Posted by NewToYou on February 27, 2007 at 23:52:26:
One more suggestion:
On this site, under the “Mobiles” moniker, you’ll find references to Lonnie Scruggs.
His books “Deals on Wheels”, “Making Money with Mobile Homes” and “Taking the Mystery out of Money” will help you to learn everything from creating “Lonnie Deals” to selling notes and Hard (Easy)Money.
Those books have made a huge difference, in my life and I’m sure they’ll help you, as well.
So, I just paid tribute to the man that helped me to take the next step.
I hope he helps you, too.
Posted by NewToYou on February 27, 2007 at 14:20:55:
Hi Amy,
I’m a MH Investor and there are many that come to creonline.
Look in the Mobile Homes section, you’ll find forums (Like this) and fellow investors across the country.
As far as selling the note, investors will want certain criteria, like is the note seasoned, credit scores of the note makers, etc.
Also, you’ll find that many investors will only want to purchase a partial (EG: If you have 20 payments left, the investor might only want to purchase 10.)
Posted by Amy LaPlante on February 27, 2007 at 14:58:35:
Thanks! I have another question, is it harder to sell a MH Note when the seller does not own the park? My situation is, the seller owns 5 MH Notes, but does not own the park, and of course, they are not secured by real estate. But he’s trying to sell them for some quick cash to extend his office building. But I’m finding that any investors who show an interest, lose interest because he does not own the park. What do I do in this situation?
Posted by NewToYou on February 27, 2007 at 17:43:06:
Hi Amy,
That’s easy - just have him buy the park.
This way, he won’t have to worry about extending his office building.
Ok, really - have you heard the term “Lonnie Deals” ?
That’s what these sound like - Lonnie Deals, which are mobile homes that are purchased, usually within a park, in which the buyer (Now the seller of the notes)purchases the mobile, then sells that same mobile, to another buyer and carries the financing - hence the note.
So, finally in answer to your question, no - that’s not a problem.
It also sounds like there’s more to this situation, so I recommend that you scroll through the archives, in the Mobile Home Forum and you’ll find your answers there.