Selling mobiles and carrying note or using MH lender?

Question

Jim Johnson · Answer

You need to hold the buyers hands through the process. So it works best if you sort of- quarterback the process. If the buyer is challenged by poor credit or marginal income, it will take longer to get the deal done. Triad is another nation wide financing option.

Joshua Dockery · Answer

21st mortgage in my experience can take longer than a normal conventional deal on a stick built home. I've sold some of their repos in the past and can take longer than other options. If you find the right customer you want to work with and can wait, then this is definitely a good option. They may have changed recently but I don't know.

I work for the same company that owns them.

Good luck!

Jacob Jennings · Answer

Patrick, I have a turn key Mobile home investment strategy where I show people how to carry paper in there self directed IRA’s. Yes, you had to make sure you’re legally compliant, but it is something with an average individual can do. If you decided you wanted to offer financing for the homeowners, there are a few different strategies you could  Mobile home investment strategy where I show people how to carry paper in their self directed IRA‘s. Yes, you had to make sure you’re legally compliant, but it is something to an average individual can do. If you decided you wanted to offer financing for the homeowners, there are a few different strategies you could it use. Let me know if I can be of help.

Jim Johnson · Answer

If you carry your own paper you must comply with the Dodd / Frank act. So, you need a mortgage originators licence etc. I used to carry paper 15 years ago, I do not carry paper any more. Another option is to lease option the homes. There are rules with this also- for instance the payoff must be 'market value' or something close to it. If you have a low payoff, it is a 'disguised loan' and the IRA and courts will treat it as such. If you lease option, you should sort of model it after the car market, as they have the lease / option thing nailed. Today, I will lease / option but I really like for the homeowner to just get financed through someplace like 21st.

Jay Hinrichs · Answer

also there are usually age requirements on the MH  so check that out too.

Jay Hinrichs · Answer

that works.. when you get a lead send them straight to the lender to get qualified once they are sell it to them.. same as any other transaction..

Patrick Sears · Answer

Thanks for the reply Charlie!

I would be selling mobiles tied to the land as real estate on FHA permanent foundations.