All Forum Posts by: James Gravitt

This certain MH that is trying to be sold, is now desperate and asking for any offer. It may be worth my time filing for a lost title. Is it expensive? Is it hard to do? Is it worth pursuing?

Reid, this is who I've been speaking with. I found her here on BP.

http://www.biggerpockets.com/users/Leslie12

Let me know how it goes.

I dont think I posted my question clearly. I do apologize.
If I buy a MH and then sell it for a profit, I will owe taxes on money I gained. I assume I have to pay that at the end of the year, or quarter or when? If I sell the note for less money gained, do I still owe the tax man money, or does the new note holder? The same profit is bein gmade, but now its split between me and the note buyer. I hope I'm saying this right.

If I've turned over a note to a note buyer, who is responsible for the taxes? What if I had the note for 3 months, then the note buyer bought the last 21 months? How does this work?

I hope everyone is watching! Terry is becoming a guru right before our eyes.

Terry, thanks for the help! I hope I can return the favor someday.

Whats the maximum interest rate you can charge when financing a MH deal in Texas? Does anyone know?

Marilyn is correct. Its just like insurance on your car. Here in TX, we have to carry a $50K surety bond. You find a place that sells surety bonds, give them a down payment and make monthly installments. Its very affordable, just like your car insurance.

J Scott, thanks for the contracts. Thats awesome!

Great! Thanks for everyones help.