I would much rather buy a MH all cash, but the prices that some people owe won’t justify an all cash offer. But there is room for a profit if they are purchased sub2. Several people I’ve talked with are “asking” for a price of 14,000 when they owe 16,000. And with a market price of 19,000 you can see there’s a profit to be made in there.
Can a MH be purchased just like a house on land using the normal sub2 forms? Or are there specific things I need to know about that makes them unable to be purchased this way.
Ok I’ve been searching and found that I need to have a personal property trust instead of a land trust to purchase a MH sub2.
But what other documents do I need. When I purchase a house sub2 I have the; P&S agreement, POA, Land Trust, Assignment of Beneficial Interest in Land Trust, etc…etc.
So if I am to purchase personal property then would I simply only need to change out the land trust to a personal property trust? And then change the assignment of interest in land trust into an assignment of interest in personaly property trust?
And voila! There ya have it? Am I missing something here or is it that simple?