Posted by Anne_ND on November 02, 2006 at 12:34:34:
Cindy,
Looking for private money? Start with the people who know you and love you best- friends and family. You’re not asking that much. Give them some kind of collateral that they value.
You should also address the credit issues. Get a second or third job and use the money to pay off the bad debts. Once you show people that you intend to pay off debts regardless of the personal sacrifice (give up the cell phone, the cable tv, the lunches out), you will find plenty of money.
I understand that owner financing makes the options more open for people… is that the only strategy?
I can’t imagine buying a MH that you found in a newspaper (even for a cheaper price) then re-selling it by advertising it in that same newspaper that it couldn’t sell in previously
Instead of spending your time being concerned about why it cannot be done, you should spend your time doing some deals. I have done several to date and currently have 3 new deals working.
SAMPLE
A lady called, she wants to sell her SW, I go visit her and she feels like a thief asking for 1,600.00, I happily bought it, 4 weeks later and anouther 1K I sold it for 60 X 366.00 with 1,500.00 down.
I contacted a lady with a DW, she was asking 7k, I said I can hand you 2K tomorro but that is all I will pay, she accepted, 4 weeks latter I sold it for 25k, She had been trying to sell it for months AND her neighbor had offered her 5K, why did she sell it to me for 2K???.
Get out there and do some deals.
Posted by Karl (Oh) on November 01, 2006 at 06:12:42:
Jeremy,
Most private sellers demand all cash for their home. Most buyers can’t pay all cash, but can afford a small downpayment and reasonable monthly payments. Why is it hard to imagine that you could step in between those buyers and sellers and put deals together?
By the way, I don’t think I’ve ever purchased a home out of the newspaper. Most of the homes I buy never have a sign in the window. (Bank repos aside).
There’s a system to this business. Have you read Deals on Wheels?
Re: Owner financing is the key - Posted by Cindy Shelton
Posted by Cindy Shelton on November 01, 2006 at 09:16:44:
NEED FINANCING!! How do you find these folks that owner finance? We are in dire need of a mobile home to put on our land but have been turned down by every mortgage company in town nearly! We have down payment and will pay higher percentage - our credit just needs some repairing but we have to move out of our rent house soon due to foreclosure on the landlord! Any suggestions?
Re: Owner financing is the key - Posted by Tony Colella
Posted by Tony Colella on November 01, 2006 at 09:35:04:
Use the land as collateral instead of just the mobile home. Not all banks will finance mobile homes, especially single wide mobile homes. Investors are weary of putting one of their homes on your property unless you can give them the deed to the land as part of the collateral. Even if you owe some money on the land, lenders will usually pay off that loan and then secure their loan for the home and what they paid off on the land so they can have a first mortgage on the land.
Wells Fargo and 21st mortgage may be a good place to start.
Re: Owner financing is the key - Posted by Cindy Shelton
Posted by Cindy Shelton on November 02, 2006 at 09:17:40:
HELP! We have been turned down by every bank and mortgage company in town! We are paying $700 land payment and $550 rent, and cannot get even a small mobile home onto our property due to credit problems. We’ve even applied for land/home package and been denied. We’ve started looking for a hard-to-find, small trailer for around $3,000 (which is what we wanted to use for a down payment on a bigger one), if we cannot find an investor. My husband and I would like to be able to help others someday - this is a much needed service, as I know there are many others like us. How can I find a personal investor in Texas?
Re: Owner financing is the key - Posted by Ryan (NC)
Posted by Ryan (NC) on November 04, 2006 at 08:24:30:
Order Deals on wheels from this site, the information is all in there… then spend a couple weeks reading the archives and you’ll be ready to go while avoiding most of the bigger mistakes.