WANTED: Really Creative HELP!!
Hello. I am brand new here. Here is my situation. I went through a personal bankrupsy 6 months ago and own my home worth about $250,000. I owe about $140,000 on it. I have a mortgage aat 12% interest. I found a guy who is getting thrown out of a trailor park and his trailor is worth about $13+ K. He needs to move and I want to buy it...he said he would take $10k but I know if I show up with CASH he'll take $8k by Monday! He has had other people try top get it. I want to move into it and rent my place. I would like to get a much lower interest rate on my current mortgage AND pull out some money to buy the trailor or do something REALLY creative to own the trailor by Monday when he wants to do something. HE WON"T JUST TAKE TEN BUCS!!!! He wants cash now or $1,000 to move out and the balance in a month. PLEASE PLEASE HELP!
Bernard
Wanna B Millionaire 
What is the FASTEST way to talk and get responses here? I was told this a great web site to get help.
Thank You,
Bernard.
Bernard,
I gather you are looking to do a "Cash-out Refinance" and use some of the money to buy this guy's mobile home. It appears that you have substantial equity in your property, but your credit rating is most likely shot due to your recent BK.
There are other options like a Home Equity Line of Credit and a Home Equity Loan. I don't know if your credit history will allow you to get one of these, but I could be wrong. A 65% cash-out refi is probably your best bet. Try the Lenders link here on TCI to see if there are any lenders in your area that might be able to help you.
The big thing here is that you are pressed for time in a major way. It would most likely take a couple of weeks to work out a refi loan. You could always give the guy the $1K he needs to move and take custody of the mobile home for 30 days. At least this would buy you some time to come up with a strategy. I have to believe that there's a lender out there who will let you refinance, given the amount of equity you have.
Hope this helps. Keep us posted and let us know how everything turns out.
[addsig]
I am going to offer the guy $500 cash to move out and offer him payments of $400 a month for 18 1/2 months. To equal $8,000. and I will try to get $7,500 cash asap to pay him off in the next month. But incase I don't I don't want to lose the $1,000. I'll offer and if he doesn't like itl, I'll just need to let this one go unless someone has a better idea. i AM VERY OPEN TO LEARN. ALSO THE MOBILE HOME PARK HAS A LOT RENT OF $300 A MONTH AND i WOULD not own the land. I spoke to 2 hard money lenders who said if there is no land ownership and I want to use my equity, It is illegal for them to loan to me.
Please advise and I'll tell you what happens tomorrow.
Thanks,
B
Quote:
On 2003-04-27 20:46, wannabmillionaire wrote:
I am going to offer the guy $500 cash to move out and offer him payments of $400 a month for 18 1/2 months. To equal $8,000. and I will try to get $7,500 cash asap to pay him off in the next month. But incase I don't I don't want to lose the $1,000. I'll offer and if he doesn't like itl, I'll just need to let this one go unless someone has a better idea. i AM VERY OPEN TO LEARN. ALSO THE MOBILE HOME PARK HAS A LOT RENT OF $300 A MONTH AND i WOULD not own the land. I spoke to 2 hard money lenders who said if there is no land ownership and I want to use my equity, It is illegal for them to loan to me.
Please advise and I'll tell you what happens tomorrow.
Thanks,
B
wannabmillionaire,
You are going to be a wannab for a long time if you try doing deals like this.
First things first. Mobiles are very easy to get. I would first re-finance your house pull some equity money out, know need to wind up making two payments, the BK should have taught you something.
I will tell you that with some cash in your pocket you can make deals on mobile homes all day long. The reason for this is they depreaciate at a very rapid rate. So there are deal after deals out there.
Whether you purchase this mobile or not makes little difference. This guy is getting thrown out an dictating terms to you and you are going for it. Did you see these buyers standing in line to get his unit? Never happens in my world.
I do not know the year of the mobile, size or manufacturer you are looking at, so I am at a loss as to what to offer. But I bet he knows that the chances of anyone financing the unit to get the money he wants is slim and none.
If I am a little tough on you it is because you need a reality check, always remember you are the one in control, if you really feel you can't live without this mobile then tell me about it.
John $Cash$ Locke
refi ing is pretty much out of the question for two years after bk, but you can create a note against your house and sell it for cash. but i wouldnt pay 8k for a moblie, when i can get houses for less than 1k bucks. later, ron(lv)
Thank you for your replys. John Locke, thank you for being honest. I just want to keep my home and not have to sell it. The inerest rate is so high. I would like to re-fi at a lower rate and pull some equity out to buy some real deals. I have bought so many books and programs, I know how to, just kinda lack confidence after going through a BK and losing a job. I want to be a really successful investor. Ideally, I rebuild my credit, do some great deals and make $, then I can sell my place full retail and move into a better house I buy creatively. That's why I wanted the mobile to reduce my overhead each month while I'm building. I guess I could go back to the guy offer him $10 bucs to tie the trailor up and try to flip it for $2-3k in my pocket this month and if he says no, just walk away and find a real deal.
Thank you so much John , your a Saint.
B