All Forum Posts by: Bob Jones

Thanks for the responses. I guess I'm a little confused about the legalities. I've heard that there are laws concerning referral fees, but I suppose I thought they must apply to something other than what I'm considering. 

I was I thinking about giving small amounts of money to property managers, mailmen, neighbors, etc, if they can give me information about homes that I may be able to purchase.

It seems odd to me that something so innocuous could be illegal.

I've heard that its a good idea to offer $100 referral fees for leads. But, there's something I'm not sure I understand. 

If I'm given a bad lead, should I still pay the referral fee? I'm worried about the possibility of someone giving me bogus information so that they can make some quick cash. Or, someone with good intentions could give me terrible information. I don't want to pay a bunch of money for bad leads. 

What do others do? If you pay referral fees, do you provide payment only after you've verified that the lead is good? Or, do you just eat the cost and pay for good and bad leads alike?

@Jeffrey H. 

Thanks Jeffrey!

@Khenkis K.

Yeah...I have a little bit of experience with real estate, and that's been my understanding of how things work. Everything you said makes sense. 

And yet, it seems that some people aren't recording mortgages when selling mobile homes. The two biggest names that I know of in the mobile home space are Lonnie Scruggs and John Fedro. I've studied a little bit of their material, and neither of them seem to be recording mortgages. Hence my confusion. 

I'm interested in pursuing the mobile home niche, but it seems that the big names are doing things that don't align with my understanding of real estate.  :/

Hi,

I've got a noobie question that I'm hoping someone can help me with. 

Its my understanding that when people use seller financing to sell a mobile home in a park, they are recording a note, but they aren't recording a mortgage. If this is wrong, please correct me. 

If a note alone is enough for you to repossess a home, then why do people record mortgages for ordinary real estate? Why is a mortgage necessary when selling real estate with seller financing, but unnecessary when selling a mobile home with seller financing? Is it because mobile homes are personal property as opposed to real estate? 

Is anyone able to clear this up for me?

@Alan Grobmeier I think you've misunderstood me. I'm not trying to purchase a property with seller financing. I'd like to be that unicorn seller who offers it to others. 

But, I want to make sure I do everything legally. I believe I'm fine as long as I hire a loan originator. But, I'm hoping others can confirm this.

I have heard varying opinions on Dodd Frank. Some say it has killed seller financing. Others say seller financing is fine as long as you have a loan originator. I've heard still others say that even a loan originator is not needed. 

I'm not sure what to think. I'd like to seller finance mobile homes, but I'm worried that its illegal. Is anyone currently offering seller financing? What are your thoughts on its legality? What does one need to do in order to be compliant with the law?

I'm considering selling a mobile home with seller financing. I've heard it said that because mobile homes are personal property, its easier to evict people if they stop making payments. However, I'm having difficulty confirming this. 

Is it true that evictions are generally easier with mobile homes?

I'm just getting started, and I'll need to open a business account with a bank. I want to be financially savvy when picking a bank. What do you recommend? What do you feel are the most important factors when selecting a bank?

Let's say I own a park, and I have a mobile home that is unsellable. Its pure garbage. How do I get rid of it? Do I pay for it to be hauled to the junkyard? What's the normal method for disposing of unwanted mobile homes?