With that said you will get some folks with a renter mentality depending on how well you are at marketing and making sure your good at both screening people and Selling the people on Home ownership and getting good down payments.
Mh’s for the most part are titled, not deeds. I would go ahead and get your name off the title as the owner and on theirs as the Lien holder only.
Have you read Lonnies Books? Ernest’s? I would if you haven’t.
Getting them out of the property depends on your state.
responsibility for repair on M.H. after carrying paper - Posted by jim moulton
Posted by jim moulton on June 15, 2000 at 21:36:50:
I was told today by an ex-lawyer that when carrying the paper on a mobile home that I was still responsible for major repairs due to the fact that I still held the deed until the contract was finished. I was told that many of the people who are interested in these contracts default quite regularly. Is this true? If so, how long would it take to evict them? Are there other measures to be taken to get them out of the property without them taking a chainsaw to the walls?
In Ohio we all do this the same way. If I sell a home on a note, I put the title in the buyers name, then give BMV a copy of the security agreement and record a lien on the title. Just like a bank doing a car loan. I retain possession of the title, and have a power of attorney allowing me to put the title back into my name if they default.
I sold a home to one buyer three months ago, she still calls me and asks permission whenever she wants to hang a picture or paint a wall. I keep telling her she owns the MH, I’m just the bank. She was a renter for way too long and can’t shake it.
I haven’t had to repo a home yet, but I understand its much simpler than evicting a renter. MH’s are personal property in Ohio, not real estate, so the landlord laws don’t apply. It’s like repoing a car.
Buy Deals On Wheels by Lonnie Scruggs. Then when you develop your first good relationship with a park manager, ask them how they get rid of defaulters. I’ll bet they have it all worked out.