All Forum Posts by: Marc Faulkner

You can find plenty of brokers and info about mobile home parks at themobilehomeparkstore.com
I hope this helps and good luck with everything!

I believe in making the buyers responsible for the lot rent, taxes, insurance and all upkeep/repairs. You want to run your buyers through the parks approval process to make sure you are working with folks that are approved to live in the community and that they / the park knows what is going on. If you have to worry about the buyer paying the lot rent then you should find a better buyer that you have more confidence in.

I would buy both of Lonnies books that are available here on BiggerPockets. The books have the forms that Lonnie has used over the years and these can be customized for your state as every state has different quirks.

Since this is on a permanent foundation, most likey the title has been surrendured to the state and the whole thing is now getting taxed as real property. I would check with a local mobile home dealer and ask them what state agency handles title turn-ins/surrendures and then contact them as Rachel mentioned. If the title has been surrendured you won't have any issues but the land/the home is yours. If there are questions regarding the title of the home I would find the answers before moving forward. The last thing you would want is someone to show up after your purchase to take their home off your lot!

And you're correct: It is not un reasonable for you to think you should be able to at least recover your initial investment!

Chris,
Welcome to BP. I am curious how you are making the most of your short sales right now and what you are doing that works. I have not looked at the business much from this point of view. With all of the bankd owned properties all over, what makes a short sale better than buying after the fact?

A servicing company is starting to look like the way to go to me!

I agree 100%. Social networking builds your credibility and sphere of influence is used wisely. BiggerPockets does a great job of connecting several social networking sites and sites and methods in one place. Blogs, forums, groups, articles, Twitter, Facebook, Linkedin, etc, they are all forms of social media and if used wisely can be effective for connecting with like minded individuals and marketing. For me they have also been great learning tools!

Welcome to BP David. I am in Michigan as well and always looking to network with like minded individuals also!

You can buy on a contract and then turn around and sell on a contract both using installemnt sales methods, The key is to make sure that the terms of the contract that you use to puchase with spell out that you can re-sell and make sure there is a due on sale clause in the contract that you use to sell with. You may want to look into other options as far as what type of contract that you use such as land contracts, trust deeds, note and mortgages, etc. I am not sure what state you are in but, they all have advantages and disadvantages and different documentation. Check out the archives searching for the terms "wraps" or "wraparound mortgages" which is esentially the stradedgy you are looking for. It can be a great way to make some money with little or no money down if done correctly. Again I would look into using differnt types of contracts as I am not a big fan of contracts for deed for reasons mentioned above.