MH lease options? - Posted by Rob (CA)


#1

Posted by Tim (OH) on December 29, 1998 at 12:04:49:

I agree, learn all you can and ask LOTS OF QUESTIONS!


#2

MH lease options? - Posted by Rob (CA)

Posted by Rob (CA) on December 28, 1998 at 23:36:19:

As a way to get started in the mobile home industry would it be a good idea to try and convince someone to let me lease their mobile home and then turn around and try to sell it while carrying back the financing. For example: I find a mobile home that is just sitting in some park with a fsbo sign on it. I call the guy up and he is sick of paying space rent,so I offer to pay the space rent every month if he will let me lease the mobile home for like $50 per month with about all of it toward purchase on a years lease. Now this guy is actually getting at least a little money from the mobile home that was costing him. Then I grab my carpenter buddy (who thinks a good days pay from a friend is a case of beer later that night) go in, do some fixing and beautification and then sell it for a down payment and monthly. I am wondering if this is even legal? Most of you who read this will probably think this notion is very far fetched, however there are 69 mobile home parks within a 20 mile radius of my house which seems like a pretty target rich enviornment. In my local paper no one offers to carry back a note on anything so if I could start I think I would be the only gig in town. Please give me your .02 and tell me if this is even legally possible.

Thank You
Rob


#3

Re: I think so - However! - Posted by Jim Simons SATX

Posted by Jim Simons SATX on December 29, 1998 at 11:20:51:

Hi,

Tom is right. Lonnie covers the L/O technique. I’m in the process of listening to Lonnie’s Home Workshop right now and heard him discuss this topic just today. (I don’t know if he covers it in his books).

I think this could be a very good avenue. However, you really should get a copy of Lonnie’s Book or Course (I prefer the Course - 8 Cassette tapes and a book), because he explains some really good ways to go about it and some advice to avoid trouble.

Be aware however, that all of Lonnie’s books and courses pertain to doing Mobile Home Biz in Virginia. Therefore, before you get too far along, you should probable check with a good RE Attorney, a good RE Accountant and the Local Governing Body that controls the buying and selling of Mobile Homes in your area, so you’ll know what the Rules and Reg’s are before you have to become a licensed dealer.


#4

Re: MH lease options? - Posted by Dan Ode

Posted by Dan Ode on December 29, 1998 at 11:09:06:

Just always make sure, like Lonnie sez build a good working relationship with the park manager. Let them know what you are trying to do before you do anything. Really learn what the park rules are and their park approval process. Some parks don’t allow renting, leasing or sub-leasing. It could put the owner of the mobile home in park violation.

I recommend buyer Lonnie’s books if you haven’t done so already.

Dan


#5

Re: MH lease options? - Posted by Tom Brown

Posted by Tom Brown on December 29, 1998 at 07:48:34:

Doesn’t sound far fetched to me. But don’t take my word for it. Lonnie Scruggs discusses options on mobile homes as a way to get started in his book “Deals on Wheels”.


#6

Small Correction - Posted by David Alexander

Posted by David Alexander on December 29, 1998 at 21:01:56:

Check with an attorney that knows Mh’s, they are not necessarily RE, alot of times they are personal property. That makes a difference when it come time
for Foreclosure/repossession, see some of the posts below.
David Alexander