Posted by Dr. B (OH) on January 04, 2003 at 19:26:18:
nt
is there a catch? - Posted by Anne
Posted by Anne on January 01, 2003 at 20:53:59:
I’d finally decided to venture into the mobile home field when I came across a lady who wanted TO GIVE AWAY her mobile home, on the condition that I pay to haul it away. She says it needs “minor repair” and also has another one for $2000 in good condition. I am planning on hauling the first one to a nearby lot (within 30 miles of her property) and turning it around for a quick sale. Any advice?
Re: is there a catch? - Posted by suzanne
Posted by suzanne on January 02, 2003 at 22:54:17:
yes, there is a big catch. If the trailer is going to be moved, there is no certificate of attachment. Lenders will not use the property as security w/out the certificate. Chances are that she has been trying to sell it for a while and couldn’t find a qualified buyer…simply because there is no certificate. If you still want to buy it, consider renting it out rather that trying to sell it.
Suzanne
Do your homework - Posted by John Merchant
Posted by John Merchant on January 01, 2003 at 22:03:26:
Best to do a thorough check of whether it can be moved legally. A MH mover can tell you that, quickly.
Here in State of WA, a number of counties have passed rules forbidding moving of old MHs through their counties, or into them. You’ll certainly want to know about your situation as to legal mobility of the MH in question.
Also, as has been suggested to you, you’ll certainly want to clear with the new MHP whether the particular MH can be moved into their MHP.
I suspect most of us in the Lonnie business very long have run into any number of “freebie” MHs that we could take as gifts, if we’d just move them…but a lot of these are so junky that nobody wants them.
Re: is there a catch? - Posted by Trent
Posted by Trent on January 01, 2003 at 21:41:20:
What is the size of the trailer, condition, and how much is the rent where you are moving it? Also have you spoken with the PM about putting in the park?
Re: is there a catch? - Posted by Anne
Posted by Anne on January 03, 2003 at 20:44:26:
Thanks everyone for your advice. I passed on this deal due to the poor condition the MH was in.
Re: is there a catch? - Posted by Tony-VA
Posted by Tony-VA on January 03, 2003 at 08:26:58:
Suzanne please don’t get the impression that I am picking on you but again I disagree.
There are always “Free- must move homes”. This has nothing to do with the odd frustration you seem to be having with this certificate of attachment.
The homes are free because few consumers, who would buy this home to live in, can afford the move and set up. The seller understands this now and simply wants the home off the property.
Most of the mobile home sales that are financed are not going to be “attached” to the realty. They are chattel (personal property) loans just like car loans.
If you happen to own the real estate too and want that financed into the deal, more lenders are going to take an interest. This does NOT mean that EVERY lender will take an interest. Each will have its own requirements.
Simply shop around, particularly with local banks if you need the financing.
But chances are the investors here are not going to use bank financing on a deal such as this. It appears that you are viewing this transaction from a mortgage broker’s or consumers view point.
Most investors here, who deal in such a home will get the title for free, pay a few grand to move the home and set it up, either in a park or on property that they own.
The investor will then sell the home using Owner Carry-back financing. The buyer will make house payments to the investor and lot rent payments to the park.
If the home is placed on real estate owned by the investor, then again, you have the house payment and a lot rent payment. This is a great exit strategy for those investors who want long term income from the lot rent with little to no landlord headaches of having to maintain the home. The home becomes a short term income stream.
Best Wishes,
Tony-VA
Learn what we do - Posted by Karl (Oh)
Posted by Karl (Oh) on January 03, 2003 at 08:22:49:
Suzanne,
Do you have any idea what we do? For one, we help each other learn how to buy homes cheap, and sell with owner financing. You appear to have a different background. Learn more about how we make our living, then give advice.
Karl Kleiner
nobody, John? - Posted by Steve-WA
Posted by Steve-WA on January 01, 2003 at 22:10:08:
Hey, with the right terms, nearly anything will go - as long as there is a space for it.
glass half full
Re: Learn what we do - Posted by Elizabeth
Posted by Elizabeth on January 04, 2003 at 12:34:00:
Hi Karl,
I would respectfully suggest that you tone down your hostility level. We are all here to learn and while we may at times ask questions that appear to others to be inappropriate based upon the level of understanding, education, etc., we are perceived to have in this field, the truth is that we don’t all know everything. Instead of jumping on the questioner, why not simply direct her to the source of the information you seem to believe she is missing. After all, we learn from others and from our own misconceptions – not just about mobile homes but every part of our lives.
Best regards and Happy New Year.
Elizabeth
Re: Learn what we do - Posted by Karl (Oh)
Posted by Karl (Oh) on January 05, 2003 at 20:53:22:
Elizabeth,
There was nothing ?hostile? about my post. The more experienced investors on this site have a responsibility to make sure the information provided here is accurate. I believe my words were quite measured, considering Suzanne?s comments. Honestly, I wish I had posted a stronger reprimand. She wasn?t asking a question, she was giving advice to a brand new investor that was flat out wrong. I make my living doing the very thing that Suzanne stated was impossible. I move homes and resell them with both bank financing and private financing, as do many other investors on this site. No certificate of attachment has ever been requested or required. On Jan 2 in another thread, Suzanne advised another poster to stay away from mobile home deals altogether. Her reasoning (more trouble than they are worth) is ridiculous, in light of the very fact that this forum exists! Lonnie gave her a well-deserved scolding for her comments in that post, much stronger than my comments. I noticed that you didn?t ask him to turn down his hostility level.
But you?re right, I should have taken the time to direct her to the information that I believe she was missing. In my opinion, the best thing Suzanne could do is to go to the mobile home convention in Atlanta next month, and get a crash course in mobile home investing. I?ll tell you what, if you go too, I?d be happy to buy you both a beer.
See you in Atlanta,
Karl Kleiner