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Updated almost 8 years ago on . Most recent reply

Account Closed
  • Real Estate Investor
  • Fort Lauderdale, FL
6
Votes |
49
Posts

Mobile Home Leads Wants Title Loan- Does not want to sell MH

Account Closed
  • Real Estate Investor
  • Fort Lauderdale, FL
Posted

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. 

Most Popular Reply

User Stats

4
Posts
2
Votes
Al Kokshanian
  • Glendale, CA
2
Votes |
4
Posts
Al Kokshanian
  • Glendale, CA
Replied

If I understand it, he wants a title loan against his current mobile home so that he can buy a bigger piece of property to move his home to? So you would just be carrying a note for him with his MH as collateral, or are you trying to find him that piece of land, too?

My concern would be that if he defaults and you have to take his MH, what are you going yo do with it if it's on his land. If it's mated to his own land, I don't believe those can be moved, and then you own a MH/land in the middle of someone else's acreage. Sounds worthless to do anything with. How will you make your money back if he defaults?

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