Have not been on this site for probably 10 years, but like the updated look. Not sure if the following type of post is allowable here, but I couldn’t find where it wasn’t either. Forgive me in advance if I overstep the rules.
Anyway we have a park in Wichita, KS that we are trying to fill. While some parks may not be particularly open to investors, we tend to embrace investors. If you are looking to do some mobile home deals, feel free to private message me and we can discuss.
Matt B
Welcome back Matt
SAFE big issue today
Matt how is KS Dept of Fin Svs looking at KS SAFE Statutes and my financing a MH there today?
Does it say that I as seller DO or DON’T have right to finance a buyer of a MH w/o land w/o jumping forever through KS DFS hoops?
This could make a huge incentive or disincentive to potential REIs so might be well for you to do some digging and find out.
Just replied to your other post on this, before I read this one. Like any other new law no one yet seems to know. I have been trying to find out, but can’t get a decent response.
If anyone has some actual insight, would love to hear it.
Matt
KS S.A.F.E. a muddle
I just spent a few minutes looking at the KS version of Dudd-Frankenstein and it does indeed appear muddlied.
When if was enacted by your legislature your courageous Governor wouldn’t even sign it so it became KS law w/o his signature…and he still thinks it’s junk law and is doing nothing to further its implementation.
So I’m thinking you can probably likely proceed to sell and carry back buyers’ financing but I’d keep super-cautious records, charge minimum to no interest and disclosing everything imaginable…plus having buyers sign a statement that they acknowledge but waive any reliance on your using incorrect procedures to sell, etc…or maybe, if it’s your MHP selling on lease with option so last payment gets them title.
And one thing that apparently must be in EVERY sales agreement is a 3 day right of rescission that buyer/borrower signs for you.