All Forum Posts by: Terry Drake

Originally posted by Kirk Berryman:

Originally posted by Terry Drake:

Kirk, when I buy the home, the seller signs the title over. I don't sign it. Then when I do sell it I charge the new buyer registration, sales tax, transfer fees and have them sign the title and a power of attorney so I can transfer title to their name on their behalf.

Hmm I think I need to do a bit more research. In Michigan our title specifically asks for sellers name & date, as well as buyers name & date. Do you just ask the seller to leave your name blank and fill in your buyers name when the time comes?

The seller usually signs it first, then when they slide it over to me I just thank them and put it in my file folder. Nobody has ever mentioned it. If they say something you can tell them you're not sure if you're going to title it to yourself or your partner yet.

After I saw a few of the homes get hauled out in dumpsters I asked the PM how much they were paying to have the homes demo'd. They were paying 2k/home. I mentioned that vacancies not only make the park look worse, but now they are left with an ugly vacant spot that won't ever generate lot rent again. Instead of paying someone 2k to make the park look worse, give me the home, and free lot rent to fix it up. If they did that, I could take the money saved and put it into the MH making it a nicer home attracting a higher quality tenant for them.

I planted that seed a couple months ago but it took me putting a few more buyers in there before they took me up on it. After the last deal they gave me a list of all their vacants and the keys! I should mention that these aren't new homes. They would tell me to go pound sand if they were. They're older homes that they don't want to fix up or deal with. I'm happy to help!

Kirk, when I buy the home, the seller signs the title over. I don't sign it. Then when I do sell it I charge the new buyer registration, sales tax, transfer fees and have them sign the title and a power of attorney so I can transfer title to their name on their behalf.

Originally posted by Financexaminer:

Good News Terry, that didn't hurt ya at all! LOL As to April or May, possession may not have anything to do with taking your interest in the property, but I'm not trying to split hairs here. I hope my comments were taken as meant to be gievn, in a positive light that when we screw up, and everyone has, that it's best to face it off at that point and move on, just as you have by calling them! Good luck, Bill

Of course not! I am extremely appreciative of any knowledge, experiences, or advice shared! Please don't ever hold back on the account of my feelings :D

Well said, Bill. I did call the Tax Collector's office and she said that it's only a $10 fine for not transferring title on time. That sure beat's the $250 to have it transferred to my name temporarily. FWIW I did put the date of possession as April when I should have put May since the couple still occupied it until then. Each deal teaches us something new!

I live in Florida and was wondering why kind of penalties I'm facing. I date on my purchase agreement (when I bought the home from the sellers) is dated 4-22-10. I didn't transfer title to my name to avoid paying the transfer fees and a year of registration.

I'm going tomorrow to transfer title to the new buyer and I'm wondering since I'm past past the 30 day window what type of penalty I should expect to pay. Any ideas? I was thinking about changing the 'date of possession' on the purchase agreement but I'm not sure and don't want to make a small problem bigger by fudging numbers.

Does anybody know?

Originally posted by Marilyn A.:

So, what is this next one you're starting this weekend?

This is a home that the park took back the title to. Luckily I was able to convince the PM and her boss why it makes sense for them to give me the homes they take back for free and free lot rent until I sell them. I only mention this so you guys know it is possible and to what extent the park will work with you. The right park will work with you then will believe!!




You guys are too much and going to make me blush. I'm just glad that you find my post informative and hopefully they give you a kick in the pants to get out there!

I'm not sure what the max allowable by law is in TX but I charge 12.75% in FL.

This may be what you're looking for..

http://law.onecle.com/texas/finance/342.201.00.html

Originally posted by Marilyn A.:

It will be interesting to see if the (non) buyer carries through on her threats. Let us know what happens, kay?

Were you a little stressed out while all this was transpiring?

I'm so glad you had a happy ending. Congrats on another cash sale. Maybe you're not meant to be a Lonnie dealer. Maybe you'll just sell everything for cash. Sounds good!

I don't think she will. She shook my hand, handed over the pool passes, and walked away. She didn't have a leg to stand on and she knew it.

To answer your question, I wasn't STRESSED OUT but I wasn't excited either. It was already sold in my mind and I was looking for the next. Instead it was back to dealing with this one again. Now that this is over (again) I can focus on starting the next one this weekend.

OK so this is what happened. Saturday I met with the buyers and collected $500 down. By Monday the wife got into a spat with the park manager and power company. She called me and wanted to walk from the deal and wanted her full deposit back. All this at 8:00pm.

At 10:30pm I get a phone call from one of the neighbors who told me that they packed up all their stuff, left, and left the key in the bolt lock.

The next she calls and tells me she moved out, doesn't want the place without electric and if the park manager is going to 'disrespect her' like that. She wanted her money back and if I didn't comply she was going to involve her attorney and the 'authorities' (is she talking about the MH police?!). I told her she was free to walk from the deal but I'm certainly not refunding her non-refundable deposit.

I went to inspect the home and found out that they half painted the place blues, baby blues, oranges, and tan.

OH MY GOD! THE WORST CASE-SCENARIO! Lonnie doesn't talk about this!! They ruined the place AND walked away! What do we do?! We use THEIR money give it a nice, fresh paint job and pocket the rest. That's what!

It cost $250 labor and materials to have two guys paint it Navajo White. So basically I got a free paint job AND $250 cash profit just because. Total out of pocket dropped from $1750 down to $1500.

A week after they walked away the home sold for 4k cash. I didn't think a week ago that I would be glad for these folks to walk away.