New mobile home wholesaler in Phoenix
Hello, im new to mobile home wholesaling and I was wondering is there a different contract between mobile home ONLY and mobile homes with land, how would I go writing up a contract between both? If this is a simple question and has been answered already...please bare with me lol im just trying to learn.
@Angeline Murray The mobile home only would be for the home as personal property (not real property) versus a mobile home with land would be labeled as real estate and real property attached to land. Hope that helps!
Good morning Angeline!
Are you renting both the home and land in a community? Or selling the home and the buyer will be placing it in a community?
Best of luck!
Quote from @John Gainer:
Good morning Angeline!
Are you renting both the home and land in a community? Or selling the home and the buyer will be placing it in a community?
Best of luck!
I kind of need the solution to both scenarios.
Quote from @Rachel H.:
@Angeline Murray The mobile home only would be for the home as personal property (not real property) versus a mobile home with land would be labeled as real estate and real property attached to land. Hope that helps!
Thank you so much
Quote from @Angeline Murray:
Quote from @Rachel H.:
@Angeline Murray The mobile home only would be for the home as personal property (not real property) versus a mobile home with land would be labeled as real estate and real property attached to land. Hope that helps!
Thank you so much
The line in the sand on this is if the property has been permanently affixed to the ground and you own the land not lease the land.
The reason being 1. if the mobile home isn't permanently affixed to the foundation it's not considered real estate, it's considered a travel trailer/personal property like a car and 2. if they pay a lot rent, they're technically leasing the property from the owner, they dont truly own the land and have rights to transfer the land to your end buyer.
Mobile homes can be tricky, if it's permanently affixed to the foundation you can look under the trailer and it should have straps (usually xi2 HUD straps are the go to) bolted into the foundation and wrapped around the trailer. If everything looks kosher, you'll need an engineers report to provide to the end buyer showing it follows all the guidelines for mobile homes to get financing.
If it's not affixed and/or there's lot rent, chances are it cannot be financed (at least by conforming loan guidelines, maybe a niche lender will lend on it) and it'll narrow down your buyer pool or price.
Hope that helped!