All Forum Posts by: Mark Gruetzmacher

@Jeffrey Bales Hi and Welcome to BP.  Make sure you read the tons of useful info here on BP.  It is a great site.  I am from the Rapid City area as well.  There are not too many people on BP that are from the area.  I have met a few and they are all good guys.  Feel free to contact me or send me a message if you like.  

@Joeny Ortiz

Welcome to BP and good luck with your 1st purchase.  Not sure how your state does things but most states have titles for mobile homes just like cars and trucks.  This is what I would do.  

First check to see if you can leave the mobile home where it is located, I assume in a park since you said not on it's own land.  Make sure the park will let you leave it there and make sure they are ok with you renting it out if that is what your planning or whatever your plans are.  

Second would be to get the sellers name and maybe a copy of the title or at least the title number and VIN number.  Call the county treasurer and check on the taxes.  For example taxes here are paid a year in arrears.  SO if bought today, then all of 2014 taxes need to be paid and in my state they make you pay the year it is bought in also so you would also have to pay for 2015 taxes.  So with taxes, the seller should deduct the cost of all the taxes that are to due until the day you buy the mobile home.  You can also make sure with the treasurer that there are no liens on the title.

Third I would meet with the seller, come to an agreement on price, and do a basic bill of sale then exchange the money for the clear signed title.  Mobile homes are pretty basic transactions just like cars.  Again at least it is this way in a lot of states, not sure with CA but call the treasurer and ask.  

That is how I usually buy them.  Double check the taxes, subtract from the purchase price and do the deal.  Always double check with the county office that deals with mobile homes.

Yeah I sure wish there were some out here by the Rapid City Area.  

@Brandon Brown

You are on the correct path in your thinking that it is a DMV thing but there can still be a lien put on the actual title.  Did you ever check to make sure about what taxes are due?  Not sure how it is in your state but mobile homes and real estate are paid a year in arrears and upon transfer of title on a mobile home the taxes have to be paid current which would mean the all of 2014 taxes have to be paid and all of 2015 taxes as well.  A lot of times people think they are current, which they usually are sort of, but in actuality they might have part of 2014 yet to pay or they may be paid up to date but they actually will owe you the prorated  portion of 2015.  

Back to your question, what I would do is get a title number or a copy of the title and call the county and see what the tax situation is and also if there is any liens on the title.  They should know all that info.  That is what I would do.  Hope that helps.

Mark 

@Adrian Smude

 Yes that sounds real pricey.  Not sure how the market is in Florida but for something that old the price sounds crazy to me.  I bought a 84 doublewide about 10 years ago for $12K.  I actually just bought a bigger one back in December 2014.  It was a 1997 mobile on a basement with a 1 acre lot and it was half that cost.  My market is different than Florida but still.   Lot rent sounds maybe ok, my area is in the 200-300 range.  You would have to compare it to other ones for sale in your market which sometimes can be impossible.  It is something I wouldn't even have to think twice about for that price.  

Make sure you also check for back taxes as well as the back lot rent.

In my experience with Mobile homes in my market and price range, most people being evicted are giving up their trailer in lieu of the back rent owed to the park.  Sometimes they will go to a sheriff sale and then the park can buy the trailer back if someone doesn't purchase the mobile home and pay the back lot rent owed.  That is just my area and trailer under the 15K price range that I deal with. 

@Account Closed

  I assume you book has all sort of good info like all this we are talking about.  Do you have videos also?

Now do you usually just track your tenants and the unit only like income and expenses for each unit.  I guess I am wondering if you are tracking the purchase cost of the rental and doing depreciation, cost basis, etc. also.  Or is that something the accountant will do.  I think I am understanding it all though.

I agree with what Austin Lee said.  A lot of places people to very well with mobile homes.  Some places not to good.  A lot of people won't touch them with a 10ft pole and then some people can't get enough of them either.  Everyone has their own opinion.  It all varies by your market as well.  Down south does look to do pretty well.  Ideally mobile homes on land are the best way to invest with mobile homes.  But like in my area, there are very few mobile homes on land that are worth buying.  Usually they are way too expensive because they come with a larger piece of land.  I myself have a few parks that allow rentals in the park.  I have no problem buying them in a rental friendly park.  I trying to buy somewhat newer ones and for me that is in the late 80's to 90's.  Anything newer costs too much.  They make good cash flow as well.  So I would check out your area and see what your market is like for them and go from there.