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A person came for me recently trying to borrow $500 in which he has a totally free and clear mobile house. We told him We would allow him borrow the funds if i possibly could place a lien on their mobile house.
Anybody know precisely how exactly to repeat this. In addition, this provided me with a great company concept.
Title loans on mobile domiciles (you see all of them the time for automobiles have you thought to mobile houses).
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Yes, Dustin can it be an idea that is good i actually do it myself very often. Each and every time a house is compensated off we make certain this new owners understand i will let them have a loan when they want regarding the mobile home. 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 spot to position your self since the lien owner. Therefore check always you states that are local Residence Title kinds.
In the event that you have a look at part 8 with this kind, you can view for which you files for the lien.
Good task you might be thinking like a professional.
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Dustin, i recommend talking to a lawyer to ascertain if this really is legal in a state. I experienced a comparable concept final 12 months and talked about it with 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 direction that is different would not pursue the matter.
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Browse the 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 mobile home.