Bought for 12 cents on the dollar. Paid off.
A real note in Wilson, NC, from the first look to the payoff.
For lenders: what a real cushion looks like.
Read the storyHome / How I underwrite
How I underwrite
The numbers start the conversation. The documents finish it.
Real deals and scenarios I've worked through, broken down so you can see how I think and how I protect lender money. Names and addresses are left out.
The $41,000 mobile home note
Getting the offer accepted was the easy part. Here's what I check before I close.
For lenders: why a mobile home needs a bigger cushion.
Read the breakdownStill paying after the loan matured
The borrower pays every month. The loan term ran out. Here's why that matters.
For lenders: why "paying" isn't the same as "safe."
Read the breakdownRent checks vs. note payments
Why a monthly check and a real return are two different numbers.
Read the breakdownBefore I buy a performing note
The person, property, paperwork, and price checks I run on every deal.
See the checklistDeal breakdowns are for education. Figures come from each deal as presented. Past results don't guarantee future results.