All Forum Posts by: Oscar Vela Jr.

I am working on wholesaling property in San Antonio Texas. I need to know if anyone has a name of title company in the area that can handle assignment contracts. I have heard both extremes, either it is illegal in Texas are that title companies don't like to do "assignment contract" closings.

I am interested in purchasing a mobile home notes portfolio. There are 16 units with value of $325,000 with monthly income of $6,186 and 10% interest. The majority are seasoned and all up to date and none are behind in payments. I would like to make an offer at 85% of total value. However, I am looking for financing and if anyone has any ideas please advise. If I am unable to secure financing I would be willing to offer to someone for a 1% fee.

Mike

Yes, I finally went to the 3 day course and got my mobile home dealer license. The facts on whether or not you need a license in Texas are as follows: The rule is if you purchase more than ONE mobile home in a 12 month period (which means TWO or more) you must be licensed in the state of Texas. I am currently in the market to purchase mobile homes in San Antonio and/or Corpus Christi as I travel back and forth on a regular basis. I would like to discuss this topic further with you on how to approach the business.

Oscar

I am new to MH Investing. I am trying to get started right away. Do you need to have a license in Texas to buy or sell mobile homes? If I buy and own mobile homes, can I sell them just like residential single family homes? Real estate laws only require a broker or dealer license if you are buying and selling real estate you don't own. Can someone from Texas please advise? Thanks.