Title loans on mobile houses. Any see any potential issues with beginning a home title loan company that is mobile?
- Posts 68
- Votes 10
Someone came if you ask me recently trying to borrow $500 in which he has a totally free and clear mobile house. He was told by me i would let him borrow the cash if i possibly could place a lien on their mobile home.
Anybody understand precisely how exactly to repeat this. In addition, this provided me with a great company idea.
Title loans on mobile houses (you see all of them the time for vehicles why don’t you mobile domiciles).
- Posts 257
- Votes 58
Yes, Dustin will it be a good notion, i really do it myself very often. Each time a property 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 was an accepted destination to position your self since the lien holder. Therefore check always you states that are local Residence Title kinds.
You can see where you files for the lien if you look at section 8 on this form.
Good task you might be thinking like a professional.
- Articles 171
- Votes 46
Dustin, i recommend seeing a lawyer to find out if this will be appropriate in a state. I’d a comparable concept final 12 months and talked about it by having a RE attorney in Texas. While he don’t state so it could be expressly forbidden, he did have issues about its legality in Texas. I finished up moving in a direction that is different would not pursue the problem.
- Articles 1.9K
- Votes 574
See the writte publications “Discounts on Wheels” & “Making $$ with Mobile Homes” by Lonnie Scruggs. It defines this sort of investing. No home loan business will loan against an utilized mobile house. The only method that numerous can perform the US desire house ownership is through having an investor like yourself offered to make it work by loaning them the amount of money required and securing a lien from the mobile house.
- Articles 2.9K
- Votes 1.1K
We’d caution relating to this, Dustin. You may want to consult legal counsel about this 1.
Regarding liens that are placing homes, I’m pretty certain the lien may need to be linked to your home (i.e. promissory note to house, mechanics liens, etc). In some areas, there are numerous actually strict guidelines for creditors when it comes to homestead law. Hope that can help!
- Articles 2
- Votes 0
We possess a 1994 mobile house We had been trying to get online personal loans louisiana direct lenders that loan against name is the fact that feasible?
- Articles 593
- Votes 279
See the writte publications “Discounts on Wheels” & “Making $$ with Mobile Homes” by Lonnie Scruggs.
This type is described by it of investing. No home loan business will loan against an utilized home that is mobile. The only path that lots of can perform the US dream of house ownership is through having an investor it happen by loaning them the money needed and securing a lien against the mobile home like yourself available to make.
Great book by the real means, Ive read all Lonnie Scruggs books. Regrettably things that Lonnie did right right back in the time had been great cash manufacturers but have now been all but made obsolete in this beneath the microscope predatory lending world that people reside in. I attempted to complete exactly exactly just 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 ended up being a pioneer along with his taking straight back notes on mobile domiciles and being a Lonnie dealer inside other individuals parks.
- Articles 445
- Votes 163
I might want to repeat this. But do not have basic concept of the legality. No working with the real home!
We have bought current MH loans within the past. Additionally wonderful, but harder now following the SECURE work.
Just noticed we are replying to an 8 yr old Post. Lol