You must be logged in to reply to this topic.
-
I have an opportunity that may be good, or so so depending on how I finance it. The seller owes appx $16k on a double wide that is in good condition, but needs to be moved. I would be moving it about eight miles to a piece of land I own in the same town and using it as a long term rental property. This is in Texas.
The seller would be happy if I just took over payments. Would buying the house subject to the existing chattel mortgage work considering it needs to be moved? I know people do it all the time on stick built homes and the standard wisdom is that as long as the payments keep coming in on time, the mortgage company doesn’t care. My concern is that there is a lot more paperwork involved with the SOL, move, and stuff that might raise red flags.
Has anyone done something like this? If things go totally sideways and the mortgage company raises a stink, I can always just pay it off with cash or a quick personal loan, but would like the payments to make monthly cash flow better.
I am an experienced mobile home on land landlord and this would be the fifth MH I have installed on bare ground so I am not concerned about it making money. I am just wondering about more creative financing than just throwing cash at them.
Paul,
Am I correct in thinking this is in a MH park and has to be moved, other wise why move it?
You’re correct in that there is much more paper work involved with moving it to another location.
What if it gets trashed in the move? Will the current lender (if you do a subject to) accept that it is being moved?
Is it still new enough to get insurance on it or maybe it’s cheap enough that you “fly naked” on this.
SOL? your definition?All the Best,
MAC
You must be logged in to reply to this topic.
