Mobile in Park - Posted by Alex

Real Estate Investing Mobile Homes & Mobile Home Parks
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Posted by Dewey on March 02, 2001 at 16:41:54:

It is a great cash flow business. Good luck.

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Mobile in Park - Posted by Alex

Posted by Alex on March 02, 2001 at 16:03:26:

Hi, I’ve bought your books Lonnie and also got David Bulter “Tin Can Alley”. My question is, have you ever had some want to move the Mobile home from the park while they were under contract? Won’t it be in their rights to do this? Or do you right it in the contract only when paid in full. Thank and hope to hear from you.
Alex

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Re: Mobile in Park - Posted by Lonnie

Posted by Lonnie on March 02, 2001 at 19:11:41:

Hi Alex,

You’ll notice that my contract says the home can’t be moved before it’s paid off, without my written permission. But I’ve had several cases where I agreed to let the buyer move it to another park in my immediate area, when for whatever the reason, they wanted to move out of the park they were in. As long as I approve of the park it’s going to, and the home is moved and reset properly, I haven’t found it to be a problem. It would depend also on the quality and track record of the buyer.

But just be sure you stay in control. (Caution?If the buyer wanted to move it to private land, that’s another matter, and calls for additional steps that must be taken to protect you in the event of repo.) Also, if the buyer wanted to move it a considerable distance, that would also be a matter that would have to be ironed out before I agree. So it’s really a judgement call on how you feel about the move.

Hope this helps,

Lonnie

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Re: Mobile in Park - Posted by Dewey

Posted by Dewey on March 02, 2001 at 16:17:03:

My standard agreement includes language expressly concerning the buyer moving the home. Without written consent, they cannot move it.

Good luck

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Re: Mobile in Park - Posted by alex

Posted by alex on March 02, 2001 at 21:20:11:

Thanks Lonnie, I do believe that answer my question. I was talking to a gentlemen on the phone from Lansing, MI. who buys mobile home notes. Said he met you some time again, Mike Waters. You left him with a pretty great impression of yourself. Hope to meet you also. Thanks again
Alex

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Re: Mobile in Park - Posted by Alex

Posted by Alex on March 02, 2001 at 16:34:01:

Thank Dewey for the quick response. I want to get some of these deal under way. It looks like a good way to get a cash flow going.
Alex