All Forum Posts by: Account Closed

I'm in Texas. I got the bright idea a while back of buying a small piece of land, drilling a well, adding a septic and moving in a used manufactured home. Then turn around and sell the whole thing as a package. 

Luckily, I learned that buyer's will have a hard time getting a loan on it. I have no interest in a cash buyer on this as they could do the same thing with their own money. I've done some digging and come to the conclusion that FHA & VA loans are out of the question after the home has been moved from it's original location. I would assume that I still could sell this to a conventional buyer, but I'm just taking a shot in the dark. If that's the case, I've really limited my audience to sell it to.

I've noticed that the appraisal district's legal description usually has a serial number or label number. When I check the state's website (http://mhweb.tdhca.state.tx.us/mhweb/title_view.js) I really don't understand what I'm seeing when I look it up. This has scared me away from plenty of Foreclosures simply because I can tell there is plenty of room for problems.

My three questions:
1) How do I know for sure it is in its original location?
2) If the mobile home is elected as real property, does it essentially become "one" with the property just like a slab home?
3) Anyone who knows the pitfalls I should look out for regarding title and/or ownership?

Any help would be greatly appreciated!

Does she look up the records or do you?

I used to use Spokeo about 10 years ago. I see they're still in business, do you usually get landlines these days or are you getting phone numbers of cell phones?

How often is the information correct for phones?

The tax assessor should be able to give you a delinquent tax roll on a disc. It may be in a format that (depending on your computer skills) you'll have to have a programmer covert it to a file format you can use with Excel. 

If you are knocking on delinquent doors, I would remind you that 99% of the time a hardship has or is taking place in their life. Always remember the human element and be empathetic. 

If they are up for auction, I would not recommend trying to wholesale their home unless you're 100% sure you can find a buyer or buy it yourself. If they lose their home because you're playing them, you could easily have major problems on your hands. If nothing else, you'd have to live with being that kind of person. 

Also, if you don't know how to run a title search, I would recommend learning so you don't waste you time all the way up to closing and get a surprise. I've found delinquents carry a lot of baggage (judgements and federal tax liens) that can prevent the deal from happening. However, if they have multiple properties you can try and short the liens by contacting the person/entity owed. If you think they'll tell you about their baggage and be honest, you'll be sadly mistaken a few days before closing. 

What state are you in?

@Alexander Valarus

You're exactly right. If I was only watching the cash flow I could overpay by hundred thousand on a property and make myself feel good.

http://taxcama.guilfordcountync.gov/camapwa


Plug in the address, and you'll find the owner's address and name. Keep in mind, each county is different with updates. Some information may be outdated. If you find one you really want and you're having a hard time finding an accurate address, cross reference the name against other properties. 

What's the county?
I'll walk you through it and even throw you some cool tracing tips. 

My mistake,  I see the 20%

You could house hack a duplex, or triplex, or quad plex with and FHA 3.5 down loan, move out of your current home and make it a rental.

You could also do a FHA loan on a SFR and make your current home a rental.

Did you take an FHA loan out?