2 Questions about doing Lonnie Deals - Posted by Nancy(NC)

Posted by Steve-WA on September 17, 2003 at 10:07:39:

what is the desire of the owners? Lot rent alone? Payments on the homes? Upgrading the park? The answers to your questions will depend on these and other factors.

Do not transfer title until the last payment is made - your suspicions are correct.

You really cannot keep someone from selling the MH if they have paid it off - you can keep them from doing a wraparound, but if you are getting your payments, who cares? You DO have control over the tenancy in the space - that should be what management is most concerned over, and control. Heck, encourage them to move it out - move all the yucky ones out, and you may be able to entice newer homes into the park. If an empty vandalized unit is just sitting there, it is worse than a vacancy, because it is an eyesore. A vacancy is less likely to keep a prospective newer home owner/park tenant away than an eyesore trailer.

Sell the yucky ones as $500 movers, and go that way! That’s what I would do if I bought your park. But, upgrade may not be a priority for your owners or you.

Just my opinion, and everybody’s got one of those, just like everybody’s got an * * * * * * *.

2 Questions about doing Lonnie Deals - Posted by Nancy(NC)

Posted by Nancy(NC) on September 17, 2003 at 09:46:03:


I am managing a very run-down mobile home park in NC. I am not able to get new rentals so the owners have agreed to do Lonnie deals to sell them. The only tenants there have been there for years. More than half are empty so vandalized almost daily.

  1. Should I not transfer title until the final payment is paid? The owners think we should go ahead and transfer title to get the MH out of their names but I think they may move out and getting title back would be difficult.

  2. How can I keep the people buying the mobile home from selling it to someone else? I am putting that in the contract saying management must approve transfer but want some suggestions to keep this from happening.

Thank you.


Worlds biggest opportunity and you didn’t … - Posted by Dr. Craig Whisler CA NV

Posted by Dr. Craig Whisler CA NV on September 17, 2003 at 15:51:22:

…even mention it.

Why not make an offer to buy this park BEFORE you double its value. In its present condition the owner may sell to you on very attractive terms, possibly with nothing down if negotiate well. Would you rather be an owner or a manager?

Re Question 1: My first question is do you have the titles to the old mobiles? If not what do you plan to do about it?

If you have the titles I believe you would be wise to sell the mobiles by transferring the titles IMMEDIATELY to reduce the park owner’s liability. Lots of poor people in parks like this one. Poor people are sue crazy nowadays. One small fire and the firebug could be collecting rents instead of you. To do this take the titles to the DMV or other agency that licenses mobile homes in your state and have ownership transsferred immediately to the new owner. Have yourself listed as the lienholder. In CA the new title is sent to the lienholder, not the buyer. This is so the new buyer can’t just forge your name on the lienholder’s line and sell the mobile to someone else before paying you off. He can’t even claim he lost the title this way and get a duplicate to forge your name on because the Dept.Of Housing won’t give him a duplicate if they have you listed as a lienhollder. Re question 2: See below.

Re Question 2: See Re Question 1 above.

Regards, doc

Re: 2 Questions about doing Lonnie Deals - Posted by Marty From Missouri

Posted by Marty From Missouri on September 17, 2003 at 14:22:02:

Dont do a bill of sale or sign the title over until final payment just date everything the day your signing over the title. But on the contracts you must get them up front before they take over ownership remember you controll the deal

Before they can sell it they must own it so that means you get all your money. Then of course they must meet the parks stips to have the mobile stay in the park