Selling MH Notes - Posted by Walt Carey

Real Estate Investing Notes
1

Posted by Walt Carey on April 20, 2001 at 08:29:49:

Thx for the tip Jon,

I’ll look into it.

Walt Carey

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Selling MH Notes - Posted by Walt Carey

Posted by Walt Carey on April 18, 2001 at 18:57:39:

Hi,

Looking for brokers/companies who buy MH notes; homes are brand new. LTV, FICO and seasoning requirements greatly appreciated.

Thanks

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Re: Selling MH Notes - Posted by DougO_NM

Posted by DougO_NM on April 20, 2001 at 21:23:23:

Esquire

Do suggest you grab “Tin Can Alley”, it’s well worth it
After digesting that thing I’ve been sick for a month with various infirmities, but will for sure never suffer from a lack of MH note underwriting criteria.

DougO

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Re: Selling MH Notes - Posted by David Butler

Posted by David Butler on April 20, 2001 at 11:10:48:

Hello Walt,

As you may have gathered from what has gone on in the financial markets over the past nine months, things change frequently. During the past several months, the major investors for MH paper have really clamped down - particularly in the “freestanding” MH sector (which has traditionally suffered a highly fragmented lending pipeline, especially in the resale markets).

Table funding of these deals is currently very sporadic, particularly on an individual note basis. Generally speaking, you are likely to have better overall success by “warehousing” the paper for 6 months to 12 months, and then selling portfolios of combined balances of $100,000 and up. And even where we still have buyers willing to invest up to $1 million in portfolio, solid underwriting is a must, particularly with regard to determining collateral values of the homes and the situs locations (something that was woefully neglected the past three years in the MH lending markets).

You have at your fingertips, a couple of ways to improve your success… the two following reports should help you greatly in answering the basic criteria you are looking for:

To find buyers and brokers, simply click on America’s Note Network banner above, and go to the FREE Note Listing Service, using the Mobile Home Note category.

Finally, if you are dead serious about moving forward in this sector, I will strongly recommend that you take a look at TIN CAN ALLEY - The Complete Guide To Making Money With Mobile Home Notes, at: http://www.creonline.com/b-138.html

Hope this helps, and best wishes for your success!

David P. Butler

Other options for converting to cash equivalents are covered in the links above.

Hope this helps, and best wishes for your success.

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Re: Selling MH Notes - Posted by Jon Richards

Posted by Jon Richards on April 19, 2001 at 13:00:31:

Walt

Try our data base of note buyers at www.nbdc.net. There should be several buyers there. We update it regularly.

Best of luck

Jon Richards
NoteWorthy Newsletter Publisher

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Re: Selling MH Notes - Posted by Walt Carey

Posted by Walt Carey on April 22, 2001 at 16:17:45:

Mr. O,

The suggestion by you and David Butler sounds good; not a good thing having folks looking to a buy a brand spankin’ new double wide getting quotes of 30% down and 9 3/4%. Gotta be a better way.

Thanks, bud.

Walt

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Re: Selling MH Notes - Posted by Walt Carey

Posted by Walt Carey on April 22, 2001 at 16:20:06:

David,

Thanks for the advice. I’d like to put a nice system together to sell portfolios if need be. Hopefully your guidance can start me off.

Thanks again
Walt Carey