Posted by Terry Vaughan on March 12, 2000 at 14:33:53:
Your right Tony:
The form is on “Disk #4” of the “Cashing In” software.
There are several sample contracts on the same disk. One of the “Bulk Purchase” contracts I get compliments from bankers all the time (my attorney just smiles).
Please advise on MH deal - Posted by OzarkMark
Posted by OzarkMark on March 11, 2000 at 22:26:02:
Hello everyone. I have finally taken that first step toward doing some MH deals…I placed an ad in a free pennypower type paper saying that I “buy, sell, finance mobile homes”. Had a man call today that has 5 acres, $1500 downpayment, and can afford $350 per month payments. He wants to buy a mobile from me and move it onto his acreage. I got all the info from him about what he wants and told him I have a couple of possibilities coming in next week. I was pretty pumped up for a while, but I’m wondering if I’m getting in over my head because a mobile will have to be purchased by me and moved. Or purchased by him and moved. What if there is damage during the move and the guy decides not to pay me? My MH would be on his land and in disrepair. Anyone see a way to make this work without too much risk, or should I just wait for a more conventional Lonnie type deal?
Thanks in advance for your help. Also, Lynn, did you buy that park yet? -OzarkMark
Terry Vaughan’s Material - Posted by Tony-VA
Posted by Tony-VA on March 12, 2000 at 14:08:42:
Terry Vaughan uses a form called “CONSENT TO REMOVAL OF PERSONAL PROPERTY AFFIXED TO REAL PROPERTY.”
I believe that such a form would be essential to this type of deal. It goed into permission for you to go upon this man’s property in the event that you would need to repossess etc. It also goes into legalese about the home remaining personal property despite it being affixed to real estate etc.
You get into a lot of different legal issues when you are dealing with a mobile home being placed upon the property of another. Just be sure that you have the proper education to make this decision and to get the contingencies in writing.
Terry had this material in the “3 day mobile home workshop”. I am not certain if it is in “Cashing In” or not. (Cashing is also very good material for mobile home paper). You might want to ask Terry and see where you can get this info and form.
Best Wishes,
Tony-VA
Re: Please advise on MH deal - Posted by Jacob
Posted by Jacob on March 12, 2000 at 09:44:22:
Hi Mark,
I normally would advise against moving a mh under any circumstances. There are simply too many other prospets around to waste the time and effort.
However, I never want to get in the way of anyone making money. This deal does have some potential.
It isn’t very hard to contact a mover. THey are in the yellow pages. What has worked for me in the past is asking the pm’s I work with who they use. You could also ask some local dealers the same question. You may find the same name creaping up. If so, that’s who you need to call. Be sure to mention who referred them to you. They might even give you a break on the price.
As far as him refusing to pay, that should be the least of your problems. You can be better off with the unit on his land. He won’t be evicted, for one. Two, he can afford a higher payment because he isn’t paying lot rent.
If he decides not to pay you, go to court. That’s what a signed contract is for. He breaks it, you get the court to enforce it. That seems a bit obvious to me.
Good luck to you,
Jacob
Thanks - Posted by OzarkMark
Posted by OzarkMark on March 13, 2000 at 23:42:53:
Thanks to Jacob, Terry and Tony for your input. I think I will pass on this deal, considering it’s my first. I’m sure there is money to be made, but a classic Lonnie deal is probably better for me to start out with.
I have been surprised by the response to my ad. Several calls from up to 150 miles away…each with a few acres that they want to set a home on but can’t get a loan (or think they can’t). I think I will reword my next ad to say “I buy, sell, and finance used mobile homes that are set up in parks” and see what happens.
Anyway, thanks again! -Mark