You must be logged in to reply to this topic.
-
Hi guys,
I’ve been trying to purchase a few mobile homes in a park in north Texas so I can owner finance to a new tenant buyer. The owner of the park told me a resident was wanting sell his early 1970’s mobile home and move out of the park. One problem was that the home resident never transferred the title to his name and didn’t know where the paperwork was. The other problem was that the home would be pre HUD from the early 70’s and at risk of the city not approving the electric inspection/permit if I was to transfer the electricity to a new name. The park owner suggested me possibly working a deal with the home owner to leave the electricity in their name and reimburse him the electric cost to avoid the risk of losing the permit.
Have any of you ever done something like this to get a deal done? What would be the best way to handle this situation?
Let me know if you need more information.Thank you in advance for your input!!!
TaylorDon, thanks for the advice. I agree that I don’t want to acquire this property then be at odds with the city and the park owner to remove it at my expense.
What about this for a far left field option:
Since there is the issue of the electricity being transferred, what if I offered to master lease the home from the owner in order to keep ownership and the permit in his name? This could be a possibility to move the owner out of the home/park and give me an opportunity to cash flow the property as well? He was only trying to get $1000 or less for the home to start with.Maybe this option goes to far beyond creativity, but I’m just trying to think how to accomplish all the objectives.
I’m open to criticism if this would muddy the waters too much all the way around.
Let me know your thoughts, Thanks
TaylorThe park does own a few of the units in this park. I know that the park owner and this home owner do not get along very well, which is why the owner wants to move away. On the other hand, I don’t think the park owner wants to deal with the home owner, which is why I could possibly offer to be the intermediary so the park wouldn’t have to deal with the home owner or worry about a new inspection on an older unit that would likely not be permitted. The home has an attached add on for the washing machine that is about an 8ft opening in the master bedroom, therefore wouldn’t be worth anything if the owner had to move it off the property. The park owner expressed to me he was not wanting to lose the home out of the park, i.e. he doesn’t want to lose the lot rent.
The owner of the park could manage the rental and collect a fee if he wanted to deal with the owner but I don’t think either party would want to do that. The home owner I think would be open to a deal like that.
I talked to the park owner tonight and told him my concern of being liable for moving the mobile home if the city wouldn’t approve the electrical permit and that I could lease and sub lease the home in order to let the tenant move on and keep the electricity in their name. The park owner was more than willing to allow me to do whatever I could to make a deal and remove the resident. He then went as far to say he would fund the deal I made with the seller, be the absentee owner, and then resell the home back to me once the electric was permitted so the risk was on him instead of on me.
So basically I need to know what paperwork I need to close this deal here in Texas.
Let me recap: (This is my first mobile home transaction so I’m a little sketchy on the details)
-The owner/resident (of 11 years) said he’s not on the home’s title but could do a bill of sale.
-I’m going to negotiate the best deal I can with the seller and let him move out of the park and let the park owner take my position as buyer.
– Texas uses a Statement of Location (SOL) form for mobile home transactions if title was being transferred. I believe in this situation I could use a mobile home purchase agreement from the file vault on this website?
– My thought was to offer to pay the resident/owner a small amount of money to pack up and leave the home with a purchase agreement and state the rest would be paid after the home was vacated and no messes were left. At that time, I could also try to find the serial number to try to resolve title. I would have the park owner pay the remaining amount.
– Should I write in my name plus “And or Assigns” in order to allow the park owner to take my position?
– Is there a personal property trust form on this website I could use?Please advise, Thanks
TaylorI think Don is right. I would help the seller as long as none of my money went into the deal. Push for the title correction, but help the seller with paper and labor for cashflow, but be willing to walk if it requires money out of your pocket til those issues are fixed.
http://www.realestateproblemsolver.com
You must be logged in to reply to this topic.
