So Many Questions...
How do I buy a MH? Is it the same as buying a car.. I just go to the DMV?
How do I make sure the person selling is the person that owns the MH?
I've read both Scruggs books but don't see anything about this... I know I'm really green. 
thanks for your help!
in my state it's just like buying a conv. home. km
call your local county clerk. they will point you in the right direction....km
In State of WA, it's identical procedure to buying a car or any other motor vehicle and I'd guess this is the procedure in most states.
But if you'd stop in and gab a little with one of the sit-arounds at a local MH dealer, you'd get a great education on how it's done there. And probably pick up copies of their paperwork and forms to use.
treat them as any f/c prop. same tech. read "making big money investing in f/c's" by peter conti & david finkel......$20.......km
You need to buy well below full value. If the properties are REO then many banks will mark them at retail or just below. If you can find a lender that wants to offer a discount from the fair value then you have a start.
More important will be the demand once you buy one or more. If there are lots on the market and they are at depressed prices you will have quite a bit of competition from the banks. Do you expect to offer seller financing or will the buyers be supplying their own financing?
If you do offer seller financing you need to know your numbers. I and others can offer specific suggestions for how to structure a note.
I have been funding an investor up north who is buying REO properties. They are definitely getting deals that are below market with most of them being below 65% of the as-is appraised value. The banks just need to get the properties off their books. He makes some very low offers. Many are rejected and some (enough?) are accepted.
To make a profit you need to be able to buy cheap AND sell easily. You make your profit when you purchase. You get your cash when you sell (or refinance, etc). Hence make sure you know your exit strategy. I suggest having 3-4 exit strategies in case the market shifts of you missed something.
John
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