Posted by John Merchant on January 03, 2003 at 14:25:40:
“California lenders are not loaning for MH’s manufactured prior to the HUD Code date of June 15, 1976. Is anyone else encountering this problem? If so, have you figured out a way around it?”
I’m baffled. What’s the problem? This fact alone gives us all,great profit opps in selling and carrying the notes ourselves. If every bank were making these loans, at bank rates, where would our opportunity be?
Be thankful that YOU’RE the best source for their financing!
“There are 8 homes for sale in my Park (Hayward, CA) that have been listed for 6 months and more. 2 years ago, our homes sold like “hotcakes”. Any advice is sincerely appreciated!”
Again, what’s the problem? This is just another opp for YOU to buy low, for cash, and resell on carryback notes. And if the MHP does belong to YOU, you’re missing a huge opp if YOU aren’t buying these for a song and reselling yourself…and carrying the notes.
While I do know a number of MHPs where the MHPO is NOT buying for cash and reslling him/herself, and I’m not about to educate them as to what they’re missing, if I were the owner I’d be the one in there buying and selling so there’d be no real opp for anybody else.