I am currently trying to purchase and flip my first mobile home, but have questions relating to the sales of that mobile home.
A few things to note, any legal advice/recommendations would be for the state of Kansas, this is my first Deal, and I am very open to any help I can get.
My question is: when Selling a mobile home on payments, what is the most simple way to do it? Would a Rent Credit system, Rent-to-own, or Seller Financing, be more straightforward? Or is there an easier strategy?
The main hang ups are: I don’t have a lot of capital to spend on legal fees before I do 1 deal, BUT, I don’t want to run into serious problems on my first deal just because I didn’t know about a legal problem.
Also, do I need insurance during the process of buying, rehabbing, or selling a mobile home, and if so, what kind(s)?
Any advice would be very much appreciated,
@Wesley Johnston It depends on your exit strategy and goals. If you just want to get out of the home and sell, an all cash deal is an option. Or, if you want some monthly income you may look into some other strategies (i.e. rent, lease with option to buy, seller financing, etc). Whatever you decide, just be sure to check the laws in your state. Your local manufactured housing association as well as the local government entity in charge of titling mobile homes are both good resources to start. Hope that helps!