Mobile Home Wholesale

[Keritan Shelby]

Investment Info:

Mobile home wholesale investment.

Purchase price: $85,000
Sale price: $100,000

I was the JV partner on this assignment deal. I generated the lead, and the JV partner closed on this mobile home. There were a ton of issues with this property one after another that delayed closing, but we were able to get to the finish line.

How did you find this deal and how did you negotiate it?

Part of my tax delinquent land campaign

How did you finance this deal?

Partner used a hard money lender to close on this property.

How did you add value to the deal?

I created the systems to generate the lead and the partner closed on it.

What was the outcome?

I got an assignment fee while the JV partner got a cash flowing asset.

Lessons learned? Challenges?

When a mobile home is Real property, you have to perfect the lien at the Texas Manufactured Housing Division. If it isn't done, then you need a certified document from the state filed at the county to perfect the lien. Then, on TDHCA's website for the property it needs to show Perfected.