I have someone who wants to do a lease option to buy for a mobile home with me. how do I go about it?
You need to list all the terms of what you are agreeing, then put it into a contract that will bind the seller to those terms.
A couple of items of caution…where is the mobile home located…who owns the property? If it is in a park, you MUST obtain in writing from the park owner or an authorized representative of the owner that the home can stay in the park when the title is transferred to you and/or your new buyer (if this is an investment deal). Some parks will have a rule or be subject to new county/city ordinances that the mobile home needs to be moved upon a sale as they are upgrading the park or the county/city no longer allows that vintage or size of a mobile home. If you fail to get this in writing, a move of a mobile home to a new location will ‘blow out’ your budget and make a great deal become a loss or poor deal.
If the property comes with the mobile home, you would still want to be sure of current ordinances for mobile homes.
Hope this helps.
Rob in Atlanta
The real pain in the neck for this situation is for you to choose the best person to take care of dirty work for you.
I do not see any dirty work in this equation…you buy a mobile home, you mark up the price, you sell with private owner financing, and then you become the bank in the transaction with a secured financial instrument. The only ‘dirty’ work is if you own the park where the mobile home which you have just sold is sitting, then you get paid for the dirt for the full term of the loan on the mobile home (assuming you put that in your sales contract).
Hope this helps.
You could put it under contract for the best terms that you can negotiate.