Posted by JoeP(VA) on February 20, 2002 at 09:34:44:
wow that makes sense…thanks so much for the help, i love this website…im gonna get working on that right now …take care, and ill keep you guys updated…
1st deal, need help - Posted by JoeP(VA)
Posted by JoeP(VA) on February 19, 2002 at 19:15:41:
Ok this is my first deal and i must say its very fun thus far. I do need a little bit of advice from the “veterans” so to speak… I am going to pay 4,000 cash for a MH. The person im buying from says he cant get the title for about a week and a half because he paid off his mortgage and his mortgage company is sending him the title and thats how long it will take to get the title. (Mind you that I havnt given him any cash up front except for a 100 dollar deposit with a receipt)…Now, I have 2 serious buyers that ive sent to the MH and have looked at the outside and are very interested in paying cash in the 8,000 ballpark…( i wont take any less than 8,000), so how do i proceed in this deal, my buyers are both ready to buy and I havnt even got the title yet, nor have i showed my buyers the inside yet…what should i do? any advice would be greatly appreciated…thanks…
Perfect for an OPTION! - Posted by investorrob
Posted by investorrob on February 19, 2002 at 19:55:31:
Sounds like you got a deal here Great.
Here is how you can protect your interest in this mh. Type up an option stating the amount $4000 and you will buy the mh when the title is in the owner hands. Now no one can steal it from you by going to the owner before title arrives. Give $20.00 as option money.
As far as the buyers go, you could then show the inside to them knowing you have an option proteting you. But I smell more profit by waiting till you have bought and cleaning up making sure the inside is clean and bright. Say 2 days work inside----I am assuming that the ceiling, lower windows or under window walls and floor are in good shape. Then have an open house and invite both buyers over to view at the same time. The Idea is to get them biding against each other. If you want the $8000 take it and put $1500 or #1000 on contract for 18 months to 3 years. You would then have the feel of having that monthly lonnie check coming in each month. And who knows where you buyer will need to be in 3 years. You would have your hook in the mobile home by the note and the monthly payments coming in, so if he moves more than likly he would want to sell it back to you—( of course using Lonnies way) you would never pay full retail on taking it back.
The option is the way to go on this deal.
The very best of investing to you
investorrob
Re: 1st deal, need help - Posted by ScottS(NC)
Posted by ScottS(NC) on February 19, 2002 at 19:33:43:
Joe,
Hi, Sounds like a good problem to me! I am not sure by your post whether they currently live in the mobile or not? If they do live in it just wait till they get out before you do anything. If they are already out then fill out a purchase agreement and you and the seller come up with a fair down payment until you recieve the title. I usually give them half down they give me possesion we have a signed purchase agreement and then you own it. At that point I sell the home to my buyer and tell them when the title comes back from the DMV I will run it buy to be signed. I would not bring my seller by to see the inside until the old owner is out! What would stop them from discussing money and cutting you out. HTH Take Care ScottS(NC)
Re: Perfect for an OPTION! - Posted by JoeP(VA)
Posted by JoeP(VA) on February 20, 2002 at 11:06:49:
where can i get a template to draw up an option? ive never done that before. thanks for your help
And… - Posted by Tony-VA
Posted by Tony-VA on February 19, 2002 at 21:01:00:
…ask the Seller to have the mortgage company fax you something to confirm he has paid it off. It is not unusual for finance companies to take some time to get title back to the Seller. I would still want independent varification that the title is on it’s way.
Tony-VA
Re: Perfect for an OPTION! - Posted by Tony-VA
Posted by Tony-VA on February 19, 2002 at 20:58:46:
He is right. This is a perfect chance to get familiar with Options. The Seller can hardly object and you get a chance to see just how to do these deals with little or no money out of your pocket.
You can use the Buyer’s down payment towards your purchase. The option ties up your interest in the home and costs you little.
I would let the Buyer’s know (after they walk through and are getting excited about buying) that the title is still en route from the mortgage company.
Best Wishes,
Tony-VA
Re: Perfect for an OPTION! - Posted by investorrob
Posted by investorrob on February 20, 2002 at 22:20:53:
Joe I looked in Deal on Wheels and didn’t see one
So the next best place is william Broncheck web site Legalwiz.com --on the left click on legal forms he has one for a small fee.
Ernist option is for buying a mobile home park. and Williams is for buying a home, which is a little more like a mh---- both of these options need to be to be changed by deleating or adding words
Which gets into giving advise that an atty should be giving. I am not an atty so this is about the best I can do.
investorrob
Re: Perfect for an OPTION! - Posted by Tony-VA
Posted by Tony-VA on February 20, 2002 at 15:23:36:
I believe Ernest Tew has one you can download from his website at www.ErnestTew.com