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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Cash for Cans (mobiles)* Posted by Nate on January 25, 2010 at 5:49 PM In Reply to: Cash for Cans (mobiles)* posted by Rick, the Probate Guy on January 24, 2010 at 10:25 AM : I have not "willingly" purchased a mobile home however I have "acquired" several. : For starters, the distinction you need to make is whether you are searching for mobiles sitting on land, or land with attached mobiles having permanent, permitted foundations. : The latter are part of the real property and will typically be reflected on the tax roles as 'land with mobile.' : The former are merely personal property and are financed and encumbered like a care loan. The note is evidence of the debt and I believe the mobile is secured be a UCC-1 form which is recorded. It is NOT part of the property as it not appurtenant until the necessary steps are taken to make it so in the eyes of the local governing agency. If the land is encumbered, it will be secured by a Trust Deed. However, just because there's a trailer on the land and the land has a trust deed on it doesn't automatically mean that if you buy the land you get title to the mobile unless it's properly documented. : Foreclosing on an unattached, non-appurtenant mobile is really a reposession, not a foreclosure, per se. So, if I were looking for mobiles (to be clear for which I am NOT) I'd begin by asking if I wanted trailers in parks or not, and if not, do I want ones on land or in storage. : The I'd focus on those documents relating back to either a distressed seller or a park operator who doesn't want the asset. If you think that dealing with homeowners is problematic, think thru the difficulty of working with someone who's going from trailer life to _____ life. And they ALL have animals...lots of 'em; and you'll get to deal with that, too! : Figure that in any kind of foreclosure purchase you are going to be responsible for back taxes and back park rent, if applicable. : There is certainly money to be made in all areas. You might want to read Lonnie Scrugg's book 'Deals on Wheels' or if you get a chance to hear Clyde Wilson 'Take a ride with Clyde' (which I only suggest you do so for an hour to start...trust me). : Also, a man that had a lot of influence in my personal life was the founder of a major mobile/RV manufacturer and when he died several years ago he left about 1/2 Billion $$ behind! Now that's an RV experience. : * Unlike aluminum cans, not all mobiles have a redemption value. : Great Reply Rick ! Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I have not "willingly" purchased a mobile home however I have "acquired" several. : : For starters, the distinction you need to make is whether you are searching for mobiles sitting on land, or land with attached mobiles having permanent, permitted foundations. : : The latter are part of the real property and will typically be reflected on the tax roles as 'land with mobile.' : : The former are merely personal property and are financed and encumbered like a care loan. The note is evidence of the debt and I believe the mobile is secured be a UCC-1 form which is recorded. It is NOT part of the property as it not appurtenant until the necessary steps are taken to make it so in the eyes of the local governing agency. If the land is encumbered, it will be secured by a Trust Deed. However, just because there's a trailer on the land and the land has a trust deed on it doesn't automatically mean that if you buy the land you get title to the mobile unless it's properly documented. : : Foreclosing on an unattached, non-appurtenant mobile is really a reposession, not a foreclosure, per se. So, if I were looking for mobiles (to be clear for which I am NOT) I'd begin by asking if I wanted trailers in parks or not, and if not, do I want ones on land or in storage. : : The I'd focus on those documents relating back to either a distressed seller or a park operator who doesn't want the asset. If you think that dealing with homeowners is problematic, think thru the difficulty of working with someone who's going from trailer life to _____ life. And they ALL have animals...lots of 'em; and you'll get to deal with that, too! : : Figure that in any kind of foreclosure purchase you are going to be responsible for back taxes and back park rent, if applicable. : : There is certainly money to be made in all areas. You might want to read Lonnie Scrugg's book 'Deals on Wheels' or if you get a chance to hear Clyde Wilson 'Take a ride with Clyde' (which I only suggest you do so for an hour to start...trust me). : : Also, a man that had a lot of influence in my personal life was the founder of a major mobile/RV manufacturer and when he died several years ago he left about 1/2 Billion $$ behind! Now that's an RV experience. : : * Unlike aluminum cans, not all mobiles have a redemption value. : : : Great Reply Rick ! [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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