Financing for used Mobiles? - Posted by John

Real Estate Investing
1

Posted by David Alexander on November 02, 1998 at 19:15:11:

You have to remember your dealing with people can come
up with maybe 500-1000 down but, beyond that asking
them to move the home, pay for hookups, etc. is probably a lost cause. How much are you in the homes
for… How much do you need to cut your losses?

David Alexander

2

Financing for used Mobiles? - Posted by John

Posted by John on November 02, 1998 at 12:18:34:

Hi everyone…

I am another “newbie” who bought & devoured Lonnie’s books and went out and bought two “Wobbly Boxes”. Ran into the following problem and need suggestions, please.

I recently moved from Chicago to the Dallas area, and I have a cousin in Alabama who went in on the 2 MHs with me. He has them on HIS property ans has rehabbed both. Now we’re looking to cash out, NOT finance ourselves, because he has to move to North Carolina, so we don’t want to take a DP and hold or sell the notes on these particular MHs. We have a 1974 Fleetwood (2BR/12X65) and a ‘slightly younger’ Clayton Rocket(3BR/16X76). We just want to cash out. He’s spread the word all over town and has received tons of phone calls and interest, but the people who come (while willing to pay the price) need financing and they can’t get it via banks, credit unions, etc. None of the “conventional” lenders will finance homes this old.

So, will SOMEONE PLEASE direct us to the folks that will finance these homes and cash us out? We would really appreciate the help (obviously).

Thanks
John

3

Re: Financing for used Mobiles? - Posted by phil fernandez

Posted by phil fernandez on November 02, 1998 at 16:17:55:

John,

You’re doing it bassackwards here. And you won’t sell them unless you offer the financing to your buyers. That’s what Lonnies books are all about.

4

You read the books? - Posted by Gator Shelton

Posted by Gator Shelton on November 02, 1998 at 16:02:54:

John,
I’m surprised you read the books because you seem to have done exactly the opposite. You say the MHs are on your cousins property. Does that mean that they are not on MH lots? There generally is no financing on older MHs. Thats how you make money on them because you’re the only guy in town who will finance them. You can try to find a local investor, finance company, or call Greentree. They’ll send you some applications but I’ve got a feeling you had better cut your losses and bale out. Get as much as you can down and pray that you don’t have to service the note from Dallas. Sorry I can’t be more encouraging.

Best wishes and good luck with this one,
Gator