Posted by Lyal on July 11, 2004 at 15:52:21:
Yup and Ernest gets to do that because he is one of the moderators of the forum. Small return IMHO for all the help he gives us.
All the best, Lyal
“wrap around mortgage” for mobiles - Posted by rbargabos
Posted by rbargabos on July 10, 2004 at 17:51:14:
Anyone out there use a “wrap around” to buy mobiles in a park? I see the opportunity to purchase and resell double wides all the time but unsure of the proceedures, etc. Any help or experience out there?
Re: “wrap around mortgage” for mobiles - Posted by Ernest Tew
Posted by Ernest Tew on July 11, 2004 at 08:47:21:
Without going into all the reasons for doing it this way, a good approach is to enter into a net lease with the title holder and get an option to buy (for a token amount above any loan on the home). Then sub-let the mobile home to your customer and sell them an option to buy.
In my manual, “How To Get Rich Helping Others,” I describe nearly 100 examples of how to buy and sell mobile homes and mobile home parks–most of which we have done. (It also includes the forms you will need.)