Ed (49er)Garcia...former student needs help.... - Posted by clinton grim

Posted by Charles Clark on January 06, 2003 at 11:37:35:

Hi Ed,
Thanks for saying it clearer.

Ed (49er)Garcia…former student needs help… - Posted by clinton grim

Posted by clinton grim on January 05, 2003 at 18:55:47:

im selling my mobile home park.
i have current financing of 240k @10.5% with 18 yrs remaining(out of 20 yrs).
i have advertised it as an (owner carry)
what options can i present to buyers to make this attractive(term.rate.etc)without being on the hook for 18 more years without blowing someone out of the water with the terms i now have.asking 325k with x down (i have 50k in it so far.)


Re: Ed (49er)Garcia…former student needs help - Posted by Charles Clark

Posted by Charles Clark on January 06, 2003 at 24:39:09:

Hi Clint,
I would find a commercial lender, find out what their requirements are, then just carry the difference between what LTV they will accept and what you want to sell it for. Be sure to have the Interest rate on the 2nd as high as they will accept. Then sell the note 2 minutes after closing.
Charles Clark

Re: Ed (49er)Garcia…former student needs help - Posted by Ed Garcia

Posted by Ed Garcia on January 06, 2003 at 10:42:36:


How about those Niners? Were they hot, or were they hot?


You went to the workshop before last on June 7th 8th and 9th. You’re from Oklahoma City and my first suggestion is what Charles Clark suggested and that is to find a qualified buyer. He didn’t quite say it that way, but when he suggested to find a commercial lender and find out what their requirements are. He’s saying you’ll then have to find a buyer to qualify for those requirements.

I think your first stop should be the lender who is currently carrying the first on the property. Now if my memory serves me correctly, your current loan isn’t in your name so talk to the lender as an interested borrower or tell them you know someone who wants to purchase a mobile home park and find out their requirements.

Secondly, check with other local banks in your area. If you want to call me later in the week, I may be able to give you a few lenders who proclaim to do mobile home parks.

Chances are you’re going to react to the buyer that comes your way. I have a feeling if a potential buyer comes your way who wouldn’t qualify for a loan but had 50 or 75K down, you’d end up doing a deal with them.

Ed Garcia