@Rolf , as per your post:
- "21st Mortgage question"
- "I just got my dealer's license and am already approved through one manufacturer. I talked to 21st about their CRP program where I have to buy 3 homes per year."
- "When I asked 21st to give me a breakdown on how much their costs would be and how all the numbers would work out, I was met with deafening silence."
- "1. Is this what is like to do business with them?"
We have done business with 21st Mortgage by purchasing a repo Mobile Home. Thankfully, our deal was clean and quick. We negotiated the Purchase Price of X (no extraneous fees), paid X and received a Mobile Home Title.
Now as per the 21st Mortgage CASH Program (based on my understanding of the Program) I am not a fan as I am extremely conservative.
I do not want to be held responsible for 15 years for a MH mortgage based on other people's monetary behavior.
It also seems that the 21st Mortgage CASH Program's "additional fees" are very high.
I would much rather be a MH Dealer and buy directly from the MH Factory using Cash.
Yes...with Cash I would not be able to buy as many Mobile Homes.
However, I would also have the peace of mind that I own the MHs outright and could sell them to Tenants or sell them with the MHP (if need be).
Under the 21st Mortgage CASH Program I cannot imagine a MHP Buyer who would desire to take over "responsibility" of all the existing 21st Mortgage CASH Program Mobile Homes.
Has anyone actually sold a MHP where you as the Owner was responsible for 21st Mortgage CASH Program Mobile Homes?
If yes to the above, how was your Transaction to sell the MHP structured?