Updated over 6 years ago on .
Mobile home owner finance win
Investment Info:
Mobile home note investment investment in Bella Vista.
Purchase price: $20,000
Cash invested: $20,000
Carried note at 10% after paying cash. First of this year (2019) let them refinance note for 9% for another ten years to lower payments but added another $6500 profit to my bottom line.
What made you interested in investing in this type of deal?
Price was right, owner finance doesn't need property manager, buyer pays for repairs.
How did you find this deal and how did you negotiate it?
Relative tired of the are was going to let it go back to bank. Tried to explain to them how to make money on it. Didn't want to listen so I offered to pay what was at the bank for the property so they didn't mess up their credit.
How did you finance this deal?
Back in the good ol days with one of my Walmart bonuses.
How did you add value to the deal?
By adding 15000 to the purchase price and 10 percent interest as well.
What was the outcome?
Still collecting money.
Lessons learned? Challenges?
Craigslist advertising is powerful, no challenges had it done in a couple days.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Used my long time accountant as the witness.