Just repo'd a MH by buying it back (Wa)

Real Estate Investing Mobile Homes & Mobile Home Parks
1

Owners/payors were at the end of their ropes and just became 2 months behind on lot rent and 1 month for to me. After reviewing the law and how much a attorney would cost, I decided the easiest thing to do was to offer to buy it for back lot-rent and “what they owed.”

My question is, how much should I report the sales price? Obviously not for what remains on the note as this is basically a glorified repo, but I believe I should at least report the 2 months rent. I don’t want to raise too many eye brows at the courthouse tomorrow, but I also don’t want to pay too much excise tax for nothing.

Any opinions? Good news is I will now have a home to sell that I have nothing into for the price of a little rent, a moving truck, and perhaps a little kilz to cleanup the cigarette smell.

2

Repo. Period. You didn’t buy it. Call me if you have Qs

3

Didn’t really want to wait on that. The owner gifted the home back to me at the courthouse instead of a purchase. No real excise, just xfer fees. Had to pay a little in back prop. taxes, but that’s my own fault for not staying on top of it. Oh, and a moving truck - can’t forget that.

Fix a couple of exterior stairs, patch an interior fist hole, caulk a tub, and resell for 25k. As I had no cach in this one for quite some time, I like the return this one will gerenate.

4

There’s no wait - it’s not a foreclosure. Its a repo affidavit and a trip to the courthouse. If it’s done then cool.