Fairfax, VA · Member since 2019 · 4 posts · 0 votes
When I put someone on a note under seller financing for a mobile home I'm selling, do I hold the title in my name or is there a way to transfer title to my buyer's name at the time I put them on the note? I'm asking because the park I'm looking to buy in doesn't allow rentals and they require that the titled owner lives in the home.
Can I do "seller financing" or would I need to sell it outright?
San Antonio, TX · Member since 2009 · 3k+ posts · 1k+ votes
6y
@Eric Doerr It's up to you how you want to do the paperwork for the new buyer. If the park is asking you to do something you don't feel comfortable doing, you may want to look at other parks to work with. Best of luck!
Summerville, SC · Member since 2018 · 588 posts · 252 votes
6y
@Eric Doerr
Why not just do "Rent to Own". That way you aren't financing anyone. If it goes south, instead of foreclosure (3-9 most or longer), you can just evict.
Flipper/Rehabber · Seattle, WA · Member since 2015 · 333 posts · 459 votes
6y
@Eric Doerr
The mobile home has a title just like a car. The buyer is on the title as the registered owner. The seller is on the title as the legal owner (just like a bank). When the home is paid off the legal owner is taken off the title.
This satisfies the park - the buyer/owner is occupying the home, the seller is just providing financing just as a bank would.
San Antonio, TX · Member since 2009 · 3k+ posts · 1k+ votes
6y
@Eric Doerr It's up to you how you want to do the paperwork for the new buyer. If the park is asking you to do something you don't feel comfortable doing, you may want to look at other parks to work with. Best of luck!
Summerville, SC · Member since 2018 · 588 posts · 252 votes
6y
@Jerry Lucker
Actually my experience has been the opposite. Only about 25% of the Parks I've prospected in are strictly owner occupant. Most parks near me are ok with investor, non-owners occupants. As long as you meet with the Park and show them you can be trusted, and not make their job more difficult, they're happy. I always tell them I will pay lot rent EARLY and regardless of if tenant pays me rent. Also, i tell them they are to contact me directly for any issues related to my tenant. And I make it a point to handle all issues in a timely manner (faster than most owner occupants would). The impression they get of me is typically good.
Additionally, we hold a small MHP ourselves. Within our our own Park, we allow investors, with a couple lots leased out to investors.