Posted by David Butler on February 19, 2002 at 12:34:42:
Hello Allen,
Hmmmm… in all honesty, I’ve seen a lot of weak note offerings, but none like that! MH paper is tough enough, especially in these times - without buying default paper on purpose.
Two thoughts… if the equity is sizable, and the payor profiles show any redeeming qualities, AND the space rents are current, some note buyers might look at buying at deep discounts and restructuring the notes (though I probably wouldn’t).
Or, a skilled Lonnie dealer might be willing to look at the paper as a form of “bottom-feeding” - i.e. a “back-door” to obtaining property at distressed prices, by purchasing the paper for cents on the dollar, and following through with repo and resale.
A great deal depends on the complete circumstances behind the paper, and the economics of the location of the collateral properties!
Hope that helps, such as it is - and best wishes for finding a solution here!
ANYONE SUCCESSFULL AS A MOBILE HOME NOTE(S) HOLDER?
I am about to get involved in financing mobile home notes but I wanted to make sure Im not making a big mistake… The reason Im looking at mobile home note financing is because I like the high monthly returns (cashflow), which is what Im after. If anyone in here has been successfull in mobile home note investing (financing), let me know… You can reach me at ceo@perfectionet.com
Posted by David Butler on February 08, 2002 at 15:21:08:
Hello Allen,
Yep… and just purchased another sweet 12 note package earlier this week! Wish they were all like that!
I’ll give you the three magic words here for successful mobile home note investing - TIN CAN ALLEY!
Type those words in as your key words in the “Search” facility here at the top of the Cash Flow Forum, and you should easily be able to get the answers you are looking for here!
Posted by aconnely on February 12, 2002 at 08:05:10:
Dave,
It seems that all I get lately is mobile home packages that have buyers who are behind in their mortgages.
Will anyone buy those types of package? I have one for $36k but at least 2/3 of the payors are up to 5-6 months late. Please advise
