Lonnie deals in CA?

Question

Is it possible to do lonnie deals in CA? I've been looking at the numbers and I've found some MH's in the low 15k's to 8k. Possibly lower but they need to be moved.

I'm also a college senior and having trouble trying to fund my first deal since I work PT, paying off my bills just to stay afloat before I graduate in a year.

I've read a lot of Doug Ottersberg and listened to his CD's on the Mobile Home Millionaire. I'm beginning to work on a market study of the east bay (I live in Hayward, CA). Any thoughts or advice would be great. My parents tell me now is not the time to buy and I should educate myself first. I'm forming a game plan and would love some input. Thanks!

Francis Dai · Answer

Hi Peter! I live in Santa Clara and am looking into the same thing. Email me at foreclosurevision at gmail dot com if you'd like to chat. 
          
          The SAFE Act requires a licensed mortgage originator to issue a mortgage. The language applies to any seller financing deals that are not owner occupied. The law is new, and it's unclear how much enforcement there will be. 
          
          Also, you'll probably need to get a mobile home broker's license. See 
          http://www.hcd.ca.gov/codes/ol/ApprovedUpdatedOLINFOBOOKLETRev05-31-07.pdf
          Got a spare $1500 lying around?

Peter Haymond · Answer

Values could go down with the Alt-A Loans coming due...which could affects all the prices of the housing market in the bay area.

What's the Safe Act? I plan on selling on terms. I'm just trying to figure out how to get the initial cash. How did you fund your first deal?

Alex Hart · Answer

Why is now not the time to buy? Yes, educate yourself as much as you can. Are you planning on renting or selling on terms? If on terms make sure you educate yourself on the Safe Act for Cali.