Posted by John Merchant on May 08, 2007 at 18:17:00:
Suggest you start with the bible on MH dealings…“Deals on Wheels” by Lonnie Scruggs…available on this website.
It will answer lots of your questions, has forms for MH notes (NOT done by your pricey lawyer!)and will give you lots of food for thought on how to find, buy and finance MHs.
Used Mobile Home Financing - Posted by Ethan Belanger
Posted by Ethan Belanger on May 08, 2007 at 18:09:36:
I’m looking into buying 2 mobile homes (to bring me to full occupancy) to put in my park and then finance them to prospective tenants. How do you set up the financing as far as a promissary note? Do you just have a lawyer draw up a legal note. What interest rate do you typically charge? I was thinking 9 to 12%? Where are some good places to find a good used mobile for cheap?
Ethan
Re: Used Mobile Home Financing - Posted by Sailor
Posted by Sailor on May 08, 2007 at 18:31:44:
Oh, Ethan, you need to book a spot @ Boot Camp in August!
Don’t let the Early Bird Special expire on you, 'cause what you w/
learn w/more than pay for it, just based on the questions you
posted today.
Depending on your holding entity, your tax situation & your state
law, you might want to NOT do a note, but offer a L/O instead. I
charge 13.75-16.75% depending on dp. The Archives are full of
ideas on finding MHs, but the mkt changes rapidly. I’ve found my
homes from private parties & on drive-bys.
John was right (note that he is a VERY smart man), you need to
buy DOW (+ Lonnie’s other 2 books). Bring them w/you to
Asheville for Lonnie to autograph. Looking
forward to meeting you–
Tye