- Articles 68
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Dustin M.
A person came in my experience recently seeking to borrow $500 and then he has a totally free and clear mobile house. We told him We would allow him borrow the funds if i possibly could place a lien on their mobile house.
Anybody understand precisely just how to try this. In addition, this provided me with a great company concept.
Title loans on mobile houses (you see all of them the time for automobiles you will want to mobile houses).
- Posts 257
- Votes 58
Mike Matthews
Yes, Dustin could it be a good clear idea, i actually do it myself very often. Each and every time a house is compensated if they want on the mobile home off I make sure the new owners know I can give them a loan. In this way I suck them back.
In Texas whenever you file the Title or S.O.L Statement of ownership and location, there is certainly an accepted destination to position yourself since the lien owner. Therefore always check you states that are local Residence Title types.
You can see where you files for the lien if you look at section 8 on this form.
Good work you’re thinking like an expert.
- Articles 171
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Bill W.
Dustin, i suggest talking to a legal professional to find out if it is appropriate in a state. I experienced an idea that is similar 12 months and talked about it with a RE lawyer in Texas. That it would be expressly forbidden, he did have concerns about its legality in Texas while he didn’t say. I finished up planning a direction that is different failed to pursue the problem.
- Articles 1.9K
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Dale Osborn
See the publications “Discounts on Wheels” & “Making $$ with Mobile Homes” by Lonnie Scruggs. It describes this sort of investing. No home loan business will loan against an utilized mobile house. The only path that numerous can perform the US desire house ownership is by having an investor like your self open to make https://speedyloan.net/personal-loans-ma it work by loaning them the income required and securing a lien resistant to the mobile house.
- Articles 2.9K
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Rachel H.
I would caution about that, Dustin. You may want to consult legal counsel with that one.
Regarding putting liens on houses, we’m pretty certain the lien might have to be linked to the house (in other words. promissory note to house, mechanics liens, etc). In certain areas, there are numerous actually strict guidelines for creditors with regards to law that is homestead. Hope that can help!
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Jamie Antley
We have a 1994 home that is mobile ended up being looking to get that loan against title is feasible?
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Mike G.
Browse the publications “Discounts on Wheels” & “Making $$ with Mobile Homes” by Lonnie Scruggs.
This type is described by it of investing. No mortgage business will loan against an utilized home that is mobile. The only path that lots of can perform the US desire house ownership is through having an investor like your self open to make it work well by loaning them the amount of money required and securing a lien from the mobile house.
Great book because of the real method, Ive read all Lonnie Scruggs publications. Unfortuitously things that Lonnie did straight straight back in the time had been money that is great but have already been all but made obsolete in this beneath the microscope predatory lending world that people reside in. I attempted to complete exactly what Lonnie did about 6 years back and had been offered a cease and desist letter through the continuing state and county. It sucks because Lonnie had been a pioneer together with his taking straight back notes on mobile domiciles and being a Lonnie dealer inside other individuals parks.
- Articles 445
- Votes 163
Leslie The.
I might want to try this. But do not have concept of the legality. No coping with the home that is actual!
We have purchased existing MH loans into the past. Additionally wonderful, but harder now following the SECURE work.
Just noticed we are replying to an 8 year old Post. Lol