All Forum Posts by: Terry Drake

I did a search but didn't find what I was looking for. I hope that this thread will turn in to a good amount of information that other people looking to purchase a mobile home on leased land can learn from.

I just bought a mobile home on real property but this is a different monster.

This is where I'm at on the deal so far:
- Verbal offer accepted over phone, met with seller
- Inspected mobile
- Locked it up for two weeks with a contract and $100 deposit.

Everything beyond that is uncharted waters for me (at the moment). After that...

- Meet with park manager tomorrow.
- Find out if there are any leins on the home, check if lot rent is current, can the mobile home stay, and what are their qualifications for approval. Any other questions I should ask the manager?

My questions are:

Do I have the seller go down to the DMV with me for the title transfer or do they do it, or do I get a power of attorney from them and go myself?

What if the registration on the mobile is expired? (expired 12-09) Does that have to be current before the DMV will transfer title?

When I have my BUYER, I write up our contract and mobile home note, take their deposit then tell them I will have the title transferred in their name in 30 days or less?

Do I need power of attorney from them to do the transfer?

What fees should I expect at the DMV?

Do I call the DMV and schedule a 'closing' time?

Am I forgetting anything?

These are all questions on my mind right now so I figured they are probably on a lot of other peoples mind who are just getting in to the business so I wanted to post them out in the open so others may benefit from the advice given.

Great! One less thing to think about. Thanks for the reply, Bill :cool:

Those names are made up.

Here's the situation. Mom bought this mobile for her daughter a few months ago. Daughter hauled *** and they're no longer talking. The title says "Her name OR daughter's name"

Does that mean that mom can sign the title over to me without the daughters signature on sales contract?

Good luck Jeff and keep us updated on the progress. I am working on a similar deal and will let you know how it works out.

Write in the contract "Remaining balance to be paid upon vacancy" or something to that effect.

FYI MH's older than '72 tend to have aluminum wiring so keep that in mind if you are planning on buying an old unit and renting it out or hanging on to it.

Thanks for the informative post JS!

Thanks Marc. You're right about it being a must have! I also recommend his second book 'Making Money with Mobile Homes' (you've probably read it but for those who haven't) and highly recommend 'Mobile Home Wealth' by Zalman Velvel.

Cole, Yes,it is a very nice park with few vacancies and the lot rent is competitive with the area. I plan on a straight sale, and carry the note for between $145- $225/month depending on how much I'm out of pocket and what is affordable for them.

I've read Lonnie's 'Deals on Wheels' and also his second book 'Making Money with Mobile Homes'. What great books! Has anyone read or have feedback on his book 'Taking the Mystery out of Money'? Another good mobile home book I've read is 'Mobile Home Wealth' by Zalman Velvel

If you're ever in the SW FL area give me a call and we can do lunch or put back a couple beers.

Yes I did. We closed a few days ago. One thing I was thinking about: The note I am paying for this property (owner financed) is $155.50/month. I know the sellers weren't excited about a such a small payment over 6 years so I thought in a few months, offer them 5k cash. I think they would be excited to get a lump sum now and not in 6 yrs. Especially since 155 / 3 sellers = roughly $50 a month per seller.

PS. I have had my eyes open looking for acreage as like we discussed!

Thanks for the advice and following along! Enjoy Cancun my friend. :cool: