Question on Financing...For Newby - Posted by Neil - Az

Posted by Neil - Az on December 12, 2000 at 16:47:40:

I have learned a lot on this site but still just a babe in the woods.

I am looking for some help on how to finance a mobile home and lot. This would be my
first deal. I would appreciate any ideas you could help me with. Mobile homes and lots
are a package deal in rural Arizona. Just like a home you buy one you get the other.

The owner is asking 39K and wants to get out with all cash. When I asked what?s the
lowest he would go for cash, he said 36K. He might go a little lower but not much. His
old mobile burned and he replaced it with a used mobile. He?s a young kid and wants all
cash so he can move on. Have not placed offer yet. Have been trying to find financing.
Have tried American Note, and a bunch of mortgage brokers around here. It seems no
one wants to loan on, or buy a note on a single wide mobile.

The mobile is a 1986 14x60 on almost a half acre.
Comps. for that size mobile and lot are between 50 and 60K
I was going to sell it for 50,000, with owner financing create a note and sell note, and then
I carry anything above the note minus down.

It?s a hot market here so it will not last long, even fixers are selling for FMV.
I would appreciate any advice I can get. I have no money and no credit. (sound familiar)