I can't figure out how to get this deal resolved! - Posted by Lori Samson

Real Estate Investing
#1

Posted by JohnBoy on August 24, 2000 at 13:27:03:

He’s the “MAYOR OF LENDER LAND”!!!

#2

I can’t figure out how to get this deal resolved! - Posted by Lori Samson

Posted by Lori Samson on August 24, 2000 at 12:56:47:

I have a lease option property that I have under contract and I have my tenant/buyer already lined up and literally sitting on boxes and waiting to move in.

The seller has a contract on her new home that has been delayed because it is a 10 acre, with an older model mobil home that has been added on to on several sides. Appraised at 75,000 and she is only having to pay 55,000.

Here’s the problem… she can’t find a lender to loan money on the property because it’s a mobil home/single family/combo type house on 10 acres. I will possibly loose my buyer if I cannot get the seller out. She cannot move out until she can get her financing approved. Anyone have any ideas? Any suggestions for getting this financed? Lori Samson

#3

Re: I can’t figure out how to get this deal resolved! - Posted by Ed Garcia

Posted by Ed Garcia on August 25, 2000 at 24:53:45:

Hi Lori,

Sorry I’ve been running like a cat without a tail. Lori, I see what you have been told was the problem in doing the deal, but I’m not sure that the answer is correct.
I have three questions.

  1. How is the borrowers credit?
  2. Is the mobile home on a foundation?
  3. How much is the borrower putting down?

Lori, I can’t help but feel that there is more to this deal than you’ve been told. Rather than talk hypothetically, why don’t you have the lady or you call me at my office tomorrow. I believe you’re in Texas and I can finance in Texas. My number is (909) 944-0199. If my questions can be answered tomorrow, I can put a rush on the deal for you.

Ed Garcia

#4

Re: I can’t figure out how to get this deal resolved! - Posted by Brian Mac

Posted by Brian Mac on August 24, 2000 at 23:36:27:

Lori,

Try David Butler at America’s Note Network. notenetwork.com

Your deal may be a long shot with those parameters. David has been reporting on the conditions of the mobile home lending industry as of late. It’s not in good shape. Practically nonexistent on old homes. The only way may be to convince the seller to take back paper. Contact David, he knows his stuff in this area. He may be able to help you structure a good note that the seller can later sell for cash.

Good Luck

Brian Mac

#5

Re: ED GARCIA DO YOU HAVE ANY LENDER IDEAS? (NT) - Posted by Lori Samson

Posted by Lori Samson on August 24, 2000 at 21:58:12:

?

#6

Different Ed - Posted by Bud Branstetter

Posted by Bud Branstetter on August 24, 2000 at 13:40:54:

Ed buys moble home notes if not too old or weird.

National Capital Corporation Ed Lisogar 3605 N 68th St Scottsdale, Az 85251 602-370-5670

#7

Talk to the king - Posted by CurtNY

Posted by CurtNY on August 24, 2000 at 13:18:16:

Loir
Give ed a call! Good luck

CurtNY

#8

Re: Thanks! I’ll give them a call tomorow! (NT) - Posted by Lori Samson

Posted by Lori Samson on August 24, 2000 at 22:00:14:

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