financing mobile homes - Posted by tommy wardlow

Posted by Karl (OH) on November 08, 2000 at 21:59:03:

When you owner finance, there are no banks. That’s the beauty of these deals. No bank hassles. You create your own note, and collect the payments.

If you’re not able to sell your homes with owner financing (I’m guessing your bank has a lien on the homes, causing you this problem), perhaps you could lease/option them to a buyer. Make sure your park will let you do this. But I wouldn’t ask permission from your banker, just keep making those payments. You collect option money up front, say $1k, and monthly lease payments for something more than your monthly bank payment. At the end of the lease, your buyer exercises the option, or doesn’t. If not, lease/option the home again. Or by then if you own it free and clear, sell in on a note, continue making money.

Scroll down the posts a couple weeks, there’s some discussion on Ernest Tew’s lease/option information.

Karl Kleiner

financing mobile homes - Posted by tommy wardlow

Posted by tommy wardlow on November 08, 2000 at 21:05:26:

I have purchased two mobile homes and have a small amount borrowed on each. I have tried selling through a real estate and my contract will be ending soon. I would like to explore some other options such as owner finance but according to my banker I cannot sell property as owner finance with outstanding loans. Is this true? If it is possible to owner finance, what kind of institutes would finance, if banks will not? I buy the houses at a good price and then refurb. I have good credit but cash flow problems. I would like to know what the requirements are for licensing in the state of Texas. Would I need a retailer license?