Things to Check when Considering Investing in Mobile Homes on Leased Land
Many people do not realize that there is a big difference from buying real estate versus personal property. Mobile homes on lease land are considered personal property. They are taxed as personal property too. Whenever I am evaluating a mobile home for purchase I will check with the county assessor to make sure that the taxes have been paid or if a tax lien certificate or tax deed has been sold on the property recently or is up for sale soon. It is an extra added expense that most people do not consider.
Additionally, the mobile home seller might owe the park back lot rent, you should communicate with the park manager and make sure it is current. In some cases, the title might be held by a bail bondsman, title loan company or private party whom the seller owes money.
You should always check to make sure the title is in their possession and verify that the title is in their name. In some cases, the current owner may not have changed the name on title just becasue they are lazy. If you find that their name is on the lease with the park, tax records, and utilities, you have a good chance that the person showing you the title in another persons name is the lawful owner.
Just some pointers to reduce your risk!!
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If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
Many people do not realize that there is a big difference from buying real estate versus personal property. Mobile homes on lease land are considered personal property. They are taxed as personal property too. Whenever I am evaluating a mobile home for purchase I will check with the county assessor to make sure that the taxes have been paid or if a tax lien certificate or tax deed has been sold on the property recently or is up for sale soon. It is an extra added expense that most people do not consider.
Additionally, the mobile home seller might owe the park back lot rent, you should communicate with the park manager and make sure it is current. In some cases, the title might be held by a bail bondsman, title loan company or private party whom the seller owes money.
You should always check to make sure the title is in their possession and verify that the title is in their name. In some cases, the current owner may not have changed the name on title just becasue they are lazy. If you find that their name is on the lease with the park, tax records, and utilities, you have a good chance that the person showing you the title in another persons name is the lawful owner.
Just some pointers to reduce your risk!!
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125