Cash buy mobile home. No land. Lost title. instant equity

Buying & Selling Real Estate
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Cash buy mobile home. No land. Lost title. instant equity

Janice L.
Seattle, WA · Member since 2015 · 2 posts · 0 votes

Hi all!

I am hoping for some last minute advice, as I am viewing this property today!

Here are the details:

1.This may end up being my first investment property so I have no experience

2. Property is a mobile home on a rented lot. Lot fee is $325/month.

3. Distressed seller needs to sell home immediately for $4500 so she can moved to family on Monday (today is saturday). She needs cash but is willing to finance for $2000 down and no intrest $2500 over a couple months. 

4. She claims a real estate agent appraised the home for $14,800

5. She purchased it from a woman not too long ago who had lost the title. She is now needing to sell it without the title and will write a bill of sale that will be notarized by the bank. 

6. I have seen a couple pictures of the home and it looks decent for a mobile home. I will do a walk through today. 

7. She states that the home does not need to be owner occupied. 

8. She states that all tenants on the lot own there homes and pay lot rent. No one has an additional landlord.

9. She says carpeting and painting need to be done but there are no major fixes needed,

I would like to do one of these two options, and need advice on this please!...

Get it appraised and inspected in one day (if possible), cash buy, spend maybe a couple hundred to fix any small issues like paint or door knobs and then..

1.  sell for the appraised value. 

2. lease option/owner finance the home

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  • Hans Conser
    Investor · Woodstock, GA · Member since 2015 · 3 posts · 0 votes
    10y

    Is the titled owner available?  Is there a bill of sale for the transaction from her?  

    Has a duplicate title been applied for?

    I would go to the dmv with the address and VIN to see what is up.

    Myself, I wouldn't give more than $500 for something without the title, and any further payments would kick in after I got the title.

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  • Bill Gulley
    Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
    10y

    And when the lot owner says, no rentals, you get to spend another 5K in moving it and putting it someplace else. 

    BTW, welcome to BP! :)

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  • Janice L.
    OP
    Seattle, WA · Member since 2015 · 2 posts · 0 votes
    10y

    hi and thank you for replying

    @Hans Conser: the owner of the title is not available. She says she can provide a bill of sale today when I go view the property. However do to how far away te property is for me, I am not able to get there until night when the DMV is closed so we cannot go in together.

    She says that she would apply for a title at the DMV but she does not have time to wait for the dmv process because she has to move to family immediately. Does this sound like a scam?

    There is a possibility that she is all a joke and does not have to move ASAP but there's also the possibility that she is just a destressed seller and this is a great deal.

    Should I ask her to go to the DMV before I arrive tonight? What if does go and what if she doesn't?

    That makes sense to not put more than $500 down until a title is in my hands. Would this sort of contract be written at the bank and notorized or what?

    Thanks so much!

    @Bill Gulley: I am going to also talk to the lot manager tonight to hear from her that rentals are okay. Would it be appropriate for me to ask her to put that in writing? Or can lot landlords Shane policy any time they want despite a contract or policy already in place?

    Thanks again!!!

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  • Bill Gulley
    Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
    10y

    It would be, like a lease agreement stating it is to be a rental. And that guarantee goes as long as that lease because they can change their mind later on.  That's how park owners can end up with their rentals in a park. Some don't just end up with the can, they also hit you up for abandoning the property hitting you up for fees under the lease. 

    Get a lease long enough to make a profit, agree that you can abandon the trailer giving the park owner title and a receipt, much like a deed in lieu of foreclosure, this is a chattel, not a mortgage and there is no lien by the park owner, at least not until the lease falls flat, then they can hold the trailer for amounts owing. 

    I suggest you pass on this unless you can get some help, with those ins and outs. :)  

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  • Hans Conser
    Investor · Woodstock, GA · Member since 2015 · 3 posts · 0 votes
    10y

    I would see about calling the dmv or whatever you can there, don't rent it, sell it as a Lonnie deal

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  • Kevin Mullin
    Greeley, CO · Member since 2015 · 18 posts · 3 votes
    10y

    Janice,

    What was the outcome?

    K

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