MH NOTES 15%-17% YIELDS

[Jay Spencer]

I am a Mobile Home Dealer in Athens, GA.

I can easily produce 15-30 notes a month once I find investors willing to purchase notes at a discount yielding 15 to 17 percent to the investor.

I primarily sell Brand New single-wide, Vinyl/Comp, Wind Zone 2, 16X80 Mobile Homes to New Immigrants who do not have a credit bureau or Social Security Numbers but good Job time and Job References.

These homes will be placed in Parks with NO LAND involved.

Here is an example of how the process works

I would sell a NEW 16X80 for $38,000 on the following terms:

Sale Prices: 38,000
10% down: 3,800
Note value 34,200

Contract Term: 120 months
Contract Rate 12.99%

Contract Payment: 510.44


I would keep the Down Payment and sell the 34,200 note


At 15% yld the 34,200 note would be sold for: $31,638.59

At 17% yld the 34,200 note would be sold for: $29,365.89


If you have an interest please email: [email protected]


Jason Spencer

[rmurray]

Would you not have better luck selling these notes of sales to illegal aliens to the crooked employers who hire them???????????

[Bill Fry]

trustworthysales.... Tell you what, I'll keep the down ,you buy the soon to be worthless note.

[David Oxhandler]

There is actually a very healthy and growing secondary market for mobile home notes. The greatest problem that the MH industry has had over the past few years was the evaporation of our primarily lending sources. Many resourceful retailers and park owners across the country have learned how to structure seller financing for their retail sales so that they can sell the notes to private investors (the secondary market). If the sale is structured right the seller can extract his investment and profit and do it all again.

The decline of the stock market and the historically low interest rates from conventional investments converged a few years ago leaving investors searching for places to park their money. Investors are insisting on credit standards that may seem somewhat lower than the primary market but their decisions are not based only on a mathematical formula score. The circumstances of compromised credit, and a most recent history of income and positive payment accounts are looked at.

For example, many serious investors will not consider any note without six months "seasoning". That is six months of payment made in full and on time. Historically, for all types of home loans, once the first six months have past the instance of default decreases dramatically. Once people make payments for half a year they have figured out what they need to do to keep the roof over their head and will continue.

The vast majority of folks who take on a monthly obligation to buy their home make their payments on time. The note buyers that do best understand that lots of people with credit problems have emerged from temporary bumps in life. Many times people recover economically a lot faster than their credit report recovers. A single crisis (i.e. curable cancer) in a family member can demolish the credit of an individual that NEVER missed an obligation before. Once that persons time of crisis is past there is no reason to believe that they would ever miss a payment again.

This is not an investment for ultra-passive investors. The risk can be minimized by real-estate securitization and by keeping investments in good locations close to home. In the event of a default, "they cant hurt the dirt". Land is almost always a good investment. If investors keep the mortgaged property is in a good location the greatest remarketing problem is already resolved. (location, location, location).

Investors must have the ability to fully vet each and every note before buying. Type in "mobile home notes" at your favorite web searcher. You may be astounded at the number of results. I tried at Google and was offered three million web sites to research. Here is the rub.... The best quality notes are being snapped up these days by interest rate hungry demand.... Why is this offer showing up in a consumer support weblog?

[Kevin C]

I wonder if he will be willing to provide the names and addresses of those who purchase those homes to the INS?

[DAVID]

I am forwarding a copy of this post to the FBI AND IMMIGRATION AND THE JUSTICE DEPARTMENT.

While I dont have a problem with illegal aliens, I have a problem with the people who hire them.
I ALSO HAVE A PROBLEM WITH PEOPLE WHO STEAL FROM THEM.
DAVID

[Bill Fry]

With the number of illegial aliens in the trades these days its hard if not impossible to find any agency to enfore immigration laws.Local law enforcement say it isnt their job,city officials say it isnt their concern and federal agencys don't have the manpower or desire to do anything at all.I'd have better odds of having OSHA show up on a job site then immigration.(and OSHA has hardly any manpower)

[rmurray]

David...

What you say here is very correct...private investors have helped a lot in the last few years....but offers like this are could well kill the goose again...

You should notice that there is no "dirt" involved...price is very high..loan balance is 25% over retail of similar new homes...all assuming these are new homes..

These folks have no social security numbers...no credit files to have problems with..and I doubt any court in GA would enforce these kinds of contracts...Even if they did...how do you sue for the losses?????????