Selling My First Mobile Home

6 Replies

I’m starting my mobile home investing journey and have a quick question about titles I’m hoping you can help me with.
Some parks don't allow rent-to-own/subleasing and require owner-occupied only. For these types of parks, would you suggest giving the buyers the title but putting a lien on it through the DMV?

Thanks in advance for your responses!

That is one potential method Melanie, but some states (like Florida) require a specific license in order to be a lien holder. I know some investors put the homes into individual trusts. It might be worth researching that method.

@Melanie Lyke I would go with what you feel comfortable doing. If the park(s) you're talking to do business a certain way and you don't feel comfortable with it, you may want to start talking to some other parks just to have options. Good luck! 

Originally posted by @Rachel H. :

@Melanie Lyke I would go with what you feel comfortable doing. If the park(s) you're talking to do business a certain way and you don't feel comfortable with it, you may want to start talking to some other parks just to have options. Good luck! 

Thank you for that! That's really good advice. It feels like it's taking forever to get started but I do understand the importance of finding a good match because it may be a relationship that lasts for several years. Thanks again for the perspective!

 

Originally posted by @Matt Hope :

That is one potential method Melanie, but some states (like Florida) require a specific license in order to be a lien holder. I know some investors put the homes into individual trusts. It might be worth researching that method. 

Thanks Matt! I hadn't considered the need for a lienholder license but I'll definitely research it for my state. I'll also do a little more research on trusts because it seems like it would be a little extra work but worth it in the end. Thanks for your input!