Posted by John, AZ on May 09, 2001 at 23:21:41:
Sorry, yes the DMV, back in Massachusetts (where I moved from) they call it the “Registry of Motor Vehicles” so it just stuck, much like my back east accent 
John,AZ
“Renting” my mobile (Long) - Posted by Allison(AZ)
Posted by Allison(AZ) on May 02, 2001 at 24:12:44:
You are not allowed to rent mobile homes in most all of the parks here in PHX. In fact I am aware of only two nice parks that allow it. I’m sure there are some really dumpy places around that would let you, but who would want to live there?
I had some people that sold their house and want to find a place for about six months and then be able to sell it. I was thinking of “renting” to them. Say, maybe, write up a contract and “sell” them the home with a $500.00 “deposit” and $200.00 a month. I give them title to the home and put myself on as leinholder (protect myself), in order to meet the ownership requirements of the park. Then in the contract I provide to “buy” back the home for $1.00. This would basically give me back all the money I paid for the home. You could give them back half the deposit provided the home is in the same or better condition than when moved in to.
Then, in six months I would have the home back with almost nothing in it. Is this worth all the trouble?
Any ideas? Modifications? Thoughts?
I know, pretty wild idea, huh?
Allison Van Dussen
Re: “Renting” my mobile (Long) - Posted by John
Posted by John on May 02, 2001 at 21:34:31:
Sounds like a good idea, but you could make it even more simple. I would just write up the contract and do the deal like any other. $500.00 down, $200.00 month for X number of months, and put your name as lienholder on the title. When the six months is up, as long as they leave the home as planned (clean and all that) just go to the registry, tell them that the owners abandoned the property and you want the title back in your name, it costs $7.00 and all you have to show them is a copy of the contract, no questions asked. To my knowledge this does not reflect on thier credit in any way. And if they trash your house you can put a judgement on them for the remainder of the note.
Hope this helps,
John
Re: “Renting” my mobile (Long) - Posted by Allison(AZ)
Posted by Allison(AZ) on May 04, 2001 at 20:33:55:
When you go to the “registry” do you need some form of “proof” that the home has been “abandoned”? Have you done this before? Is the buyer comfortable with this type of arrangement?
Thank you for your input!
Allison Van Dussen
Re: “Renting” my mobile (Long) - Posted by Ernest Tew
Posted by Ernest Tew on May 04, 2001 at 06:53:24:
John is suggesting a better way to do it. However, if you live in a state that charges a sales tax on the sale of a mobile home, the tax can eat up most or all of the down payment.
You can avoid that problem by entering into a Net Lease with an option to buy. This will also head off an income tax problem if you have several transactions. However, you may need to explain to the park manager that it is really a sale but you structure it this way for tax purposes. When considering all the provisions in the lease and option, the “buyer” has the same rights and responsibilities.
Re: “Renting” my mobile (Long) - Posted by John, AZ
Posted by John, AZ on May 04, 2001 at 22:47:03:
I have repossessed a home twice, both times the woman at the registry just asked for a copy of the promissory note and my license (the buyer has the actual title so they look up the home by the “vin” and it lists me as a leinholder) I tell her they abandoned it, no questions, and they give me a new title in my name, I thought it would be more involved myself, but was verry happy that it’s so simple.
No I have never actually done a deal where I knew that the people were going to leave in six months.
John
Re: “Renting” my mobile (Long) - Posted by Allison(AZ)
Posted by Allison(AZ) on May 04, 2001 at 20:29:45:
Is there somewhere I can find a good example and explanation of a “Net Lease with an Option”?
Allison Van Dussen
Re: “Renting” my mobile (Long) - Posted by mbrother11
Posted by mbrother11 on May 09, 2001 at 22:33:04:
can you be more specific about what is “the registry”?
Do you mean the DMV that issues titles to mobile homes?