[Taylor T]

Taylor T

Jackie,

I’m working in Abilene, Texas right now, what is the deal with this lead in Abilene?

Let me know, Thanks
[email protected]

[Taylor T]

Taylor T

Wow, Thank You Guys! You just made that happen!

Now I just need to change it to my information. I’ll be able to go through it this weekend and make sure I understand everything.

Thanks!

[Taylor T]

Taylor T

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
Taylor

[Taylor T]

Taylor T

The 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.

[Taylor T]

Taylor T

Don, 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
Taylor

[Taylor T]

Taylor T

Jackie,
Thanks for the game plan, I haven’t really tried any code violations at this point but probably should start.

The strategy I’ve been trying to implement is asking fsbo seller’s if they’d contract with me to buy their house on wrap around owner financing and allow me to sell to the end buyer on a wrap with seller financing to an end buyer who will bring money to the table and do a double close. I’m telling them I can give them cash flow on a 0% interest loan to pay them off in about 10-15 years. That payment should cover their underlying principle & interest plus maybe a little cash flow and give me cash flow on the new sales amount note to me. Any thoughts?

I had one seller who almost did the deal with me because their house had been listed and did not sell and he was moving a few hours away the next weekend. I had given him a contract but he declined at the last minute because he wanted cash and listed the property again.

[Taylor T]

Taylor T

Jackie,
Thanks for the input. You’re right, it’s probably to risky to try to make a deal with the husband. I’m not sure when the listing expires.

For clarification, the husband is on the deed on the county website but I’m not sure about the mortgage at this point. I know the judge over their case is also going to make a ruling next month since the husband said he would reject any offers so he could stall in order to try to come up with a way to buy the property. Pretty sticky situation….

Thanks again for the input! I’ll keep trying until something sticks!

[Taylor T]

Taylor T

Sorry, I’m new… where can I get an option contract?

I understand there short option deals for 30 days… and there are option deals for time into the future. Are there different contracts for either? Can I use a Texas Real Estate Commission residential contract? The TREC contract has space to write in when you want to close, and how long you want the option to be.

Will that contract work? What are people in Texas using?
Thanks for your input

[Taylor T]

Taylor T

Sorry, forgot to mention it’s already a listed property. My parents were actually looking at the property to buy for themselves. The women said she would sell it under value before she sold it back to him.
The House was listed at $299,000, my parents offered her $250k before they took back their offer for other reasons… they do not understand RE wholesaling/investing. The seller asked if they would reconsider withdrawing their offer. My father actually talked with the ex husband next door while they were looking at the place.
I was thinking about making her an offer of $215k knowing the husband really want it back especially with his mom living next door.
The guy told my dad he should buy his mom’s place on 17 acres since she doesn’t need/use the place since her husband passed away.

[Taylor T]

Taylor T

How risky would it be to offer to buy a house in the following situation?
Husband and wife are in the process of getting a divorce, the wife has control of the house, the husband wants to buy her out but she won’t sell to him. I don’t believe the divorce is final yet.
Is it worth it to offer to buy and then assign, or double close with the husband? I’m not sure she would accept the assignment to her ex-husband.
This is why I was thinking land trust for ease of transfer.
Let me know your thoughts?

[Taylor T]

Taylor T

Jackie, Thanks for the reply!

Ok, so the seller’s would get taxed on their gain even with owner financing.

As far as leases go, I didn’t think sandwich leases were allowed in Texas? Is what you’re talking about different? I know some investors set up a lease and an option for the seller’s and then just assign their position to the buyer for a fee rather than sub-leasing.

Let me know if your example is different, Thanks