Please help me with my first note purchase (2 Mobile homes)

[Dustin M.]

Hi guys,

Can you please evaluate this deal for me. I think it is a winner but I want to make sure that I'm not missing something. This will be my first note purchase so I hope it goes well.

I have been looking to get into mobile home investing for a while now. Today I talked to a park owner who was very helpful. He said he had a few mobile homes that he would be willing to sell to me cheap. He also told me he had a few notes that he would be willing to sell me. Here is the note that he gave told me about.

Mobile Home 1: 77 Fairmont Sold for $4,649 at 12% interest rate for 30 months.

On this the buyer needs to make 28 more payments of $154.99.

Mobile Home 2: 1983 Patriot sold for $4,635.32 at 10% interest for 28 months

On this the buyer needs to make 27 more payments of $189.18.

The park owner is willing to sell me both for $4,500 cash. I'm thinking that it might be worth buying but I just wanted to run it buy everyone in case I'm overlooking something. If I add up all the payments I would receive if the buyers pay each month it comes up to $9447.58. Does this mean I'm buying the note at
47% percent (4500 / 9447.58)?