When purchasing a Mobile Home now theres a broad General statement
What do I mean? Well, buying from and individual? or perhaps a dealer, or how about a repo center, or lender how are you purchasing.....
Lets say all of the above and you are sure you are getting a clear marketable title.
From and Individual or dealer you are most likely in good shape, but dealing even repo centers, however dealing with lenders and buying repos is a differnt story ...
Though they will deliver a clear marketable title doesnt mean there are other cost you must consider....
1. Taxes You are responcible for back taxes, and if you are buying the home in the field as I call it, if you move the home before paying those taxes you can be fined as much as 1500.00 or more dollars for it.
2. Lot rents, when buying from a lender you sign a contract stating you are responsible for all taxes owed and back lot rents.
I have encountered back lot rents as high as 3000 +
Ofcourse I have a great way of making them go away or cutting them in half at least. Though most cases I get out of them alltogether.
Might share exactly how I go about that in another post.
Anyway from what I have read you are right on target just thought I throw in my 2 cents
Here is your first step. Buy the book from Lonnie Scruggs titled "Deals on Wheels" Every question you have asked is in the book with answers. Its a $30 dollar investment that will go along way in helping you be successful in the MH biz. I started doing "Lonnie Deals" fourth months ago and its a blast making money on these tin cans. My yields are fantastic and its cheap to get into. Get the book.
When purchasing a Mobile Home now theres a broad General statement
What do I mean? Well, buying from and individual? or perhaps a dealer, or how about a repo center, or lender how are you purchasing.....
Lets say all of the above and you are sure you are getting a clear marketable title.
From and Individual or dealer you are most likely in good shape, but dealing even repo centers, however dealing with lenders and buying repos is a differnt story ...
Though they will deliver a clear marketable title doesnt mean there are other cost you must consider....
1. Taxes You are responcible for back taxes, and if you are buying the home in the field as I call it, if you move the home before paying those taxes you can be fined as much as 1500.00 or more dollars for it.
2. Lot rents, when buying from a lender you sign a contract stating you are responsible for all taxes owed and back lot rents.
I have encountered back lot rents as high as 3000 +
Ofcourse I have a great way of making them go away or cutting them in half at least. Though most cases I get out of them alltogether.
Might share exactly how I go about that in another post.
Anyway from what I have read you are right on target just thought I throw in my 2 cents
Mark B
Here is your first step. Buy the book from Lonnie Scruggs titled "Deals on Wheels" Every question you have asked is in the book with answers. Its a $30 dollar investment that will go along way in helping you be successful in the MH biz. I started doing "Lonnie Deals" fourth months ago and its a blast making money on these tin cans. My yields are fantastic and its cheap to get into. Get the book.
Nate