Mobile Home Purchase Contracts Inside Mobile Home Parks

Welcome back, Mobile Home Purchase Contracts Inside Parks.

In today’s video we will be discussing the paperwork we used in our mobile home investing businesses before, during and after we purchase a mobile home inside a preexisting mobile home park. The following video is made for all states except for California, Texas, New Hampshire, and Vermont.

If you plan on investing in mobile homes in either California or Texas please click the links to view the unique processes and how-to steps in the links provided.

Everyone in the other 46 States please see below. Here’s the quick list:

  1. Seller Questionnaire: Identify the seller and home’s potential. This is done before an appointment id set up.
  2. Property Info sheet: This form is used as a walk-though checklist of the property and all mechanical systems.
  3. After Closing Agreement: This form is used by any seller staying in the mobile home after closing takes place.
  4. Title: Titles are used to show and convey ownership from seller to purchaser.
  5. Bill of Sale: A bill of sale is a receipt of the transaction.
  6. Personal Property Trust: This document is created by you and is used to hold ownership until you are paid in full.
  7. Clear Tax Bill or Certificate (optional): State or county receipt showing all past and current property taxes have been paid.
  8. Promissory Note (optional): This document is used when you are making payments

Love what you do daily,
John Fedro
support@mobilehomeinvesting.net

 

 

Related Mobile Home Purchase Contracts videos:

28 Comments

  • Jarrad

    March 17, 2012

    More 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, 2012

      Hi 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, 2012

    This is GREAT!!!

    What can you tell us about Ca?

    Thanks, Karl

    • John Fedro

      March 30, 2012

      Hi 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, 2012

    Hi 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, 2012

      Hi 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, 2012

    Thanks 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, 2012

    Good guide for selling mh.

  • Luis vargas

    September 3, 2012

    The 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, 2012

      Hi 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, 2013

    Thank You John getting ready to make first offer Rog

    • John Fedro

      July 5, 2013

      Hi 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, 2014

    I 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, 2014

      Hi 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, 2014

    Hi 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, 2014

      Hi Bob,

      Thanks for commenting and your kind words.

      Talk soon,
      John Fedro

  • Robb

    March 25, 2014

    Hello 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, 2014

      Hi 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, 2014

    Asking 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, 2014

      Hi Joanne,

      Thanks for stopping by and also for the very kind words. I’ll certainly keep it up. 🙂

      Best,
      John

  • Aaron Johnson

    October 28, 2014

    Good 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, 2014

      Hi 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, 2015

    I 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, 2015

      Hi 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, 2016

    Hey do you have contracts for lease to purchase

    • John Fedro

      April 9, 2016

      Hi 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, 2016

    Very valuable article. Thx John

    • John Fedro

      September 20, 2016

      Hi 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