Blondie,
That sounds like a great plan to me. Is 6 the highest number of mobile homes that you can get on 12 acres? I’d try to pack them in as tightly as possible. Mobile home tenants are pretty far down the food chain.
Good Luck,
Mike
You are right. Okay let me ask you this…You have 100k cash, what would you do with it?
Iam in Texas and my last 3 houses were owner financed. I use a trust. We place the deed into a trust and we sell interest in the trust. This is the same methodology used for country club memberships. The restrictive laws on executory contracts drawn up by our state legislature and signed into law by our governor only apply to real property. A trust is personal property and since they are buying interest in the trust the law doesn’t apply.
The information provided in this post is for entertainment purposes only. The application and impact of laws can vary widely based on the specific facts involved. Given the changing nature of laws, rules and regulations, and the inherent hazards of electronic communication, there may be delays, omissions or inaccuracies in information contained in this post. Accordingly, the information in this post is provided with the understanding that the authors and publishers are not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. Before making any decision or taking any action, you should consult a lawyer certified in real estate by the Texas board of legal specializations.
Nice disclaimer, longer than the post. LOL
Ok-You did that on Purpose! >:(Blondie I am. :-\
That went way over my head. I would love to learn about that. Could you either explain that to me like I’m two, or give me some sort of link? I posted a new thread some time ago, looking for someone to buy the house I am renting and owner finance it back to me.
I was told that it is against the law in Texas. The owner of the house, who is also a realtor, said that the house will appraise at $135k, and I would like to offer $115k. We are getting free rent right now, and would like to keep it that way, until we recover. (Our house burned down, the insurance company is paying our rent.)
So if you want to buy it, and put it in the trust, and somehow give us an option to buy, that would be awesome! 
Blondie,
If I had your 100K and a plan to do the mobile home thing, I’d try to put more than 6 on 12 acres. Would local regs let you put 24 or 48 on there? I’m not knowledgeable about developing a mobile home park, but I think that it is a great idea. I’d like to buy one here in Ohio myself. I have been looking…
Mike
Mike,
You can get mobile homes here anywhere from free on up. The move is around $1500. I do think your right, the mobile home park is the way to go (for cash flow). People every where are trying to just get them off of their properties.
There are not that many rules in Lockhart, its also a small town right outside of Austin. I was thinking of owner financing, but in Texas the laws are really strict as far as that goes. If the “Trust” is for real, it sounds good, although I’ve seen other posts saying that it would be questionable in front of a judge. I need to look into that. Just don’t know where to start, other then paying my attorney $300 per hour.
Blondie,
Check with successful investors at your local (closest) REIA. Someone there will be intimately familiar with the legal issues in your area.
Mike
I’m going to start REI Club hopping, until I find the right one. There is another member that is knowledgable, and has been really helping me out with the trust thing.