Thanks soapymac. The land is in Alabama. I do not plan to do Lonnie deals and put mobile homes on the lots. I only plan to “rent the dirt” so that’s why I’m wondering how I get the person’s MH off the property if they don’t pay up. Now any suggestions?
I’ve considered putting my own MH’s on the lots but I don’t have the cash flow at the moment. The land is free but I still have to put it septic tanks, run water and power, etc. so my $ is tied up in that.
I have a small piece of property where I plan to rent out three mobile home spaces. What is the best way to cover my liability in case of injuries on my property? Where do I find out information on eviction procedures? Would I have to pay to have the home moved off the property??
Thanks.
Posted by Soapymac on January 15, 1999 at 18:59:12:
Hi Julie,
Let me answer your request piece by piece:
“I have a small piece of property where I plan to rent out three mobile home spaces. What is the best way to cover my liability in case of injuries on my property?”
Your e-mail address doesn’t give me a location, so my answer will be general in nature. As an ex-insurance broker, I would suggest that you contact an independent insurance broker in your area and tell him what you want to do. The ideal situation would be to check with park OWNERS in your area, find out the name of the broker that insures THEM, and make a phone call.
“Where do I find out information on eviction procedures?”
Julie, mobile homes are treated differently than regular homes. Regular homes are REAL ESTATE and are covered by procedures that govern real estate. Mobile homes are generally treated as PERSONAL PROPERTY. As such, if you held the financing on the MH’s and there was a default, you would use the procedures in your state to REPOSSESS them…similar to defaulting on a car loan. Check with your attorney about the laws in your state.
“Would I have to pay to have the home moved off the property??”
One question: why would you want to do that, when you could repossess them and re-sell them? May I suggest that you purchase Lonnie’s books (available on this site) or re-read them to call to your remembrance how he handles this situation…and why that could be the best thing that could happen to you?
Now…go build your CASH COW…and report back here to inspire us!