Frustrated newbie/question. - Posted by Max (CO)

Real Estate Investing Mobile Homes & Mobile Home Parks
#1

Posted by Dr. Craig Whisler CA on April 24, 2002 at 12:33:57:

…be out by a certain date or pay a penalty: yes do it BUT, remember this won’t help much if seller doesn’t move out as agreed. This clause will only give you the right to sue her for damages (rent) and evict her. Who wants to buy a lawsuit? Besides by the time it is finished she will probably have moved out of town anyway as she is now planing to do, and you will likely stand a ZERO chance of ever collecting any judgment you may receive.

A better way is to not pay her her walking money until AFTER she has already moved ALL of her possesions out and given you the key (which you should change immediately), and a written statement that she has given you legal possession of the coach and she will not return to try to reenter. Be sure all windows are securely locked too, and ask the park manager to watch out for her to trying to reenter.

The reason I am so paranoid about this is because I have had it happen to me. I paid and they reentered after I left. They had a duplicate key. I had to go through the courts and do an eviction. The police were very sympathetic but couldn’t help me because the guy claimed he had an oral rental agreement with me to stay until his other place was ready.

Good Luck, doc

#2

Frustrated newbie/question. - Posted by Max (CO)

Posted by Max (CO) on April 24, 2002 at 24:17:27:

Have a very motivated buyer who loves the idea of the down and payments I can offer. Just don’t have a home for him and the Mrs. I thought I had the one…they saw it and loved it. Seller wanted out and origionally told me she could be gone in two weeks. When I first talked she said she had the title but it turns out that Conseco still has it and she needs $2500 from someone so she can send for it. I’m sure not giving her anything until I see the title. I told her she needed to find a way to get the title and then we could talk turkey.

Is there anything I can do to help the process along? Obviously I’m not giving her anything but is it possible to buy the title from Conseco or something? I’m just frustrated becasue I have everything I need but the title and the yields are soooo good. This is my 1st deal and I’d like to finish it but I don’t know hot to drive it home. Anyone have any suggestions? Was I right to say I could not do anything until she had the title? Can I help her obtain the title of at least give her some suggestions of avenues b/c I don’t think she will take the initiative to do this? ANYWAY…just blowing off steam. Sorry for the above drivel and if you have thoughts I’d appreciate them. I am trying to find a different home for this couple but it will take more work. Thanks,

-Max in Colorful Colorado!

#3

Re: Frustrated newbie/question. - Posted by ScottS(NC)

Posted by ScottS(NC) on April 24, 2002 at 07:51:17:

Max,

I have recently had the exact same situation. What I did was verify the amount owed with conseco. Then fill out a purchase agreement with the individual. Next I sent a Bank Cashiers Check to conseco in my name with the short explination that I was paying off the lien and purchasing. Make sure all the details are recorded in your purchase agreement. So if it ever does go to court you can have documentation of everything. They will send the title to her unless you can work something out with Conseco(not Easy) I just let them send the title to her and told her to send it to me or I would have to take her to court to get the title. She sent it and everything worked out fine. Yes I did sell the home before I ever recieved the title. I told the new buyers when the title came back we would fill it out listing me as the lien holder them as the owner ect. Worked great did take alittle more leg work though. HTH Take Care ScottS(NC)

#4

Re: Frustrated newbie/question. - Posted by Brad

Posted by Brad on April 24, 2002 at 07:44:19:

you could get a power of attorney to allow you to contact the bank on her behalf. once you find out that for sure what is actually owed you can find out if they will let you assume the loan. get under contract and you might just find that all you need are a few hundred bucks to get in. without her written consent you can get on a three way call with the bank and have her ask them what she has to do in order to sell it. but for your sake and peice of mind get it under contract. no funds until you get the little paper.(title) its like the check in the mail.

#5

Excellent! Very little money out of pocket… - Posted by Lyal

Posted by Lyal on April 24, 2002 at 09:17:50:

Assume the (low balance) loan and then “create equity” by selling “Lonnie” style. Keep the down payment and have some cash flow too…
Lyal

#6

Frustration leads to great lessons… - Posted by Max (CO)

Posted by Max (CO) on April 24, 2002 at 12:00:48:

if you are willing to step back and get past your frustration. One of my problems was seeing exactly how this would work out numbers wise. I figured out almost every possible buying/selling price, monthly payments, etc etc and figured it would work. When the title thing came up, I found myself just repeating to the seller that I could not give her cash without the title. I had it all figured out numbers-wise and my brain shut off the creative parts to solve this problem for a while because I wanted to get this deal done.

My finace had the best general advice saying, “Have some patience. It doesn’t have to happen next week”.

Doc, Scott and others had great thoughts on actual things I could do to solve the problem . Some can work for my situation now and others will work for other situtations in the future. As was pointed out, DOC had alreay given me an answer in an earlier post that I had not remembered when the time came.

I need to remember there are many paths to achieve my end goal, and not to be afraid to change paths if it still gets me there. When an obstacle apprears, instead of bemoaning my fate, and banging my head on it, step back, take a breath and find a way around, with help/advice if needed.

Here’s what I am doing. I called Conseco and found that I cannot assume the loan because I already have a mortgage on my house and they want to have the loan holder in the mobile. I CAN send a check to Conseco to pay off the loan (after the seller finds out the amount and agrees to it). I talked to the seller this morning and told her we may be able to do that and she agreed to look into it. I asked her to call and find the rest of the relevant info about the loan. She may need some handholding and prodding but I think we can make it work. I will also need to write her a check for some moving cash and such. I should be able to keep everything within the numbers I want though.

Should I write into the buying contract that they sellers need to be gone by such-and-such a date or pay a late penalty/day? Once we get the loan stuff I’d like to get a contract on the home as well ASAP. Any other great thoughts from people? You have all been a huge help in helping me step back and find other avenues to move forward. Thanks.

-Max