Mobile Flipper???
Greetings, I found a lady who will sell me her MH for 10k. It appraises for 18k.
My ex-inlaws just purchased a large piece of land and said they are going to place MH's on it.
My question is, how can I structure a deal without them knowing how much profit I will make? I don't want to piss them off!
Simply lie to them. Just tell them you had a bunch of other expenses incurred when buying the MH. Besides who cares if you piss off your EX- in laws, jk.
arborlis
A new title registration (from the lady to you) will show the price you paid $10,000.
This appraisal price will never show up on the final title registration of "ownership" from the state ... only the purchase price.
Unless you do a "double closing" ... transfer from the lady to you and then immediately in the same escrow from you to your ex-inlaws or any buyer.
Cheryl Lopez
My youngest son is their grandson. I have developed a relationship of trust with them and I dont want to spoil it.
So, a double closing is how it works? I need to investigate this subject. I am suffering from information overload.
arborlis
Best to have a title company with an escrow officer that specializes in mobile homes help you on that.
I have personally done the escrows since I also handle escrows and my 3 escrow officers in the past years have done these escrows for my clients.
It would be worth the escrow fees to ensure it is done probably if you want to do the double closing.
The state department that handles title registration will probably not do a double closing at their counter.
Cheryl Lopez
Thanks for the info Cheryl, I appreciate it.