Mobile Home In Park, How Do I Get Out?
I have had my moble home for sale for over 2 years. I have had renters for the last year, but their lease is up so they are gone. I am forced to live in a park I do not feel safe in due to numerous break-ins and lack of security. I owe way to much on my house and have had no luck finding anyone to take over payments. Any help would be much appreciated.
Have you considered offering a rent to own? I don't know that much about mobile homes but you mentioned that you had rented it out so obviously the park allows you to do that. I would consider trying to find a tennant buyer.
I have been in a similar position before and this is how I turned a negative investment into a positive investment.
I did a long term lease option on a mobile home that was in a park as follows:
My monthly payment was $187.58 and the space rent was $175 for a total of $362.58.
This is how I ran my advertisement:
VERY NICE MOBILE HOME FOR SALE "Owner Finance" $500 down!
MOBILE HOME FEATURE 14 ft * 52 ft (728 sq.ft) Manufactured by Liberty Home Inc. in 1982 2 bedroom, 2 bathrooms (inside the bedrooms), living room, and kitchen Central gas heating, and air conditioning Electric water heater 14 cub.ft refrigerator Gas range and oven Clothes washer and dryer Vertical vinyl skirting
NEW MOBILE HOME IMPROVEMENT New carpet in the living room New kitchen counter top New linoleum floor in the kitchen New linoleum floor in both bathrooms New bath tub and bath wall in one bathroom New telephone jack in all rooms This mobile home is located in the Howell County Mobile Home Park (in West Plains). Blue Book's value is $9779.
I'll sale it for only $8,995, I will finance it for you with only $500 down and only $535 a month and lot rent is free. If you're interested in buying this mobile home, please contact me by phone or email.
This deal produced me a positive cash flow of 172.42 and my customer made my payments.
I like that....Question.. Do you screen your lease w/option to buy candidates. Lets say this was a 300k home and you wanted to get out and not carry paper anymore after four months or say a year. The bank has to qualify them for a loan, in order to pay you off right? Or are the ads bringing in people with enough down cash of 5k and then what if they cant refi and pay you off. Just asking
I screen all candidates based upon the following:
Lower end properties:
What monthly payment can they afford?
I meet with them at their current residents to see how they keep their home.
Middle class and above properties:
What monthly payment can they afford?
I meet with them at their current residents to see how they keep their home.
I talk to their references.
I run a credit check
I require a copy of their most recent bank statement, pay stud and current tax filing.
To qualify them for a bank loan I make sure they have had no foreclosures and have them pay me by check or have them open a savings account and deposit their rent payment into the account then withdraw the funds and pay me by money order. They can only use the savings account for this purpose so that we can prove their payments as most lenders will not finance with out proof like canceled checks or deposits backed up with withdraw and money order receipt.
With an owner finance I normally will do the same process, but you need to balloon your note to give it value.
Example:
100k note, based upon a 30 year term with a 3 year balloon.
This gives my note value to a note buyer and I normally can get up to 95% of the face value of my note after a year of curing.
I have lived in a mobile home park for over 4 years. I have inquired about selling my home or at least assigning the contract to someone and they tell me I can not do this. Can anybody help me with any information? Please!!!!
My mortgage payment is $555 and my lot rent is $245 for a total of $800. For that kind of money you can rent/own a house. I got an estimate on moving it and it was about $5000, which I, nor my potential renter could afford.
Rv2b
You have absolute right to sell your MH to anybody you want, but they'll have to apply through the MH Mgr to live there and rent the space.
I think you must have heard wrong if you think the MHPM told you that you cannot sell. Wouldn't normally happen, as it's really none of his/her business legally, and they don't normally care so long as all their tenants pass the credit & criminal scan...which is of course in your best interest too.
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