Posted by Tony-VA/NC on October 07, 2003 at 11:23:29:
Several questions for you Kory.
What kind of property is this? What is a “minihome?”
Is this a mobile home? Is it in a park? Is it on land you own?
Are you buying and selling the land and home?
Before you jump on the creative investing bandwagon of interesting terms and strategies, you need to know the answers to the bottom line questions.
Are you making your money going into this deal?
Are you protecting your deal?
Are you protecting your profit?
Do you understand the various exits from this deal in case Plan A falls through?
If this is simply a mobile home deal, your creative thoughts are going to get you into trouble. The techniques you mentioned (subject to) do not always work well with peronal property such as mobile home.
Based upon your questions, even if this is a mobile home with land, I would suggest you not try subject to as it appears that you are new to this arena. This is not a bad thing and not a slight against you. Subject to deals are detail specific and state specific in nature. There are tricks to that trade is all.
Regardless of this being real estate or mobile home (personal property), you might want to look into using an Option to purchase. As a unilateral contract to buy, you are not required to buy but the seller is required to sell. This protects you if you cannot find a seller. Ernest Tew’s material will be of benefit to you in this regard.