Interest Rate - What is the average??

Question

I plan on having at least one Mobile home before the end of Feb., 2 if everything goes good with the one I will be checking out next week.

I'm curious what interest rate you guys normally set for your deals. I was thinking about 13% but I don't know if that is considered high or normal. Any input would be great.

Jeff

Johnny P. · Answer

you could even try bumping up the price and charging 0% interest. This way the buyer can brag to their friends about how they got such a great deal on a mobile home with 0% interest.  It makes for a great ad also.

Jeff Warner · Answer

I just received an email from an interested buyer but also in my "inbox" was an email from my seller stating that she forgot to mention that this is a 55 and older park.

There are lots of baby boomers here but I don't like having a limit on the number of prospective buyers. Any thoughts on that?

Jeff

PS: I look forward to hearing about your deal Terry, good luck with it.

Terry Drake · Answer

Good luck Jeff and keep us updated on the progress.  I am working on a similar deal and will let you know how it works out.

Jeff Warner · Answer

I hear you Terry, from 10% - 13% on $5500 is only $7.85 a month...Not exactly worth loosing a deal over.

I posted this deal up to see if I can get it sold before I buy. I listed it at $5500 with monthly payments of 200-250 depending on the down and $4500 for a cash buyer. We'll see what happens.

Jeff