Pre-Fab Homes Are Good Investments
A great source of high rate mortgages is the “pre-fab” or pre-fab homebuilder. The homebuilder or dealer then erects the home, but usually only the “pre-fab” of the home. The dealer creates the mortgage, which covers the land, the pre-fab and all completion costs and labor. This mortgage he will sell so as to yield the investor about 15 percent return. If the homeowner defaults, the builder must pay off the balance due the investor.
In this case, however, just as in the case of the mortgage guarantee company, the investor must examine into the financial statement and credit reputation of the pre-fab builder to see if his guarantee means anything.
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