All Forum Posts by: Gulliver R.

Call MHPs at a 5-10 mi radius of your MHP and act like you’re looking for a place for your grandma. Ask about if there are any 2 bedrooms available, how much their home and lot rent is, is water included, how much is the deposit, are pets allowed, etc. 

Hi All,

Can I lease out the lot rent on a separate rental agreement, Lease out the mobile home on a separate rental agreement (no violation of Safe Act here), and in the mobile home lease indicate that at the end of 3 years tenant has the option to continue renting it, or move out, or buy the home for $1000 cash?

Thank you,

Gulliver

Investors wholesale MHPs all the time. This is common. Just make sure you write up a contract that has the correct language in it. The top portion of the first paragraph of the contract should say “and/or assigns” in it for sure. Have a RE attorney review it before execution. 

For seller financing a typical setup would look like this: 20% down, 5% interest, 5 year term (balloons after 5 years), 25 year am, etc. you won’t need an appraisal. You will still need a Phase 1 and a survey though. 

Yes. In your purchase agreement you need to make sure you have language in there clearly stating that all deposits and RTO will transfer to the new owner of the MHP.

You can say something like this:

“Hello John,

My name is Gulliver, how you doing today? Great! I’m a mobile home park investor and operator. And the reason for my call today is because I know you own a great community over in (city name). I actually buy and operate mobile home parks in the area. Have you ever thought of selling yours? (He’ll say yes or no) Have you ever thought of not hassling with operating it any longer? (He’ll say yes/no/maybe) If you don’t mind I’d like to take you out for some lunch on me and we can talk about it more? (Wait for response and let him talk) Or if you prefer we can talk about it over the phone. My phone number is _______________.”

You can really say whatever you want. But that’s the skeleton of what I would say in the first 30 seconds. 

@Geordy Rostad

But doing that won't it be against the SAFE Act law to write up a mortgage like that? Unless you're a license loan originator of course. 

@Tracy Minick

Who do you use for the VAs? What company is it?

A seller usually wants 20% down payment, with a 25 year am and a 5% interest rate. And will balloon in 5 years. Something like that. 

No. You only need an appraisal if a bank is financing the park. If you’re going through seller financing, no.