolio of tax lien certificates and
ran into the same problem a few years ago, I found a bank willing to lend up to 80% of the face value of the
certificates on a revolving basis. The beauty of this
arrangement is that every time I buy another certificate, I can then turn right around and borrow 80% of its value to purchase the next certificate.This kind of leverage leads to exponential growth.Look into it.

#4

Partials and timely account recording… what’s working for you? - Posted by Andrea

Posted by Andrea on April 08, 2000 at 08:34:30:

I can see where a person could easily get on a roll and have a cash deficiency quickly. I know from my current manufacturing buisness that cash flow and account organization can make all the difference in the world.

So, I have two questions…

Is there an average yield that any of you folks doing Lonnie deals are selling your partials at?

and

What kind of software/bill paying arrangements are working best to track all this ‘get out and doing’? Is there something that will also be handy for future should we be able to expand to say a MHP w/ lots and storage spaces? How about contacts and follow-up?

Andrea