All Forum Posts by: Justin Somersett

@Aaron K. We have agreed to $10,000 down as the only change to the original offer.

Hello, I am currently in search of a private money lender. I have found an owner financing deal in my area and have an offer in place. I now just need to locate funds for money down. $10,000 is what the owner is asking.

I would love to speak with anyone looking into having an additional client. Feel free to message me and I look forward to hearing from you.

@Aaron K. I have the option of a personal loan to secure the down payment. I am hoping by shortening the length of time before the balloon payment they will accept the lower interest rate.

I have found a home and owner willing to accept owner financing as the property is categorized in a way most loans from banks will not work with it. The owner is willing to do owner financing but I received this forwarded message from my agent this morning.

Good morning!

I spoke to the seller and he would consider a partial to full owner finance scenario. Short term with balloon payment and good down payment and acceptable monthly payment and interest rate. Let me know how your buyers feel about that and if you want to put an initial offer together. I can present it to the seller this weekend and if agreeable get him together with his real estate attorneys.

The owner seems to want me to create the terms of this deal myself in order to make a counteroffer to a deal more in their favor, but this may just be my paranoia at work.

The home is $154,000 and my first thought on how to present this loan offer is an interest rate of 4%, $8000 down for length of 15 years. I am unsure of how to work with a balloon payment as of yet.

I do not have the down payment and would need to find financing some how as well.

I feel overwhelmed and out of my depth on this one. Any advice would be greatly appreciated.

I am just starting out and have come across a decent property that the owner may be willing to do owner financing on. My question is simple. Am I allowed to legally rent this property out? What if the hold the title? First deal so I am at a loss here.

@Rachel H. Haven’t been able to find books specifically on MH investing, but the blog posts for MH investing in the BP forums has been informative. I’m hoping I can find people who have experience in this area or some learning material to help out. If not, I may bite the bullet and just force myself to learn as I go.

@Chris Perry To be honest I’m unsure, I do know I would be calling owners who advertise for sale signs. Working with Park Managers seems to be way smarter than trying to work without them if they are present in the area because they would know more about the area in which the MH is in than I would.

Hello everybody, I am extremely new but have a huge interest is real estate and am looking to put the books down for a while and get started on my first flip.

Since I am new and my experience level is zero I am considering buying a single wide mobile home due to the low cost of purchase and rehab. My question is would this be a wise entry point to getting started.

Any and all opinions or advice is greatly appreciated.