Used MH financing appears plentiful - Posted by Randy_OH

Posted by Chuck (AZ) on February 23, 2002 at 14:27:12:

Search the archives for a post titled “Who’s driving the boat”.

Used MH financing appears plentiful - Posted by Randy_OH

Posted by Randy_OH on February 23, 2002 at 14:11:24:

I have been following this site and was about ready to give it a try, but the ads in my local paper have discouraged me. Today, there are two large display ads offering financing for used MHs. The first one says CREDIT PROBLEMS??? NO PROBLEM!!! THOUGHT YOU COULDN’T OWN YOUR OWN MFG HOME BECAUSE OF YOUR CREDIT?? WRONG - WE CAN HELP. The second ad says REPO’S REPO’S…CREDIT PROBLEMS WELCOME…SAVE 1000’s…100s TO CHOOSE…IMMEDIATE MOVE IN. In addition, every ad for used MHs offers financing. If the answer here is that Lonnie dealers take the credit problems that all these other guys won’t take, I have to wonder if you are not asking for a lot of problems after you sell to these ultra-high-risk buyers. I also do not think you could get much more than $500 down on a used MH because regular rent-to-own homes are going for $1,000 down. This is a low income area where you can buy an old house for $30,000. I am not one to argue with success, but I am wondering if I may be in an area where this program just does not work. Thoughts?

Re: Used MH financing appears plentiful - Posted by Ray - TX

Posted by Ray - TX on February 24, 2002 at 10:05:58:

I posted the same question recently. Lots of great replies. Search archives for “down payment and monthly payment”. I’ve done a little checking and found most of these ads are for dealers who need to move inventory of new and used homes at ridiculous prices with ridiculous terms ( like 360 months ). Also, they want qualified buyers. The “bad credit no problem” statement doesn’t alway pan out.

We don’t have to sell to ultra-high risk buyers. We just have to work with good people who can’t meet the rigid requirements of banks and finance companies.

I’m a newbie. No deals yet. Been learning from DOW and reading this board. Got most of my questions answered, lots of my fears and worries fading away. I’ve got two deals lined up for this week. No longer concerned about those ads.