Took first big steps - Posted by Kenny(TN)

Posted by Chuck (AZ) on June 30, 2001 at 11:02:28:

If the owner/tentant walked away from it, then the home is consider “abandoned”. The PM should know who holds the title, most parks (should) keep a photocopy of it in their files.

If that’s not the case, but you can get the VIN (registration) number off the home and get the DMV to trace it’s ownership. Worse case, you can probably get this info at the courthouse. It just depends upon what state your in, and how things are done there.

Referance what I just told you with Lonnie’s material, you’ll see what I mean and how to proceed… but the PM should really know this info.

If you aquire a home in a park that doesn’t allow rentals, and your doing a “Lonnie-deal” on it, it’s considered a “contract sale”, your the bank selling it on terms to the tenant/buyer.

Took first big steps - Posted by Kenny(TN)

Posted by Kenny(TN) on June 29, 2001 at 19:58:19:

Hello ,
My name is Kenny and this is my first post so if I do something wrong please let me know. I have both of Lonnie’s books and have read both of them. I went to a mobile home park to get to know the manager and look at MHs people have walk away from. There were 7 total homes I looked at, all need some repairs. So my question is if I want to make an offer on one or two of them do park owners have all the info on the homes , because if they are just left there do the owners still have title to it? Also, the park doesnt allow rentals so when I carry the note is that considered a rental? Sorry if these sound like crazy questions but I guess I am just afraid of messing up. thanks

Re: Took first big steps - Posted by John SirJohnathon Grounds

Posted by John SirJohnathon Grounds on June 30, 2001 at 14:25:57:

Kenny,

I agree with Chuck on finding the owners…

You may have just stumbled onto a gold mine. Chances are, when you find the owner they will be willing to give you the home if you just pay off the back lot rent. In that case, you get them to sign it over to you with you assuming all obligation for back rent (check your numbers first). Once you have them signed up, go to the PM and ask him if you he will give you a release from past rent for say 25% of the balance…again, chances are he will…some cash is better than none.

If this works out, you will have a nice little investment. Do this with all 7, and you can be off and running in the big league. :slight_smile:

Hope this helps,

John “SirJohnathon” Grounds
www.jrgholdings.com