Posted by B.L.Renfrow on June 22, 2004 at 23:56:32:
I’m sure you will get some good answers on the MH forum, but I can answer some of your questions.
In most jurisdictions, mobile homes are transferred via title, just like an automobile, or bill of sale…NOT the same as a sfh. If this MH includes land, it would be a different story, but if you’re talking about buying just the home on a rented space, that’s how it’s done. Whether LA is any different, I couldn’t tell you.
The best thing you can do is obtain and read Lonnie Scruggs’ books, available right here on this site. I know you say you are in a hurry, but these books are a wealth of information for the small price, and they will tell you EXACTLY what you need to look for and how to negotiate with MH sellers.
As for the price, for an early 80s home, the experts will tell you you shouldn’t be paying more than about a thousand dollars, tops. You could then expect to sell it with owner financing for probably $5-10k, depending on its condition and the local market.
Now, here’s the deal killer. If you have to move this home, I’d walk away. Moving is expensive, and it’s certainly not a good idea for a newbie.
I would go talk with the park manager and explain that if you buy the home, your objective will be to get a decent buyer in the home who will help out the park by paying on time space rent. Show him how working with you would benefit him as well. But if he truly is “impossible to work with” I would walk away.
Brian (NY)