Investor · Crown Point, IN · Member since 2014 · 177 posts · 84 votes
I'm looking at purchasing a small trailer park. There are 2 trailers that are not owned by the park, but from the look of them, and what I was told, have been abandoned for a few years. I had been told that the owners had stopped paying rent, and just abandoned the homes.
Does Indiana provide a way to claim title on these, or do they need to go through an auction process? I had been thinking that if there was a way to take possession of them and obtain title, then at least one of them might be a good candidate to rehab.
If auction is required, what happens if they don't sell?
@Jeffrey H. thanks, from the way that sounds I wouldn't be able to directly take possession, it sounds more like I'd need to sell or auction it off.
if that's the case, my thoughts on rehabbing them might be out.
You might want to meet with an attorney to explore your options. I read that you could put a lien on the home for owed lot rent that is past due (which could be a lot if it's been there four years), and that upon sale at auction a couple things can happen: 1) you would get paid off that amount, or; 2) if nobody bids you can take title.
Either way this sounds like worth your time for a consultation, and then if it happens again you know the process.
Contractor · Jacksonville, FL · Member since 2017 · 1k+ posts · 2k+ votes
8y
@David Hedges
why dont you just play the odds? mobile homes have titles issued the the DMV. they would only go to auction if there was a mortgage on them if they were parked on a plot of land. being they are inside a trailer park with the land soon to be owned by you, the odds are less than 1% of someone claiming them and even less they can afford to move them.
I would just "assume" possession of both, rehab and rent...simple as that...dont even seek real ownership...just take them over and start profiting.