Hello, I came across a guy that is willing to let me take over payments on his mobile home. It is not connected to the land so it is not considered real property. Can anyone tell me how I would go about taking over his payments i.e. what paperwork do we need to fill out?
I am new to mobile home investing so I would really appreciate any input.
Thanks,
Michelle
I’m not sure why you would want to.
Mobile homes lose value fast, and there is a very good chance that your seller owes more on the home than it is worth.
I suggest that you not buy mobile homes unless they come with their own land, and the land is a very good piece in an excellent location.
The guys who are making money on mobile homes are buying them for cash for a couple hundred dollars. They aren’t taking over big mortgages that are for more than the home is worth.
I would recommend Deals on Wheels before you buy anything. This book is excellent!!
Here is the link for Deals on Wheels that was posted before:
Oh yes the ole Lonnie Deals. If you want to invest in mobiles you can also get the book above plus 2 others at the PaperSourceOnline.com too.herbster