Who buys mobile home paper or notes? - Posted by Darren Cole

Posted by David Butler ANN on November 10, 2000 at 14:27:01:

Hello Darren,

As I explain extensively in TIN CAN ALLEY, the mobilehome markets are extremely fluid, and even the bigger note buyers can be here today and gone tomorrow. Even those that still are here, may not be actively buying what you have to sell, TODAY.

It could be that their parameters have changed (sometimes only temporarily), or that they are fully funded out with their existing working capital.

Guys like Terry, myself, and other active mobilehome note players who have been around awhile, always come up with more buyers, often by digging up more private investors of our own. But it can be a challenge at times, particularly on what I call “Oscar/Ducks” (one and two note deals).

These smaller deals often must be funded out locally, simply due to the economics, and to a similar degree, investor familiarity with the local marketplace. My personal guidelines are this: For my own portfolio, I will buy in Southern California, Phoenix area, and Las Vegas. I will buy “Oscar/Duck” deals in Southern California only, within a 120 mile radius. When other brokers or principals send me portfolios not in these areas, I broker them to other investors who will buy in those other areas (if the deal works for them).

But, the portfolios I broker out must include at least three notes, and have combined balances of at least $75,000 remaining (I used to accept $50,000 minimum), because of the economics related to my time and effort.

There are a number of active buyers right on the boards here, so chances are you’ll get some more responses as to what they’ll do, here in the next little while.

I would add this - the nature of the MH note markets is currently such that a fellow’s level of success is most directly related to how effectively he becomes in raising his own money locally, to buy and sell the “Oscar/Duck” deals. That’s where the real money is for most note players, and that’s also where the biggest void is in the funding pipelines. I explain why in TIN CAN ALLEY, and I spent a great deal of time in crafting the book so readers could take the material and use it to create their own “fundraising” packages - in order to sell local investors on funding those deals for them.

Hope this helps, and best of luck on your “Treasure Hunt” :wink:

David P. Butler VP Broker Relations
America’s Note Network

Who buys mobile home paper or notes? - Posted by Darren Cole

Posted by Darren Cole on November 09, 2000 at 21:30:18:

I bought Terry’s “Cashing In” course. Problem is, all of the lenders mentioned are non-existent now. Who exactly will buy single notes or portfolios???

Thank you

Darren Cole

Look at Page #49! - Posted by Terry Vaughan

Posted by Terry Vaughan on November 12, 2000 at 12:35:35:


Page #49 leads you into the “Step by Step” action on the “Alaska” deal. These are the exact steps I take when ever I am looking for a new buyer for my notes.

David Butler calls it when he says that we continuiously look for buyers. It’s not hard to do, but because the market is ever changing, you must continue to search for new players.

Once you learn the “steps”, it’s easy. All you need is a telephone!

Over time, you will build relationships with buyers you can go back to over and over again.

Get started! Once you get it going, it becomes more easy to do.

Re: Who buys mobile home paper or notes? - Posted by David Alexander

Posted by David Alexander on November 10, 2000 at 17:10:39:

Put me on your list also… where are you at?

David Alexander