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Someone came for me recently trying to borrow $500 and he has a free of charge and clear mobile house. He was told by me i would allow him borrow the income if i really could place a lien on their mobile home.
Anyone understand exactly just how to try this. In addition, this provided me with a business idea that is good.
Title loans on mobile houses (you see them all the time for vehicles have you thought to mobile houses).
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Yes, Dustin could it be an idea that is good i really do it myself very often. Each and every time a house is compensated if they want on the mobile home off I make sure the new owners know I can give them a loan. In this manner I suck them back.
In Texas once you file the Title or S.O.L Statement of ownership and location, there clearly was an accepted destination to position your self since the lien owner. Therefore check always you states that are local Residence Title types.
You can see where you files for the lien if you look at section 8 on this form.
Good work you are thinking like a professional.
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Dustin, i will suggest seeing legal counsel to ascertain if this can be appropriate in a state. I’d an idea that is similar 12 months and discussed it 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 ended up planning a various way and would not pursue the matter.
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See the writte books “Discounts on Wheels” & “Making $$ with Mobile Homes” by Lonnie Scruggs. It defines this kind of investing. No home loan business will loan against an utilized mobile home. The only method that numerous can perform the US desire home ownership is through having an investor like your self open to make it work by loaning them the amount of money required and securing a lien from the mobile home.
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I would caution relating to this, Dustin. You may need certainly to consult legal counsel about this 1.
Regarding putting liens on domiciles, we’m pretty certain the lien might have to be linked to the house (in other terms. promissory note to house, mechanics liens, etc). In a few areas, there are actually strict guidelines for creditors in terms of homestead law. Hope that can help!
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We possess a 1994 home that is mobile had been hoping to get that loan against title is the fact that feasible?
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See the writte publications “Discounts on Wheels” & “Making $$ with Mobile Homes” by Lonnie Scruggs.
This type is described by it of investing. No home loan business will loan against an utilized home that is mobile. The only path that lots of can perform the US desire home ownership is through having an investor like yourself open to make it work by loaning them the income required and securing a lien from the mobile house.
Great guide by the method, Ive read all Lonnie Scruggs books. unfortuitously things that Lonnie did right straight straight back in their time had been money that is great but are all but made obsolete in this underneath the microscope predatory lending world we are now living in. I attempted to complete exactly just exactly what Lonnie did about 6 years back and had been offered a cease and desist letter through the continuing state and county. It sucks because Lonnie had been a pioneer together with taking straight back notes on mobile houses being a Lonnie dealer inside other individuals areas.
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I would want to try this. But don’t have any basic notion of the legality. No coping with the real house!
I’ve purchased current MH loans within the past. Additionally wonderful, but harder now following the SECURE work.
Just noticed we are replying to an 8 yr old Post. Lol