Posted by David Barnett on August 05, 2008 at 13:52:16:
A mini-home is a bigger, better version of a mobile home. Here in Canada they are usually built with 2x6 construction, R20 walls, R32 ceilings. They are factory built and usually do not move once put in place. They are usually installed on blocks as they have no trailer frame or wheels. You can spend $80,000 on one of these new.
In the case I mentioned, the woman bought a 1987 mini home for $26,900. She had $17,000 so I made her a loan of $10,000 with a 10% lender’s fee at 19%. Her payments over 48 months are $328/m
This is actually a good deal since Citi-financial would have charged her 24.99% (she had bad credit because of a divorce) Anyways, she has a tremendous amount of equity so I feel good in the deal.
I have investigated this business for several months and have recently started to look for a mentor that could potentially help shorten my learning curve and also assist in marketing ideas.
I recently attended a seminar by one of the more well known people in the business - Eddie Speed. His mentoring program costs 10k + dollars. Is this the way to go if I have the capital (I do) or are there similar quality but more economical mentoring programs available? Thank you.
Re: New to Cash Flow Business - Posted by David Barnett
Posted by David Barnett on August 04, 2008 at 15:16:49:
Read all the articles here then read all the posts and discussions. Also visit John Behle’s site at www.papergame.com and read all those articles.
I recently did my first deal and created a note to help someone buy a mini-home. I learned everything that I needed to know on this site and by reading a book called “owner will carry”
Save your money for doing deals.
In my deal I needed $10,000 to fund the mini home purchase then I used my note as security to borrow from a private investor. Now I have my cash back to do another deal. Having cash makes it easier.