Update! Time is of the essence


#1

Hi Y’All,

This is Babacar. I have an excellent deal under contract with HUD: 1981 DW, 3/2 permanent foundation on 1/2 Acre for $12000 ( yes land and home) . Needs the usual work: 1 bad spot, paint, carpet , weak back deck.

We own a land/ home on the same street that’s renting for $725/month.

I am seeking financing for this one. Will consider all options. Just don’t want to let it get away.

I tried banks to no avail, they seem to be shying away from rental MHs.

Let me know if you can help or steer me in the right direction.

Thanks you for looking.

Babacar

404-379-7188


#2

I don’t know if this helps but I learned a long time ago to get friendly with a local banker and do all my business with him. In turn he gives me a nice line of credit I can use to buy these kind of deals no questions asked from him. He will also finance mobile homes in the park I own.

What about taking out a line of credit on your own home?

The above may not be a quick solution but you can put them in place for the next deal.


#3

Thanks Mike .

I am working a local small bank but I don’t have enough history with them and they are shying away from rental MH.

I am also trying to involve private lenders, but I guess it takes time to make the sell.

As far as taking a line of credit on our home, I thought about it but decided against it for now. I could in the future though.

Babacar 404-379-7188


#4

Try a hard money lender, or borrow against your life insurance. Change your 401k to self directing.


#5

Greetings everyone,

The response to my request for funding was tremendous. I’d like to thank everyone that posted, e-mailed or called directly. I am forever grateful.

What a wonderful community!I feel blessed to be part of this special group of tin can peddlers. Lol.

I have found a private lender who will fund the deal with very fair terms.

I also received lots of suggestions that I will start working on for upcoming deals. I am glad I posted about this deal on the forum(thanks Greg!).

Babacar

404-379-7188