All Forum Posts by: Elaine Ericson

Thanks but as I mentioned in post she's a Real Estate agent and she is paid a commission based on sales and does not earn wages.  Not sure if you can garnish commissions and if I could then she might just move to another broker.   I think it's a long shot.

Hopefully it will help someone else.

 I did get the property deeded back in my name and a Promissory Note created by attorney.  Buyer has already ghosted me and I doubt I'll ever see that 30K.  Hard Knocks lesson.  I'll speak to litigation attorney and see if there is any hope but as grandma use to say: "you can't bleed a turnip". The girl as no assets to go after.

 Typo.  I'm NOW doing Rent-To-Own to sell off my mobile homes.  10K down.  12 years to pay.  They get the deed at the end of the term.  All maintenance is on Buyer.   A portion of rent goes to the purchase price which is on the top end of market value.  I think this should be a Win-Win for both me and the Buyer.  With other mobile homes when it comes time to sell and if I need the cash then I give a low price so that I can sell for cash.

 Astonishing she had it demolished!  If she had only called me.... 30K lesson learned.

 Buyer was a real estate agent and all that information was in the mortgage and note and closing was with an attorney.  Guess I had the one in a million situation and loss 30K on this transaction.  I'm not doing Rent to Own and selling mobile home with no interest - a portion of rent is applied to purchase price.  My CPA says that I don't need to report the income any differently than I have been so this is a plus (less hassle).  They buyer gets the Deed to property once it is completely paid off.  

Sold a mobile home on its own lot with Owner Financing for 74K. Took 10% down. 10% interest. Monthly payments $725/month. Buyer paid for about a year and a half and then stopped paying. Unbelievably she actually had my mobile home demolished! I was stunned! Attempted several payoff figures but she was a Realtor and had a bad year and therefore no money. I think my attorney gave me bad advice and we did not foreclose on which would have been best because I would have at least received a judgment on the buyer. Note: She has no assets other than a 2023 Lincoln. No home. Rents from her sister. But the judgment would have followed her regardless. Instead I was advised to have the property deeded back to me to avoid a foreclosure ordeal. Gave the lot 20K value and the balance of 30K was a Promissory Note by the Buyer. Note: The Promissory Note has no collateral attached to it. Buyer as ghosted me as I suspected she would and now I've loss 30K with no way to collect. I have no clue where she has moved to. BEWARE: DO NOT owner finance on a mobile home. I have other mobile homes which have been moved more than once and therefore will not qualify for a VA or FHA Loan so I'm doing Rent to Own alongside a Rental Lease so that I can evict instead of foreclose on. No interest paid so regular rental income. Part of rent is applied to purchase price. Once full price has been paid then and ONLY THEN I will deed the property to the Buyer. 15K down on one mobile home and 10K down on another. No maintenance as Buyer does all repairs. Term 12 years so that payment is just about the same as local renting market pricing.

Highly recommend Cliff Benner.  I noticed he's on this thread.  He currently is doing my books and I'm super happy with him.  He's honest.  Easy to reach.  Answers all my questions.  Fair prices.  I have 30 properties and do flips, buy and hold, Rent to Own, building long term rentals and more and he handles everything I've got with ease.  When I first started working with him my books were a mess.  He got me all caught up and I'm looking confident for 2024.  You can't go wrong with Cliff!

1. Agree

2. 20 year old single wide.  Land is valuable as I could purchase a new mobile home and install and less costs since utilities are already on the land.  I could potentially make 20K flipping a new mobile home install.

3.  Not true in Florida.  Once you retire the title and place a mobile home on its own lot then our county taxes as real property and we pay property taxes like a stick built home vs a mobile home in a mobile home park which is taxed like a car - vehicle tag.

4.  Yes, I've reached out to our attorney and my stated plan is best option.  I was hoping for some idea to secure the Promissory Note but it seems that's not available.

Thanks for your response.  Appreciate it.