Mobile Home Park in Texas

[Matt Goh]

Hi,

I am a newbie trying to close my first  Mobile Home  deal shortly. Have couple of questions and would appreciate any help :

1. The seller is a old gentleman who is willing to sell for small down-payment with him carrying a note for rest of the amount. But the catch is he will do only "contract for deed". Is it legally allowed in Texas ? If yes, is there any gotcha for me to be aware of.

2. Need to haul away couple of run-down park owned mobile homes if i buy this property. Wondering how much it typically costs.

[Jim Johnson]

There are several finance options in Texas, I have a park I am buying from someone in this same way in Texas. Though, it is really more a typical loan. Be aware of interest rates too low, and pre-payment clauses. Also, what happens to the note if the seller dies? Does it go to a trust etc? Who tracks the note? If it is contract for deed, what happens if he has an IRS issue and the property is taken, or if he dies and it get locked in court... I would use a performance deed of trust, and have several clauses that would trip the deed and convert the balance to a loan. Hauling out homes is 1500 - 3000 per for a single wide... in texas, give then to a group of deer hunters to use as a camp...