All Forum Posts by: Samson Taylor

Good morning.  I received a call today from a MH seller, she said the home is to old and other parks won't except it but she said if I gave her $300 she will let me have the home. 

She went on to say that there was a shady man telling her he'd move the home for free but he really wanted the axles.

She said,  çmatter of fact if u give me 300 I'll give u the deed and u can come take the axles."

My questions are, 

How many axles are on a mobile home? 

How much is an axle worth? 

How do I remove the axles if I don't plan on moving/keeping the home?  Sounds expensive.

thank you for your response J Beard and Rachel. Mr. Beard what does td stand for?

Ms. Rachel when you say dangerous ground and being prepared if things don't panic out are you referring to if the note buyer doesn't buy the note and I'm stuck with a 21k mortgage to fulfill till I find a note buyer?

At the end of the day I'd like to know if in a PERFECT world, could what I described in my initial post actually work? Obtaining a mortgage,  writing a new mortgage for a tenant and finding a note buyer to fulfil the new mortgage? 

Thanks all.

I've found a nice 4/2 MH, owner asking 21k, which is her lien on the home needing to be paid off.

Please tell me if this scenario is doable.

***Sally owes 21k on mortgage

***I with little to no money sign paperwork accepting responsibility of the 21k mortgage, which will be paid off paying the same monthly payments as Sally

***I then find a tenant buyer and process a new mortgage with them at 31k × 11.2% interest.

***now my tenant is paying off the intial 21k mortgage, whilst fulfilling their 31k × 11.2%. Mortgage to me. 

***I then sell my 31k note either partially or fully to a private note investor.

Can any of this be done? 

Will it be a problem that Sally's mortgage isn't paid in full till I have a note investor pay the 21k off?

Basically can you accept mortgage responsibility, then create a mortgage on property that's under a mortgage already. Only to sell the new mortgage note to a note investor? 

Good morning to all. I have recently come across 2 mobile homes that seem to be in very good shape. The doors were locked so I was unable to fully get a look on the inside but from what I could see its in nice shape.

My questions are, how do I go about actually acquiring them when the owners have been gone for a month +. None of the neighbors have seen them nor do they have a contact number for them. Do I need to head to the county tax office?

My second question is, if it is vacant weather in a park or on private land and the electric, sewage and water are all disconnected, do I as an investor pay for all of that to be hooked up again just to make sure everything works? I understand needing to check things thoroughly but would that hookup cost be pretty expensive?

Thank you for any advice, have a very merry xmas everyone! 

Good afternoon everyone. I'm a newbie in the realm of real estate investing. I'm looking to buy and sell mobile homes and progress from there. My question is, do investors, investing companies and so forth who buy and sell, create 2 different web presence names so they don't have buyers and sellers seeing the "other" side of the business?

Example www.Webuyyy.com (marked up homes) vs www.WeSellll.com (buy homes for cheap). Same example applies for the facebook page(s)

What's the common practice? Create a site where you just buy or sell homes and place an email address for customers looking to do the opposite of what the site specializes in?

I'm looking to buy with cash inside of a mobile home park. I'm wondering if I need to set up an LLC first and buy it through that but if in the mean time I found a great deal, would I be hurting myself by purchasing it under my name then when the LLC is formed moving it into the LLC.

I'm buying from a private seller aND me as a private buyer. 

Your also saying that there are fees when buying a mobile home with cash or cash down and payments when it's not attached to land?

If I were to purchase a mobile home from a private seller and I as a private buyer. Can I then at a later date transfer the mobile home over to my newly created LLC?

Why are you looking for a MH that owes taxes? Or do you mean rather then a lien?

Im looking to buy my first mobile home for the purpose of turning around and doing an owner's finance.

What paper work would I need or have to draw up to purchase a mobile home from a homeowner seller within a mobile home park?

Submission of SOL

Submission of Texas Seal if home does not have a HUD or Texas Seal

Form B attached IF accepting a home with a lien that needs to be paid off.

TX DOT moving permit if home needs to be moved.

Bill of sale

Is that about it?

Hi you doing John. Im just down the street in Houston. 

I've been reading up for the past few days and I've not really come over any real road blocks for moving forward in MH investing besides a few things.

1. Understanding what proper paperwork I will need before, during and after the buy and OF sale.

*** When buying the MH;

Submitting a SOL

Fill out & attach Form B if I am taking over a lien or foreclosure for lien.

Apply for Texas Seal if home does not have one

Sign OF deal.

Create a bill of sale plus receive the deed. 

That about right?

2. Bit confused on the Dodd Frank and Safe Act. If I'm to understand this correct under the Safe Act (in Texas) 

***I can do up to 5 homes per 12 months of your initial deal before needing to comply with rules and regulations. (Dodd Frank)

***I can do my own OF up to 3 homes before needing to hire a RMLO licensed originator?(Safe Act)