Posted by Tennessee Bob on August 06, 2003 at 12:28:46:
BMV = Bureau of Motor Vehicals (license branch)
Since the home is on a rented lot, it probably has a title. Check with the BMV.
Tennessee Bob
Need advice on possible deal - Posted by sheldon
Posted by sheldon on August 06, 2003 at 11:00:26:
Hey Everyone,
Wanted to table a question regarding purchacing mobile homes and get some advice.
I am a new investor and have done two deals so far…
neither being mobile homes.
I have a motivated seller ( transfer and divorce) who has a dblwide and will sell for what is owed.
I need advice on how to determine a profitable deal.
Are mobile homes a totally different deal from houses on subject to or lease/Purchase?
I am in Tenn. and I wanted to know if Tenn writes deeds for mobile homes or are they considered personal property with a title similar to cars?
I have more questions but will start with these to detrermine if I am in over my head:))
Thanks in advance for any and all comments and advice.
Re: Need advice on possible deal - Posted by Dan - GA
Posted by Dan - GA on August 06, 2003 at 16:01:29:
Sheldon:
Unless the MH is almost paid off, assuming the mortgage is tyically not a good deal. In many areas 9 out of 10 owners are upside down if they bought in the last 5 years. I just bought a repo for .25 on the dollar on what was owed, did some repairs and sold it for .70 on the dollar compared to the loan. If I had assumed the loan, I would have lost my shirt. Know your resale market beore making an offer. Best of luck.
Re: Need advice on possible deal - Posted by Tennessee Bob
Posted by Tennessee Bob on August 06, 2003 at 11:35:34:
Sheldon,
Tennessee titles for single wides are handeled through the BMV. I have not messed with doublewides at all. Call your local DMV and they should be able to answer this question. You didn’t mention if the home comes on its own land or in on a rented lot. I’m sure this will make a differance regarding the laws for taking ownership.
What part of TN are you located in? I’m in West TN.
Good Luck and God Bless
Tennesse Bob
Re: Need advice on possible deal - Posted by Sheldon
Posted by Sheldon on August 06, 2003 at 19:45:43:
Dan
Thanks for the advice
The MH is only 3 years old and I think the seller is probably upside down. He couldn’t find his paperwork when I called but said he bought for 45k 3 years ago. Payments are 704/month.
Is the money made in this market in the repo side?
This seller found me from my bandit sign for houses…
If I want to get in to the MH market is the place to find deals in the repos and not buying from sellers?
Thanks
Re: Need advice on possible deal - Posted by sheldon
Posted by sheldon on August 06, 2003 at 11:50:37:
Tenn Bob:
Thanks for the reply;
The dble wide is in a park on a rented lot. Seller says the park allows rentals. I realize I have to confirm that before proceeding with the structure of the deal. BMV?? Please excuse my ignorance but what is BMV?? Are dble wides handled differently form singles?
I am in East Tenn