Selling seasoned notes on one or more MH units WITHOUT land attached?


#1

Greetings,

My partner and I are just starting in on rehab of multiple Mobile Homes for a MHP looking to upgrade and expand. Our model is to keep the price low on the rehab as well as on the sale. We are trying to stay below $22,500 max on a single wide. We are working on an average price point for anything larger. We try to find cash buyers, but with this park, the demographic is such that we may have a hard time finding them. So we are either going to adapt to a note based system that we are not yet prepared to handle.

Does anyone know a note buyer willing to buy notes on MH’s without land attached? I could see it working very well. The Mobile Home buyer will already have passed a credit check and background investigation. My partner and I are working out the details including a guarantee on the note.

Looking for guidance and your input.

Thanks,


#2

Make sure you have a mortgage loan originator’s license, or your notes are worthless because they come with a huge liability!


#3

We have an underwriter and an attorney plus my partner is a licensed mobile home dealer.