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A person came in my experience recently seeking to borrow $500 in which he has a free of charge and clear mobile house. We told him I would allow him borrow the cash if i really could place a lien on their mobile house.
Anyone understand precisely how exactly 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 vehicles why don’t you mobile domiciles).
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Yes, Dustin could it be a good clear idea, i actually do it myself quite often. Each and every time a property is compensated if they want on the mobile home off I make sure the new owners know I can give them a loan. Because of this I suck them back.
In Texas whenever you file the Title or S.O.L Statement of ownership and location, there clearly was an accepted spot to put your self since the lien owner. therefore always check you neighborhood states Cellphone 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.
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Dustin, i recommend talking to a lawyer to ascertain if this can be appropriate in a state. I’d an idea that is similar 12 months and talked about it by having a RE attorney 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 moving in a various way and failed to pursue the problem.
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See the writte publications “Deals on Wheels” & “Making $$ with Mobile Homes” by Lonnie Scruggs. It defines this kind of investing. No home loan business will loan against an used mobile house. The only path that numerous can perform the US imagine house ownership is through having an investor like yourself open to make it work well by loaning them the funds required and securing a lien from the mobile house.
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We’d caution about it, Dustin. You might want to consult a lawyer on that one.
Regarding liens that are placing houses, we’m pretty certain the lien might have to be associated with the house (for example. promissory note to house, mechanics liens, etc). In a few areas, you can find actually strict rules for creditors in terms of homestead law. Hope that can help!
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I possess a 1994 home that is mobile ended up being looking to get that loan against name is the fact that feasible?
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Browse the publications “Discounts on Wheels” & “Making $$ with Mobile Homes” by Lonnie Scruggs.
This type is described by it of investing. No home loan business will loan against an utilized mobile house. The only method that lots of can perform the US desire house ownership is through having an investor like your self accessible to make it work by loaning them the funds required and securing a lien from the mobile house.
Great guide because of the real method, Ive read all Lonnie Scruggs books. Regrettably things that Lonnie did right back in their time had been great cash makers but are all but made obsolete in hop over to tids web site this beneath the microscope predatory lending world we are now living in. We attempted to accomplish exactly just what Lonnie did about 6 years back and had been offered a cease and desist letter through the state and county. It sucks because Lonnie had been a pioneer along with his taking straight back notes on mobile houses being a Lonnie dealer inside other individuals areas.
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I might like to repeat this. But don’t have any concept of the legality. No working with the actual house!
I’ve purchased existing MH loans within the past. Also wonderful, but harder now following the SECURE act.
Just noticed we are replying to an 8 old Post year. Lol