Hello! J Well, fall has arrived and the note holders are looking for cash for the holidays. Are you marketing enough to get your share?

Last month, we started to look at the different property types that notes are secured by, different situations and the additional information that would be nice to know for the funding source to initially give you accurate pricing.

Situations & Information Needed - Part 2

Mobile Homes With Land

As you are talking to the note holder you will come across many types of properties and situations. Following are some good questions to ask and answers to get in addition to the information on your mortgage worksheet. Last month we looked at Residential property types. This month we will cover some additional questions to ask the note holder when the note is secured by a mobile home with land.

- Year of the mobile home?

- Make of the mobile home?

- Singlewide, doublewide or triplewide?

- Is the mobile home anchored or on a foundation?

- Is the mobile home skirted?

- Does the mobile home have its own water, power and septic system?

- Do you have the mobile home title?

- Has the mobile home title been surrendered? IF so do you have proof of affixture or a Statement of Location?

- Owner or non-owner occupied?

- When did you (the seller and now note holder) purchase the property and for how much?

- Did you get Title Insurance when you SOLD the property and carried back the note?

- Lot size or number of acres?

- Any improvements done before or after the sale?

- Are there any other liens or judgments against the property?

- Any outbuildings, water frontage, or views the property might have?

- If I was standing on the front porch and looking across the street what would I see? (Also, to the left, right and behind the property?)

Again, what you are trying to do while completing the worksheet is to get the story behind the note. The more information we get up front the more likely the prices we get from the funding sources will not be cut later on down the road during the due diligence process. You will save yourself and the funding source lots of time and wasted effort by just asking a few pointed questions. Next Month we will look at some key questions to ask when the note is secured by a condominium.

Keep on marketing, it’s going to work!

Hope this helps!

Jeff

PS – You asked for it so we made it happen. Troy Fullwood and I will be having another Power of Paper Workshop at the end of October on the 27^th, 28^th and 29^th in Phoenix Arizona ! For more information and to register just go to www.powerofpaperworkshop.com today! As always, seating is limited. Let me know if you have any questions. Thanks for your support!

Click here for info, testimonials and registration information for the October

Power of Paper Workshop

Armstrong Capital
800-845-3055
fax 818-865-2323
PO BOX 6517
Westlake Village, CA 91359
visit our website at www.armstrongcapital.com

For more great strategies, don't forget to check out Jeff's informative cash flow books for Scripts, Tips, Marketing ideas and more!

For a complete description of all Jeff's books just click HERE today!


Personal Cash Flow Prosperity With Tail Ends: How to Keep a Piece of the action	Every Single Profitable Note Marketing Idea In The World* (Almost)	Scripts & Tips: A Handbook for the Serious Note Broker

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Jeff Armstrong is president of Armstrong Capital and Editor of the NoteWorthy Newsletter, www.noteworthyusa.com. He is a member of the Million-Dollar Club, a Master Broker, visiting instructor for the American Cash Flow Institute, and the author of three best selling books. He can be reached by calling 800-845-3055, faxing 818-865-2323, e-mail jeff@armstrongcapital.com, or visit www.armstrongcapital.com and click on "Note Brokers" for questions and information about his Master Broker services, Mentorship program how Armstrong Capital can help you succeed.

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