Has anyone had any experience with the private money website that charge for their services?
I have several properties that I would like to put mobile homes on to rent but banks in ND are ultra conservative and will not lend on MH’s and most lenders will to finance unless owner occupied? I currently have great LTV’s and a lot of equity and good credit scores. Any thoughts and help would be appreciated! I do not feel that I should have to use hard money with points.
randyscott
This is not only a recommendation but this is exactly what I do and have done since 1991…use private money from investors. There is over $7 trillion sitting in IRA accounts and with good yields, you can get as much money as you want. The key is to buy a MH at the right price. I buy very inexpensive ones, typically under $3k and resell for $500 down and $200/month for 5 years plus lot rent. NO CREDIT CHECK FINANCING works every time. I sell my notes (when I need to buy groceries) at an 18% yield for $7876.05. The investor gets $12k for that over 60 months. I get $5300 profit plus lot rent and a guaranteed 5 year lot rent contract, which I put in the sales contract of every mobile home which I finance for 5 years.
Private money funding requires no credit, not LTV, no disclosing your finances. I make the calls and decisions as to who will provide the funding as it is a benefit to the investor to buy one of my notes at a great yield. Try it…because it works!
Hope this helps.
Rob
So one last thought…you do not have to use these referenced websites for private money. Just start mentioning in every conversation with your circle of influence the following question: How much of your IRA money is earning under 18%? When they answer ALL my money earns under 18%, start presenting the notes you want to sell. You will close deals this way.
Rob
Thanks for the advice Rob! I own some lots in a small town at the edge of the bakken oil field in ND and the town will only allow MH that are less than 3 years old so I am very limited on what I can buy. We currently have furnished rentals and we rent to construction companies. Our rents are very good, I just hate having lots sit empty. We are currently working on a small modular Laundromat and placing it on a commercial lot we already own. A new Oil Refinary is scheduled to be built about 10 mile from our site and it have about 1,000 people working on it for 2 years. I was looking for something in the 10-12% range that would be secured by real-estate.
It’s not uncommon for an older MH to sell for $30k plus because there is an extreme shortage of housing. You will also find older ones that are for sale but you can’t find a lot to put them on. I have the basic understanding of what you do and it is a great way to make a living!
Any help you could provide would be appreciated, my email is available.
I have one daughter south of Atlanta in Warner Robins. My youngest is going to live with her sister and brother in law next month. She will be attending nursing school.
Don’t stay up to late!
randyscott