How are the pros owner financing mobile homes in 2019?

[Matt Hanson]

I ultimately want to own mobile home parks, but I need to build my capital. I see owner financing of mobiles as a great way to do this, and I recently read Deals on Wheels. At face value, it would seem that the SAFE Act has made doing traditional Lonnie Deals a crime. But I know there are investors out there that are still doing these deals - and legally - only perhaps a modified version. Any advice for a guy wanting to get into MH owner financing? 

[Frank Rolfe]

BE EXTREMELY CAREFUL. 

I see people doing "Lonnie" deals all the time who don't even know what the SAFE Act and Dodd Frank are. Others tell me that they don't worry about them because the current administration is trying to shut the CFPB (Consumer Finance Protection Bureau) down. But the truth is that you must ALWAYS follow the law and if you don't know 100% that what you are doing is 100% legal, then you should not do it. 

Don't listen to others -- you need to know the law 100% yourself.