Posted by Brian in Columbus on September 09, 2009 at 15:38:43:
I got it to work guys. Thanks for the follow up email. All you have to do is leave off the period on the URL.
Investing in mobile home notes - Posted by Jeff
Posted by Jeff on August 17, 2009 at 13:45:17:
This question is not exactly about doing the investing in mh notes but about someone that is. A long time friend of mine mentioned recently that he had been loaning cash to a company that buys mobile home notes. He has been doing this for about 3 years and he is getting 10% on his money.
He said that the only drawback was that he had commit the money for a full year at a time. He always gets a check every quarter for the interest. HE got a little nervous a while back about ther Madoff thing and he pulled all of his money out juat as a test. He got all of his money within 30 days as previously agreed. After this settled his nerves he just reinvested this.
This company only buys what he calls partials which are supposed to be less risky. Has anyone had any experience loaning money in this situation?
Re: Investing in mobile home notes - Posted by Ryan (NC)
Posted by Ryan (NC) on August 17, 2009 at 19:27:42:
I love partials from both sides!
From an investors stand point I can recoup all of my cash in short order to invest in other deals. A typical MH Lonnie deal model is buy for $2500ish sell for 5-7.5k. By selling a partial for 2.5k to a HM lender or another investor I have all of my money back, some cash flow, plus any balance on the note.
From an investors standpoint I get a respectable return on my money. (I personally get much more than 10% but I’m also willing to take some risk with the investor) The investor has a personal stake in the game to make sure the deal performs. If I’m defaulted on by any party I can attempt to collect from the other, if it all fails I’m in the deal at fire sale prices and can recoup my principle investment that way.
I’m not sure exactly what your question is but yes, there is money in partials and MH paper as a whole. It is not grade A paper by any means and you are going to have some problems along the line if you are dealing with end buyers… it?s part of the fallacy that makes the game work so well if you?ve got a good system in place to resale the defaulted MH?s for the same or more than is owed. If you try to earn bank rates and wholesale defaults to someone like me you are going to get smoked! If you understand the game there is pretty good money to be made and plenty to go around between everyone involved! There is a book called ?tin can ally? that I?d recommend to you, it?s outa print and hard to find but worth the investment IMHO.
Re: Investing in mobile home notes - Posted by Joe
Posted by Joe on August 17, 2009 at 18:43:29:
I have not personally loaned money in this situation but I know a man in my real estate investment group that buys mobile home notes using borrowed money. a few members of the group have placed money with him and they are satisfied.
He also invests in partials and the notes are an asset of the business and that makes them somewhat collateral. Last I heard he had a portfolio of I believe over 100 notes. According to him the biggest problem is getting quality notes, not investment dollars. Email me if you need further info.
Re: Investing in mobile home notes - Posted by Tim (NC)
Posted by Tim (NC) on August 26, 2009 at 20:56:13:
I’ve heard of this book for a few years but never looked very hard for it. After your post, I did a quick search and it is available for free. I’m not a big fan of e-books but the price is right. There are 435 pages available for download Free Downloads Page.
Enjoy,
tim
Re: Investing in mobile home notes - Posted by Brian in Columbus
Posted by Brian in Columbus on September 03, 2009 at 15:42:47:
I tried the link and it didn’t work. Did they pull the link or something?
Re: Investing in mobile home notes - Posted by John (IL)
Posted by John (IL) on September 05, 2009 at 10:38:44:
Brian,
It worked for me a momnent ago. Try copying the link then erase the period at the end - htm( . )