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Updated almost 8 years ago,
Mobile Home Leads Wants Title Loan- Does not want to sell MH
We have a lead that is looking for a Title Loan against his 2009 double wide mobile home he owns. He does not want to sell it. He owns a lot for a single wide mobile home, but needs a larger one to fit the double wide trailer. The trailer is currently parked in his backyard. He told us that his double wide recently appraised for $36k, but he would consider $20k for it (that is the loan amount he would accept against it). He wants funds to purchase his own space big enough to sit his mobile home on so he does not have to pay lot fees at a park.
I am very new to mobile home investing, so I'm not sure of all of the options that may be available to help him. Do we instruct him to find a private money lender, because we don't have enough capital for him at this time? Do we find a park that has a space for him and negotiate a deal for him to pay it off in installments? Do we advise him to sell his single-wide spot in the park and use the funds to purchase land outside of the park? Do we tell him to lease out his spot (if the park allows) and use the money to help him make payments on the land he's looking to purchase?
Any advice from mobile home experts would be GREATLY appreciated. We would really like to help him find a win-win solution. Thank you.