Title loans on mobile houses. Any see any potential issues with beginning a home title loan company that is mobile?
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A person came if you ask me recently seeking to borrow $500 and then he has a totally free and clear mobile home. We told him We would let him borrow the funds if i possibly could place a lien on their mobile house.
Anybody know precisely just how to repeat this. In addition, this provided me with good company concept.
Title loans on mobile houses (you see all of them the time for automobiles have you thought to mobile houses).
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Yes, Dustin can it be a good notion, i actually 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 destination to position your self since the lien owner. Therefore always check you neighborhood states Cellphone Residence Title kinds.
In the event that you have a look at section 8 about this type, you can view where you files for the lien.
Good task you will be thinking like an expert.
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Dustin, i recommend talking to legal counsel to find out if that is appropriate in a state. I’d an idea that is similar 12 months and discussed it having a RE lawyer 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 moving in a various direction and would not pursue the matter.
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See the books “Discounts on Wheels” & “Making $$ with Mobile Homes” by Lonnie Scruggs. This type is described by it of investing. No home loan business will loan against an used home that is mobile. The only method that lots of can perform the US desire house ownership is through having an investor like your self open to make it work well by loaning them the amount of money required and securing a lien contrary to the mobile house.
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We’d caution concerning this, Dustin. You might should consult legal counsel with this 1.
Regarding putting liens on houses, we’m pretty certain the lien might have to be linked to the house (i.e. promissory note to house, mechanics liens, etc). In a few areas, there are a few actually strict guidelines for creditors in terms of homestead law. Hope that can help!
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We possess a 1994 mobile home We ended up being looking to get financing against name is the fact that feasible?
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See the writte publications “Deals on Wheels” & “Making $$ with Mobile Homes” by Lonnie Scruggs.
This type is described by it of investing. No home loan business will loan against an utilized mobile house. The only path that lots of can perform the US desire house ownership is through having an investor like your self offered to make it work well by loaning them the amount of money required and securing a lien from the mobile house.
Great guide by the real means, Ive read all Lonnie Scruggs publications. unfortuitously things that Lonnie did right right back in their time had been money that is great but have already been all but made obsolete in this underneath the microscope predatory lending world that people are now living in. I attempted to complete exactly what Lonnie did about 6 years back and had been offered a cease and desist letter through the state and county. It sucks because Lonnie had been a pioneer along with his taking straight back notes on mobile domiciles being a Lonnie dealer inside other individuals areas.
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I might want to try this. But haven’t any notion of the legality. No coping with the real house!
I’ve bought current MH loans into the past. Additionally wonderful, but harder now following the SECURE work.
Just noticed we’re replying to an 8 yr old Post. Lol