Alabama mobile home lots - Posted by Don Olson

import · August 2, 2005, 9:20am

Posted by don olson on August 02, 2005 at 19:52:11:

Thanks Again Ray I appreciate your taking time to respond like this. I did just order the book. Don

import · August 2, 2005, 9:20am

Posted by Don Olson on August 02, 2005 at 09:20:35:

I have 8 lots in southern alabama that are about a half acre each. I am presently selling them through a realtor. What I would like to do is put used or new mobiles on them one at a time and resell that way. Is it possible to find someone to finance the home and setup part of it and owner finance the whole thing, splitting the note, so much for the home and set up and so much for the land part? Or does anyone have a better idea. I would like to have some long term income from this by financing it. I dont have the money to do the homes myself but I do have very good credit. Thanks For any help, Don

import · August 2, 2005, 5:52pm

Re: Alabama mobile home lots - Posted by ray@lcorn

Posted by ray@lcorn on August 02, 2005 at 17:52:17:

Don,

Here’s the better idea…

http://www.creonline.com/catalog/c-229.html

ray

import · August 2, 2005, 6:28pm

Re: Alabama mobile home lots - Posted by Don

Posted by Don on August 02, 2005 at 18:28:02:

Were you just referring me to a book for sale or did I miss something? I assume this book would have a lot of good Ideas for my situation or you wouldn"t recommend it. I will look into it as I have great respect for your opinion. Thanks, Don

import · August 2, 2005, 7:13pm

Re: Alabama mobile home lots - Posted by ray@lcorn

Posted by ray@lcorn on August 02, 2005 at 19:13:09:

Don,

I’m sorry. I was in a hurry and posted the link to Tony and Scott’s book because it is a manual on exactly how to do what you posted, including working with lenders. You’re on up on the game for land/home deals because you already own the land.

But you should probably consider alternative exit strategies. Splitting the notes will likely not be the most attractive because the home note will encounter a steep discount from face. You will find that there are several exit strategies (rent and hold; rent, refi & exchange (tax-free); trade for bigger properties, etc.). Again, the book goes into detail about the alternatives and also how to combine strategies.

Didn’t mean to come across as a sales pitch, but when a tool exists to do the job I tend to cut to the chase! I highly recommend the book.

ray