No heartache getting rid of deadbeats - Posted by Dr. Craig Whisler CA NV
Posted by Dr. Craig Whisler CA NV on August 21, 2003 at 13:22:10:
If you sell the mobile home you would not evict a non-payer because they would not be a tenant. You would go through a foreclosure or reposession process. This process will vary from state to state and sometimes even within a state.
The Fastest, bestest, and cheapest way to find out what your states’s laws are on this subject is to just pay a visit to the managers of a good sized mobile home park and a lender who does mobile home loans. Bring donuts. You can get free and up to date information this way and save a bundle on Atty fees.
Finding a person who is credit worthy and trustworthy is a dificult and time comsuming exercise in futility. You will need a little practice to do it well. Other than Big Macs, there is no free lunch, you will have to pay your dues by making a few mistakes. Thats OK, as long as you learn from them and don’t give up. Even veteran investors have to take back a mobile from time to time. If you have gotten a decent downpayment and a few months payments before they go bad, then you should have most of your expenses covered anyway. If you learn to do it all well, you may even come out ahead from time to time when you repo and resell the mobile. What can be better than getting 3-4 downpayments on a single mobile?
Getting rid of non-payers may be a headache but its certainly not a heartache. Does my heart good to get rid of the buggers.
Just develop a healthy landlord mentality and kick’em while they are down. Are we having fun yet? :~)