Being Sick and Taxes

Hi Everyone! I'm sorry I haven't had the chance to post that much this week, I've been really sick the past couple of days.

I thought I'd make a quick post here to let everyone know that I won't be able to post much this week and maybe next since I've been sick and I've really got to start taxes, it's coming due soon. For those of you who did them early like my pal, Shae, now I wish I did them earlier!

In any case, I thought I'd give everyone a quick update on things. The deal where the buyers got approved is pretty much a done deal - the buyers signed the park paperwork along with the deposit for the park and first month's lot rent. Now, we just got to do my paperwork for the home and they'll be ready to go. They plan to move in by May 1st.

I'm working another deal in the park I made this last post in. It's a family I've been working with for 2 years now. They've been looking around for a new home, they finally found one and are waiting on financing. They've agreed to sell me their home and told me all they need from the sale is the deposit for the new home. It's a mid 1990s, 16x80 home. (Note: There's no sign on the home, no one knows it's even for sale. Most of the homes I work are a direct result through my network and word of mouth).

Other than that, someone asked if I've had any luck with the banks. Honestly, I haven't had much luck working with the banks. I know first hand when these homes come up in the parks because it's the park managers that call me telling me about them and how the bank owes them lot rent. It becomes a routine exercise for me calling the banks, and seeing what's going on with these homes.

I'm seeing a lot of these homes just sit there, the banks are waiting for their price. In the meantime, the lot rent fees are adding up.

I did come close to buying 2 last year from a bank. They were both in a park, late 1990s models, 16x80s. The bank was willing to let them go for 3k each. Though, when I checked with the park owners about them the owners told me to hold off on them and advised me not to buy them as the park was being bought (this was more of a low end park, over 60 units).

I'm glad I took the time to establish a good relationship with the park owners beforehand (as I do with all parks), as they told me the new owners of the park had plans to turn the park into commercial and all the residents would be asked to leave. (This park was very close to a highly commercialized area).

At the time, I was thinking of moving the homes if the deal went through. Though, I did not have a park I felt comfortable moving them to (i.e. high end park). So, that has been my experience so far with the banks.

Who knows, I may have some luck with the banks this year. It's good to keep in touch and see what they've got from time to time. I'm finding a lot of auction companies contacting me about their upcoming auctions. There have been a lot of park closings (mostly low end parks) and the inventory needing to be liquidated.

For now, I do have 2 main parks (i.e. high end) that have some spaces available (singlewide only). They've agreed to pay for moving costs should I have some homes to move in. So, we'll see.

In any case, that's it for now. Just trying to get over the flu, and hopefully start and finish taxes soon.

Have a great week!

p.s. If you have Facebook, I now have a Facebook page. Feel free to connect with me here and post up questions and/or comments on the wall. I will be updating the page with the latest posts and mobile home news. Looking forward to connecting with you!

Case Study: Taking A Mobile Home Back

In last week's post , I talked about having the long term (quality over quantity) in mind (versus the short term) when doing Lonnie deals.

As an example, here is a home (see pic above) that I recently had to take back.

It's in a well established, high end park with very strict qualifications - they really take the time to screen. This is in a very desirable park, they even have a waiting list. A lot of families want to live in this park. When a home comes up available, it is filled right away by a quality buyer. These are the types of parks I like to work in.

In any case, I bought the home 2 years ago. It's a mid 1990s, 2 bedroom/2 bath home, 16x70, in immaculate condition. I bought it from a grad student looking to move out of town - her parents bought it for her 9 years ago and she was finished with school. She wanted a quick sale and wanted to deal with someone who she knew would be serious (do what they say they would do).

The park manager told her about me, we met and after some negotiation - we settled on the deal. I bought it for 8k. (Note: Going into the deal, I already knew the market - I knew this could sell in the lower to mid 20k range (which it did), knew the down payment and monthly payment buyers in the market would be wiling to pay).

Soon after I closed, I found a family to fill the home. It took about a month's worth of marketing, then the screening of the buyers with me and the park, and the closing paperwork. The buyers put down $1500 (they also had to come up with a deposit and 1st month's lot rent on top of it), the cash flow was in the $400/month range for a period of 10 years.

These buyers were never late, they kept the home in great condition. The park manager even called me to tell me they re-built the deck and did some landscaping in the yard - it was very nice. They were true homeowners.

After 2 years, they informed me that they wanted to live out in the country and wanted to buy a new home on land. They told me this before they started looking and gave me plenty of notice before their closing. They left the home in great condition.

With the move-out, I worked with the park manager to coordinate things - they left the keys with the park manager. I had the park manager go through the home to make sure everything was in order - she told me it was even upgraded with new flooring on the inside.

Before I even had a sign on the home, a family that I've been working with for a couple years now (who also want to live in this park) called me asking about the home. I asked them how they knew it was available. They told me they've been going into the office asking the park manager what's available and found out that way. (These people were very serious about wanting to live in this park. They even filled out an application and paid the fee a year ago without even having a home to buy. They had already been approved - they just needed to find a home).

Now, this is the funny part. This same family saw the home 2 years ago and at that time told me it was too small for them. Well, I reminded this family this is the same home - they wanted to see it anyways. So, we met and immediately they wanted it. I asked them, "Are you sure? It's the same home you saw 2 years ago." They told me it looked much bigger and they really wanted it.

Remembering what the park manager told me about the upgrades made by the previous buyers, I noticed the home did look bigger. The previous buyers opened up the living room area a bit - there used to be a mini bar eating area, this was gone.

Here are the before pics:





And, here are the after pics:





In any case, this new family immediately filled out the paperwork they needed - they also had to re-apply with the park (as some things could have changed). They got approved, it took about a week. The terms were the same, another $1500 down (they also had to come up with a deposit and 1st month's lot rent on top of it), and again it cash flows in the $400/month range for 10 years.

Now, I've heard horror stories of Lonnie dealers having to take homes back. I'm glad this went smoothly. Looking back on it now, I can truly see it is the type of park that makes a difference in attracting the types of buyers I prefer to work with.

Happy investing!

Terminology Tuesday - Caliche

Video Link

(Note: I think it's important to know the terminology and words used when learning any new business including mobile home investing. I came up with 'Terminology Tuesday' as a way to go over the terminology used in the mobile home business. It's important to know the terminology when talking to people in the business so you're all on the same page).

As defined in Wikipedia:

"Caliche is a sedimentary rock, a hardened deposit of calcium carbonate. This calcium carbonate cements together other materials, including gravel, sand, clay, and silt. It is found in aridisol and mollisol soil orders. Caliche occurs worldwide, generally in arid or semi-arid regions, including in central and western Australia, in the Kalahari Desert, in the High Plains of the western USA, and in the Sonoran Desert. Caliche is also known as hardpan, calcrete, kankar (in India), or duricrust. The term caliche is Spanish and is originally from the Latin calx, meaning lime.

Caliche is generally light colored but can range from white to light pink to reddish-brown, depending on the impurities present. It is generally found on or near the surface, but it can be found in deeper subsoil deposits as well. The layers can vary from a few inches to feet thick, and multiple layers can exist in a single location."

Definition Link

I had no idea what "caliche" was, that is until I needed it. It happened when I moved a mobile home into a park. Really? Yes.

The mobile home had already been moved and was at the park already. Then, I got the call from the park manager. It turns out the lot for the home was not properly leveled, there was a lot of mud and moisture. If the home was set on the lot, it would sink. The mover was already at the site and they could not set it properly without the lot being level.

Ok, so here are where my networking skills pay off. (I mentioned before how it's so important to build strong relationships and build a strong network. Though it takes time, it's really worth it in the end).

I asked the park manager what I should do. The park manager suggested getting "caliche" to help level the lot and make it stronger. I told the park manager, I had no idea where to get this and had no idea where to start. The park manager told me, "Don't worry about it, we'll get it taken care of."

Then, I asked about the cost. The park manager told me, "Don't worry, I'll get the park to pay for it." At this point, I was relieved. I asked the park manager how long this would take. The park manager told me the "caliche" would need to be ordered, then layered on and then needs time to dry - a couple days. I asked the park manager what we should do with the home. (I knew, I could not bring it back to the original site - it just wasn't an option at this point).

The park manager said, it would be "ok" to just leave it there parked near the lot for a few days, and they would put up cones to section that area off. Thank goodness, I didn't have to find a place to re-locate the home while the lot was being prepared. This could have ended up being a nightmare.

Had I not had a strong relationship with the park manager, I could have been left on my own. I am very grateful for the help that I have received from my network throughout the years. Without a team, I know I would not be able to do this on my own.

I guess these things come up, and learning comes through experience. Now, I know what "caliche" is and by sharing this story, you do too!

Happy investing!

Video - Mobile Home Park Closing

I thought I'd post up this video about a mobile home park closing.
It's a very interesting story.

"Two years ago, a tornado destroyed 16 homes in the Strawberry Mobile Home Park in Berkeley county. Now another storm of sorts is threatening to remove all the homes from the lots. The mobile home park is closing.

Rachhpal Gill, one of the owners of the trailer park tells News 2, the park currently uses well water, and according to the Department of Health and Environmental Control, the sewer system is not up to code. Gill says it would cost a minimum of 150-thousand-dollars to bring the trailer park up to code, and they do not have the money.

Hopeless, that’s how many people living in the mobile home park say they feel, after finding out they have to move their homes. Homeowners received a flyer Thursday informing them they had to move in six weeks. Seventy-seven-year-old Bergetta Driggers owns one of the 40 mobile homes in this low income community."

This kind of reminds me about a post I made awhile back. As I watched this video, I felt for the residents. I can only imagine the devastation they are feeling right now, it's truly an awful situation.

I also wondered if there were any Lonnie dealers in this park who had notes and/or homes, how did they handle the situation? I wonder.

I guess this is just one example of the issues facing mobile home investors today.

Thanks for watching, have a great weekend everyone!



Video Link

Buyers Approved!

Having a great day today, buyers have been approved for this one. Awesome!

It's crazy because the park manager just got back from vacation yesterday, the park application was just recently turned in with all the necessary supporting documents. The park manager really pushed it through for me on this one, I wasn't even expecting the call until next week. Though, I got the call today - buyers approved!

Awesome! I guess this is why it's so important to have a really close relationship with the park manager and staff. Already planning the celebration lunch for the park office, I'm thinking this time it will be a pizza party! :)

Happy investing!

Taking A Mobile Home Back

"If you don't feel comfortable owning something for 10 years, then don't own it for 10 minutes."

- Warren Buffett

When it comes to investing in mobile homes (aka Lonnie deals), this is exactly how I feel. Why?

I've mentioned in prior posts that I only work well established, high end parks now due to this experience. I value quality over quantity. Some have asked how I know whether to go into a deal or not. To be honest, when it comes down to it I will only enter into a deal now if I can answer "yes" to both of the following 2 questions:

1) Would I live in this park?
2) Would I live in this home?

After I meet with a seller, I ask myself these two questions immediately responding with the first answer that comes to mind. When I go by this rule, then I can firmly believe that I have a product that I would buy. The question is, if I won't live in this home and/or live in this park then why would others?

This is just my experience and my personality - I have to have a product that I can stand behind. So many times, I get park managers bringing me opportunities that I pass on because I've had to answer "no" to the above questions.

The response is, "Who cares! You're not the one living in this home or in this park, you can make so much money with this." (Note: There is an article here I wrote specifically on the subject of money).

Though, what I've found is these opportunities are very short sighted only for the short term. Sure, maybe the home can be filled with a potential buyer but what kind of buyer are we talking about? If the park is more of a lower end park, what kind of people does the park attract?

In the end, I am looking for long term stability. I know there are Lonnie dealers out there that work these kinds of parks - it is their bread and butter. But, what happens when you have to keep taking back homes over and over again? What happens when you have buyers who cannot make ends meet and it takes a major eviction to get them out? What happens when you have to take a home back, it is wrecked and it takes more time and money to get it fixed up?

This is not the kind of investment I am looking for. I went into this business for financial freedom - not to be tied down. Sure, the homes are cheap in these kinds of parks. Though, I find it a very short term kind of investment. Right now, I am seeing so many defaults in the lower end parks. Sure, there are a few in the high end parks as well. Though, I find it much easier and less stressful to fill homes in high end, well established parks who attract quality buyers.

Quality buyers are much more important for the long term. Sure, anyone can fill a home fast. But, are these homes filled with quality buyers? I am seeing investors taking very little to no money down on their homes in the lower end parks. (Note: I never take in buyers without a decent down payment, they need to have something in it).

What's worse is I've heard of Lonnie dealers having to convert their "Lonnie deals" to rentals just because of the turn in economy. (Note: If you'd like to read up on the "real deal" (without the hype) and issues affecting mobile home investors today, check out this thread on this forum).

These are the types of issues that have and will come up in the future. And, it's better to be prepared for them before they happen.

In the end, I prefer doing these deals for the long term (not the short term). Though it may seem tempting to buy cheap homes in lower end parks, it is the deals that I have entered into for the long term that have really made things easier and reminded me of the true meaning of financial freedom.

Happy investing!

Terminology Tuesday - Title

(Scale of Justice). Source: Wikipedia

(Note: I think it's important to know the terminology and words used when learning any new business including mobile home investing. I came up with 'Terminology Tuesday' as a way to go over the terminology used in the mobile home business. It's important to know the terminology when talking to people in the business so you're all on the same page).

As defined in Wikipedia:

"Title is a legal term for a bundle of rights in a piece of property in which a party may own either a legal interest or an equitable interest. The rights in the bundle may be separated and held by different parties. It may also refer to a formal document that serves as evidence of ownership. Conveyance of the document may be required in order to transfer ownership in the property to another person. Title is distinct from possession, a right that often accompanies ownership but is not necessarily sufficient to prove it. In many cases, both possession and title may be transferred independently of each other".

Title conveys ownership while a Bill of Sale does not. Title is NOT the same as Bill of Sale.

When titling a property for mobile homes (as personal property), the transaction must accompany the physical title (in most cases, some states vary) and be recorded with the local authority in charge of manufactured housing. (Usually, this is as simple as filing a piece of paper and paying a fee).

Without "recordation," in the eyes of the government and the public whoever is in the record database of the local authority in charge of manufactured housing is the owner of the home.

So, before even exchanging funds when purchasing a mobile home you must first make sure you see a physical title from the seller (in most cases, some states vary) and check with the local housing authority as to who their records on who title currently belongs (according to public records) to if you would like to obtain title to the home.

Depending on your area, the process of titling a mobile home will vary. It's a good idea to get acquainted with the local housing authority in charge of manufactured homes in your area so you get to know the process and how things work. It's a great source of information for learning about the industry in your area.

Happy investing!

Video: Mobile Home Structures 'Shed' Their Tax Free Status

Very interesting video. Check it out!

"Under Michigan law, mobile home owners are exempt from property taxes in lieu of a $3 per-month school tax payment. But the law does not specifically exempt accessories like sheds, carports or decks. So for the first time, the township is sending assessment notices this year to inform mobile home owners such accessories will be subject to taxation."

See the full story here. Thanks for reading!



Video Link

Park Difficulties

Lately, I've been screening buyers for a mobile home that was recently purchased 2 weeks ago. Finally, I found a good family to work with - we are going through the application process right now. (When it comes to screening buyers, my philosophy is quality over quantity).

Usually, there are 2 steps for potential buyers to complete when working with me for a future mobile home (aka Lonnie Deal). They have to go through both my application process as well as the park's.

If there is an application fee for the park, sometimes the buyers would like to know if they've passed my application process first before they apply and submit an application fee to the park. I understand their position completely, so I do work my application first (if requested) and if they pass they submit theirs to the park. So, there are 2 different screening processes.

(Note: A fellow investor told me I'm that doing double work as the parks do their own screening. But, I have learned that I need to do my own due diligence and not depend on the park when screening buyers. Yes, it takes an extra step and more paperwork but at least I will have the confidence to know that I have screened the buyers myself).

Well, I received the application and required paperwork from the potential buyers. I went ahead and started to verify all the information today. Surprisingly, I got a very fast response back from the buyers' employer today who confirmed and supplied all the information I needed in terms of work information and income. (Usually, when I contact the employer to do the employment verification for the job it takes a couple days).

So, everything looked good and verified for the work and income information. Now, I just needed to confirm their rental payment history.

In this case, the potential buyers were living in another park (not too far away) and had their home paid off free and clear - their expense was only lot rent. They wanted to move out of the current park they were living in into this park - they had been looking for a long time for a mobile home in this park.

Their plan was to give the home to a relative and/or sell it for a quick sale. (Note: I only work in high end parks now. In my experience, the high end parks tend to attract the kind of clientele that fit my personality. I find the more lower end parks really don't fit my personality (comfort level) and are much more difficult to find buyers who fit my critiera. The reason I do not work lower end parks is because of this experience).

In any case, I know the manager of this park where the potential buyers are currently living. Now, this manager has a reputation among investors as well as the park managers in the area to be a very difficult manager to work with. So difficult, that I chose not to do business in this particular park. (Honestly, I did not enter this business to make things harder on me. If a park manager is difficult to work with, I tend to stay away from working that park).

I call the park to verify the rental payment history of the potential buyers. While on the phone, I could already feel the tension in the air. The first question that was asked was which tenants and if I had a written authorization to release the information from the tenants. I said, "Yes," and sent it over.

So, the park received it. Guess what? Well, now the park manager refuses to verify any kind of rental payment history with these tenants because she says they don't rent from the park. Meaning the tenants do not rent a home from the park, they own and just pay lot rent. I say, "Ok, I just want to verify they have been paying lot rent on time."

Well, you know what? The park manager says they don't verify that because they are not renters of the park. They know what I'm talking about - they are just being uncooperative. I guess they are doing everything they can not to let these people leave. Plus, a lot of the residents (who are families) of that park have been calling me asking if I have any mobile homes available in other parks. I know people want to leave that park because it's so difficult to work with the manager. (I guess a good source of potential buyers, eh?)

To make a long story short, I don't get the confirmation I need to verify the rental payment history. I call my park asking what they need to verify the information. They tell me if this park the potential buyers are living in are uncooperative, all we need to verify is proof of payment (i.e. checks, money order, etc) that the lot rent was paid and received on time for the past year.

So, I call the potential buyers and tell them the news. They are more than cooperative. Now, I have to go meet with them today and they will supply me with all the paperwork I have requested to get the info we need verified.

Wow, what an adventure this business can be! Hopefully, I can get this all wrapped up and move on to the next deal. Once this closes, it'll be another nice and relaxing cash flow payday for many years to come!

p.s. Here's a pic:



Happy investing!

Terminology Tuesday - Usury

(Of Usury, from Brant's Stultifera Navis (the Ship of Fools); woodcut attributed to Albrecht Dürer) Source: Wikipedia


(Note: I think it's important to know the terminology and words used when learning any new business including mobile home investing. I came up with 'Terminology Tuesday' as a way to go over the terminology used in the mobile home business. It's important to know the terminology when talking to people in the business so you're all on the same page).

As defined in Wikipedia:

"Usury comes from the Medieval Latin usuria, 'interest' or from the Latin usura 'interest') originally meant the charging of interest on loans. This included charging a fee for the use of money, such as at a bureau de change. After interest became accepted, usury came to mean the interest above the rate allowed by law."

Before even starting to do "Lonnie Deals," it's a good idea to check on the usury laws for your area. Usually, there is a maximum allowed interest rate that is permitted - this varies by area.

In Lonnie Scrugg's book, "Deals on Wheels," he uses 12.75% interest when selling with owner financing deals as an example. Though, what one decides to use is a matter of personal choice.

Happy investing!

Video - How We Sell Trailers

Since it's Friday, I thought I'd post up another entertaining video spoof titled, "How We Sell Trailers." (For those who have ever visited a mobile home dealer's lot, I found it very relatable). Enjoy!

p.s. If you missed last week's video post, check it out here. Thanks for watching!



Video Link

My $2,000 Nightmare

Awhile back, I wrote this post about mobile homes in the $2,000-$3,000 price range.

While I still see these types of homes all the time, I wanted to share a little story with you about my experience buying one of these $2,000 mobile homes.

It was a 2 bedroom/1 bath, 14x48, 1985 mobile home. No central heat, no central air. The seller was a single mom who just couldn't afford lot rent anymore and needed to get out of a bad situation. She had been living in the home for less than a year.

When I got the call from the park manager, I should have known to stay away from this deal. There were so many things screaming that this was not my typical deal. Why?

Most of the homes that I have bought have had certain qualities that have made it easier when it comes to finding an end buyer. For one thing, most of the sellers that I've worked with have had their homes for more than 5 years - they are long term homeowners. Being the long term homeowners that they are, this means they take better care of their homes.

All of the homes that I've bought are kept in good condition, all have central heat and air conditioning and overall are mid to large size homes (in the mobile home world). Plus, they have been in mid level to upper level type parks.

Already, this deal had all the wrong things with it. But, I pursued it anyways since the park manager kept insisting it was such a great opportunity for me.

Initially, the seller on this deal wanted $4,000. I cut it in half being that it was a smaller home (14x48 - there are smaller but this is really small compared to others that I've bought).

Going into this deal, the "homeowner" side of me told me to walk away. But, the "investor" side of me told me this was a great deal. Why?

As a homeowner, I wouldn't live in this home or in this park. While the park was a family park, it was much a lower end type of park. There were a mix of homeowners and renters. But, it's one of those parks that is always having a lot of turnover - many evictions every month.

Now, there are some investors out there who work these kind of parks - it is their bread and butter. Yes, there are many opportunities in these kinds of parks to purchase low priced homes. But, the kinds of people it attracts and the rate of turnover is just something that isn't really my style. I found this out the hard way.

When I put the home out on the market, I went through my list of buyers (I get homeowner type buyers who call me on a regular basis who are looking). Most of the people that I talked with wanted a newer and larger home in a higher end park. They wanted quality, not cheapness.

Through experience, I found is that the park will attract certain type of clientele. Since this park had a lot of evictions and was more of a lower end park, it attracted more of a lower end type of buyer. What do I mean by "lower end?"

Many of the people who applied for the home had evictions, bankruptcies, unstable job history, low credit scores, etc. Personally, I just wasn't comfortable dealing with this type of clientele. The park manager told me I was too picky and I just needed to make a decision from the stack of applications received. The park manager also said that if someone defaults, I just need to get the eviction paperwork ready now - helping me with the paperwork process would be no problem.

Before making a move, I thought really long and hard about this. I went back and did some reflecting. I knew, I did not want to be a landlord - going into something like this would make me one. I just knew it. While I know there are some risks with "Lonnie Deals," I have learned to lessen my risks by having very high standards and criteria when it comes to working with potential homeowners.

In the end, I went with the "homeowner" in me. Doing a "Lonnie Deal" with this home and in this type of park was too much of a risk. I held out and finally sold this home to an investor who put homes on his land at a loss. But, it was a big lesson for me.

It really taught me that I really need to be working with homes and parks that I would live in. Now, I only work in high end parks. Though, the lot rent is usually the highest in the area the high end parks really attract the type of clientele I feel comfortable with - they are more of a fit to my personality.

These high end parks have very strict criteria which makes it easier on me when screening buyers - they do a lot of the screening for me already. For example, the parks I deal with will not take people who have bad credit, bankruptcies and/or evictions (not even one).

After this experience, it really opened up my eyes. It taught me that the type of parks that I work in really needs to fit my personality. Now, I can see clearer.

Happy investing!

Terminology Tuesday - Bill of Sale

(Sample Bill of Sale). Source: Documatica Forms

(Note: I think it's important to know the terminology and words used when learning any new business including mobile home investing. I came up with 'Terminology Tuesday' as a way to go over the terminology used in the mobile home business. It's important to know the terminology when talking to people in the business so you're all on the same page).

As defined in Wikipedia:

"A bill of sale is a legal document made by a 'seller' to a purchaser, reporting that on a specific date, at a specific locality, and for a particular sum of money or other "value received", the seller sold to the purchaser a specific item of personal, or parcel of real, property of which he had lawful possession".

Definition Link

Simply put, a Bill of Sale is like a receipt the seller provides the buyer at the time of purchase. Think of it more as a receipt for good purchased, just like purchasing items from a store. When you go to a store and buy items, you receive a receipt.

But, that is all it is - a receipt. A Bill of Sale IS NOT title.

Many people confuse Bill of Sale and think it is the same thing as title - it is not. (Notice in the definition above the word "possession" is used, not ownership).

When titling a property for mobile homes (as personal property), the transaction must accompany the physical title (in most cases, some states vary) and be recorded with the local authority in charge of manufactured housing. (Usually, this is as simple as filing a piece of paper and paying a fee).

Without "recordation," in the eyes of the government and the public whoever is in the record database of the local authority in charge of manufactured housing is the owner of the home.

So, before even exchanging funds when purchasing a mobile home you must first make sure you see a physical title from the seller (in most cases, some states vary) and check with the local housing authority as to who their records on who title currently belongs (according to public records) to if you would like to obtain title to the home.

I've spoken to so many sellers who think Bill of Sale is the same thing as title. What I find is that a lot of people I've encountered in this business do not really know the proper way of titling a mobile home.

Most folks assume that if you exchange funds and receive a receipt, then you own the home. (If only it were that simple!) So, then it becomes an education process.

Depending on your area, the process of titling a mobile home will vary. It's a good idea to get acquainted with the local housing authority in charge of manufactured homes in your area so you get to know the process and how things work. It's a great source of information for learning about the industry in your area.

Happy investing!