Welcome back, Mobile Home Purchase Contracts Inside Parks.
Depending on the state your mobile home is located within the buying and/or selling process will vary. Aim to have clarity and know the correct steps moving forward. In today’s lesson we will outline many of the steps needed to move forward when transferring between a mobile home buyer and a mobile home seller.
- This article is for private buyers and private sellers. Below you will find the minimum paperwork needed to buy and sell a mobile home successfully in your state. We hope this is helpful.
- This article is not ideal for serious mobile home investors. The reason for this is because as an investor we want to take a number of precautions, while creating win-win deals, and preparing custom paperwork ideal for investors. For this reason there are additional forms not mentioned on this page or any of the links below. These additional forms mobile home investors may likely need from deal to deal include; addendums, disclosures, note paperwork, security interests, agreements after closing, CYA letters, trust agreements, lien paperwork, seller brochures, power of attorneys, etc.
Please see the list of states below. We are updating the links below to provide a current and detailed description of the steps required to transfer a mobile home from one party to another within your state.
If your state is not clickable please be patient as we upload these instructions and pages. If you see any corrections needed or for any additional questions in the meantime please reach out to support@mobilehomeinvesting.net.
Love what you do daily,
John Fedro
support@mobilehomeinvesting.net
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28 Comments
Jarrad
March 17, 2012More excellent info thank you John. Is it legal to write out most of those by yourself? is that what you did when you started? You basically purchase under pretense of making payments and then finance to a buyer at a higher payment to procure monthly income? Do you offer any DVDs? I keep hearing you talk about a class you offer but cannot find any information on it…
John Fedro
March 19, 2012Hi Jarrad,
The paperwork described above can be completed by yourself in most areas. You will have to get the POA, Bill of Sale, Promissory Note, and possibly the Title (depending on your area the title will specify) notarized and witnessed. With the promissory note you want to make certain it is unsecured to the home you are selling.
The choice is yours to decide who you’ll have prepare your agreements, either pay some or complete the necessary forms yourself. When purchasing on land you do NOT want to create your own paperwork.
Yes, structuring payments to your seller and from your buyers to complete a deal is one of the techniques we use.
I do offer training. Please email me separately at john@mobilehomeformula.com for more info.
Hope this helps.
Best,
John
karl
March 22, 2012This is GREAT!!!
What can you tell us about Ca?
Thanks, Karl
John Fedro
March 30, 2012Hi Karl,
Click the “highlighted” California link in the post above. You will them be taken to a page that describes the highlights of the Ca acquisition process.
Best,
John
Sabrina Laplante
March 27, 2012Hi John, ran accross your blog yesterday and so very glad I did. I am in the process of trying to invest in single mobile homes before I just jump into a park. You said in this video that you have these forms on your website, yet I am unable to locate them. Do you do any investing in Indiana, or is there any red flag that I should be warned about. Thanks so much!!
Sabrina Laplante
John Fedro
March 30, 2012Hi Sabrina,
Thanks for reading and following along. I have helped investors in Indiana. Indiana does not have a cap on home many deals you can do per year, so go wild! 🙂
As far as the forms go I assume you mean the seller script I use with sellers. Please sign up in the pop-up window that appears when you try to eave this page and you will receive instructions to download these. Let me know if you need further assistance or can’t download these and Ill email them to you personally.
Best,
John
Sabrina Laplante
April 1, 2012Thanks so much for the reply!!!
However, there is no pop-up window when I try and leave this page. I would greatly appreciate it if you could email me that stuff. It is a bit scary jumping into an area so far away, yet I prefer not to invest in our yucky state of California. Hope things are going great for you, take care!
Sabrina Laplante
Luis vargas
September 3, 2012Good guide for selling mh.
Luis vargas
September 3, 2012The video is very instrctive as of all steps involving the selling of mobile hohes. Need a copy of required forms.
Please,
Thanks,
Luis
John Fedro
September 4, 2012Hi Luis,
Thanks for watching and your kind words. Some of my free forms can be found under the “freebies” tab above. To access a full list of paperwork and all complete forms you must become a current Mobile Home Formula student. The reason I only give certain forms to my trained students is to make certain that everyone using my forms, scripts, trusts, etc is behaving in the same manner around the nation. This way every MHF trained investor acts like a profession and knows exactly where to go and what to do and say.
I hope this makes sense.
Best,
John
roger
July 5, 2013Thank You John getting ready to make first offer Rog
John Fedro
July 5, 2013Hi Roger,
Excellent! Make sure to be conservative and stick to the Mobile Home Formula criteria for making offers if you are an active member. No matter what the seller says make sure to remember that we are here to help sellers and create win-win offers that help solve their problems – while still creating a profit for yourself on the back-end. Great work again. Keep in touch and let us know how it goes. Keep it up!
Best,
John
Shanna
January 27, 2014I am looking to purchase a mobile home in a Texas mobile home park and looking for the steps to take and specifically how to handle if their is a lien on the mobile home because it was financed. I will be paying cash. The link for “Texas” does not appear to be working. Is that information still available?
John Fedro
January 28, 2014Hi Shanna,
Thank you for commenting and pointing this out. Both links were not working however they are now. Please click the Texas link to provide you will more information about closing in the state. Please do not hesitate to ask any further follow up questions you may have.
All the best and congratulations on the purchase.
Talk soon,
John Fedro
Bob Slet
March 15, 2014Hi John,
This is one post that really hit home for me. Thanks for the advice my friend. Love your blog.
Bob Slet
John Fedro
March 17, 2014Hi Bob,
Thanks for commenting and your kind words.
Talk soon,
John Fedro
Robb
March 25, 2014Hello John,
This information is superb. I have been investing in moile homes for nearly 20 year in and around the AZ territory and your site is by far the best I have seen on the subject of individual mobile home investments. Keep it up and I’ll keep reading.
To you,
Robb Goldman
John Fedro
March 25, 2014Hi Robb,
Thank you for the kind words. I am happy to have someone here of your experience level. Please let me know if you see anything I can add to help others learn and grow faster.
Talk soon,
John Fedro
Joanne
September 27, 2014Asking qudstions are actually fastidious thing if you are not understanding anything entirely, but this piece of writing presents fastidious understanding yet.
John Fedro
September 29, 2014Hi Joanne,
Thanks for stopping by and also for the very kind words. I’ll certainly keep it up. 🙂
Best,
John
Aaron Johnson
October 28, 2014Good Day John,
Firstly I would like to thank you for your extensive videos, and all your help with this new business venture. My question to you is how do I show off a mobile home to a potential end-buyer, when only a purchase agreement is in place between a seller? I am concerned with the buyer and seller interacting before a deal is closed, and eliminating me from the negotiation.
I would like to have an end buyer in line before closing any deal with a seller.
Thanks for your feedback.
John Fedro
October 30, 2014Hi Aaron,
Thanks for commenting. Happy to help and bring you value already. When in a park a PSA or Option paperwork will do little to prevent a seller from going around you and selling directly to the seller. Additionally it will due little for making the buyer close with you when the time comes. It is for this reason that you should have multiple buyers with money ready to look at the home based on what the buyers need. Example: So for all 3 bedroom buyers with money you will show them thee specific home after you close.
If you want to show the home prior to owing it you will likely have to disclose that you are reselling the home to a buyer of your own and making some profit. If the seller agrees then it is usually smooth sailing with them not caring that you make money as long as they get what they want. If they do have a problem with this then close first or move along. Another strategy that has worked well for me is to close on the home and keep the seller in place for a month or two to pay lot rent so the home can be occupied and without holding costs while you show and sell it. However, this method does require you to close with the seller and take title. Does this all make sense?
Talk soon,
John
John Walsh
March 23, 2015I noticed that NH and Vermont were 2 of the 4 states excluded pertaining to your video. Could you give a brief explanation as to why, since I will be investing in New England.
Thanks,
John Walsh
John Fedro
March 24, 2015Hi John,
Thanks for reaching out. Yes, there are certainly a few wacky state laws to consider depending on your local state. In many of the parks in NH and VT, mobile home sales require a traditional closing and recording process to transfer title ownership. This means that we must build the cost of this higher-than-usual closing into the purchase cost we pay for our MH investment MH. For some MHs with Titles you may transfer them at the local DMVs, however for other homes without titles yet still inside a MH park (on rented land) a formal closing must take place. Without going into much detail I hope this makes sense. If you are in doubt in your state I would suggest obtaining a Title or Deed number of any MH you ar looking at and call the local DMV to ask about transferring this particular Mh to your name, private seller to private buyer. With that said you can still close the investment Mh inside a personal property trust. I hope this helps. If you have any follow up questions don’t hesitate to reach out.
Talk soon,
John
James
April 7, 2016Hey do you have contracts for lease to purchase
John Fedro
April 9, 2016Hi James,
Thank you for reaching out with regards to your question. I do have a form similar to this however in most areas of the country a lease with a purchase to buy is considered seller held financing and is a legal unless you follow specific requirements when negotiating, prescreening your potential tenant-buyer’s, and creating these lease to purchase forms. It is for this reason I only provide these forms to folks I’m working with and talking with on a regular basis. With that said I would highly encourage you to contact a local real estate attorney in the area that may be able to provide you these forms based on your needs and local state seller held financing regulations. If you need any help creating these forms or any follow-up questions please never hesitate to reach out anytime.
Talk soon,
John
Zelba
September 20, 2016Very valuable article. Thx John
John Fedro
September 20, 2016Hi Zelba,
Thank you for reaching out and connecting. I’m glad that this article has been somewhat help all to you thus far. If you have any follow-up questions or concerns moving forward never hesitate to reach out any time. Always here to help if I can.
Talk soon,
John
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