Posted by SusanL.–FL on July 07, 1999 at 13:25:51:
(nt)
MH question w/regard to Andrew O.'s post below (needing funds) - Posted by SusanL.–FL
Posted by SusanL.–FL on July 07, 1999 at 09:38:43:
I have a MH question too.
If an owner was willing to offer me financing, could I in turn find a buyer and sell it to him with a ‘wrap’? (I have done it with my properties but didn’t know if it was permitted on a MH deal.)
I’m reading through Lonnie’s MH book for the second time but don’t recall coming across this type of ‘scenario’.
Does anyone know if it would be possible to do this; and if not, why not? Inquiring minds want to know. 
Thanx gang!
Susan
Do your 1st mh with a $50.00 option - Posted by LenWa
Posted by LenWa on July 07, 1999 at 13:36:35:
Susan here"s is a thought for the no money to invest in mobile homes. Option the mobile home say for $50.00 for 60 to 90 days. Then run add in the local free throw away paper and put up on bulletin boards at drug stores and grocery stores. In this case you are needing to get cash out of the deal so this mobile home will not be a true lonnie deal. You need an all cash buyer You can sell for less to an all cash buyer say for $8000–or a credit worthy buyer. You will need to make sure they can qualify for the loan amount before you spend any time doing this with them If your buyer is credit worthy, and can get the mobile home for a large spread between your price and your selling price— buy for $2,000 sell for $10,000. Then u might try this to pull out the cash to pay your seller. Because the lenders will want a large down. Do a buyer works for down of $1000 to $1500 on the mobile home put language in contract that covers you---- then for a few mins you are going to come up with this $1000 to $1500 to go to the bank and and in front of the teller give to the new buyer the money and they in turn give to the teller who makes out a cashiers check to you. Then you make a copy of it and cash the check putting back the money where u borrowed if from. This copy shows a money paper trail for the lender. The new buyers have put some new found elbow grease in there new home painting cleaning and fixing up something they would a do any way. And they get paid for it.
$11,500 selling price
$1500 buyers work credit
$10,000 Loan amount – is the minimun my Lender will loan on mhs
Hope this helps, also see SCooks story post on this He won 1st place for this idea for single family homes.
Re: MH question w/regard to Andrew O.'s post below (needing funds) - Posted by JHyre in Ohio
Posted by JHyre in Ohio on July 07, 1999 at 10:13:09:
Can’t see why not, as long as contract with seller is properly drafted (i.e.- no due on sale or occupancy requirement). Bronchicks cash cow course, while not directed at MH’s, has plenty of useful info- including template contracts that could be modified for use with MH’s.
John Hyre
Re: GREAT idea! Thanx! (nt) - Posted by SusanL.–FL
Posted by SusanL.–FL on July 08, 1999 at 07:43:32:
nt