I just completed another owner finance sale. I purchased a 3/2 mobile home on a corner lot in Pleasanton Texas, all in a at $40K. Sold it for $59,500 with $5K down at 10% interest for 360 months. Now I will find an investor to get my money borrowed back and do it again...love these deals.
Was your sell price market price or?
I am not sure what you mean. You are are looking for an investor to get back your borrowed funds. Are you selling the note? You said 10 percent for 360. Does the 54 k note balloon after 3 years? Is it interest only for 3 years? I am just trying to understand your deal. You said you like those deals. What do you think about mobile homes where you have to rent the property? I could get one for a couple of thousand dollars but then I have the land rent.
This was a mobile home on a double corner lot with 2 large trees, nice place.
The note was at 10% interest, no balloon as the government frowns on balloon notes. I prefer owner carry sales rather then rentals, (I did rentals for 30 years) to reduce management cost and time etc. I do 2 to 3 of these owner carry sales a year and am trying to get that up to ten or more of these deals a year. Thus, I need to find private money to raise the 3/4 of a million dollars a year I need to replenish my funds so I can do that many.
I am putting a program together to do the fund raising using REG. D 506C
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