MH repo; how to - Posted by Don (Fl)
Posted by Don (Fl) on January 15, 2001 at 21:20:18:
I am new to mobile homes, however I have extensive RE experience both in management and rehab. I have “seen the light” in the Lonnie deals and am getting ready to go full bore into this niche business. I have ordered Lonnie’s two books “Deals on Wheels” and “Make Money in Mobile Homes”.
I am currently putting together a business plan for investors to sell the notes to; offering 30% yield. I already have a verbal commitment from one investor for $40-50K to buy notes from me.
My question is how, when the situation presents itself, do I go about taking possession of a home that payments are delinquent on? In Florida is it like repo’ing a car or foreclosing a mtg on real property?