All Forum Posts by: Account Closed

Originally posted by Marilyn A.:

Reid,
Is there a reason why the title wouldn't just be placed in your name with the seller as the lienholder?
Do you hold the title until your buyer pays all their payments off?

Yes, there certainly is a reason. What if I make the payments to them every month and then they never sign the title over to me once I've paid the home off? I like to mitigate as much risk as possible.

Originally posted by Terry Drake:

Reid, thanks for the good advice! Do sellers often accept $50/month no payments for 6 months?

Yup! Many sellers are so stuck on the price of the home that they are willing to do terms than take a lower cash offer. I provide my sellers with a promissory note and require them to give me power of attorney. Then, I take the title and sign it over to my company. It's really easy and completely legal in Colorado. However, you should check with your attorney to verify you can do this in your state. Every state has different rules.

By the way, why don't you throw a lockbox on the home and then tell them the code. This way, they can see the home on their own and you save on gas money and time. Just make sure to have a couple spare keys made!

I read your post about your first "lonnie deal." I've been buying/selling mobile homes for a couple of years now.

If I were you, I'd stay the hell away from 2/1 homes. I only buy 2/2, 3/1, 3/2, ect. However, there is one caveat. If you can convert the 2/1 to a 3/1, then buy it! Also, I would have offered the seller terms. That's how I buy most of my homes. For example, let's say she wants $1,200.00 for the home. I'd offer her $100.00 down and 50/month for 22 months and your first payment would begin 6 months from the present date. This way, you keep the cash in the bank and have some time to immediately bank roll on the home. Here's another benefit to this, let's say you are in month eight and so far, you paid her $100 (2 payments of $50). I'd call her up and ask if she'd like to settle the note for $400 cash. If she says yes, you've now only got $500.00 into the home and you've been cash flowing the entire time.

How do ya like them apples? :cool: