Title loans on mobile houses. Any see any potential issues with beginning a home title loan company that is mobile?

Title loans on mobile houses. Any see any potential issues with beginning a home title loan company that is mobile?

  • Articles 68
  • Votes 10

Dustin M.

An individual came if you ask me recently seeking to borrow $500 and then he has a free of charge and clear home that is mobile. We told him We would let him borrow the cash if i really could place a lien on their mobile home.

Anybody know precisely how exactly to try this. In addition, this provided me with a business idea that is good.

Title loans on mobile houses (you see them the time for vehicles have you thought to mobile domiciles).

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  • Votes 58

Mike Matthews

Yes, Dustin will it be an idea that is good i really do it myself very often. Each 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. Because of this I suck them back.

In Texas once you file the Title or S.O.L Statement of ownership and location, there is certainly an accepted spot to put your self since the lien owner. Therefore always check you neighborhood states Cellphone Residence Title kinds.

You can see where you files for the lien if you look at section 8 on this form.

Good task you’re thinking like an expert.

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Bill W.

Dustin, i recommend talking to a lawyer to ascertain if this can be appropriate in a state. I’d an idea that is similar 12 months and talked about it by having a RE attorney in Texas. While he did not state so it will be expressly forbidden, he did have issues about its legality in Texas. I ended up planning a various direction and would not pursue the matter.

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Dale Osborn

See 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 home that is mobile. The only way that lots of can perform the American imagine 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.

  • Articles 2.9K
  • Votes 1.1K

Rachel H.

I’d caution about it, Dustin. You may want to consult an attorney with this 1.

Regarding liens that are placing domiciles, we’m pretty certain the lien may need to be associated with your home (for example. promissory note to house, mechanics liens, etc). In certain areas, there are a few actually strict guidelines for creditors with regards to law that is homestead. Hope that can help!

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Jamie Antley

We have a 1994 home that is mobile ended up being hoping to get that loan against name is feasible?

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Mike G.

Browse the publications “Deals on Wheels” & “Making $$ with Mobile Homes” by Lonnie Scruggs.

It describes this sort of investing. No home loan business will loan against an utilized mobile house. The only way that numerous can perform the US imagine house ownership is through having an investor like your self accessible to make it work well by loaning them the amount of money required and securing a lien resistant to the mobile house.

Great guide by the real method, Ive read all Lonnie Scruggs publications. Unfortuitously things that Lonnie did straight right back in the time had been money that is great but have already been all but made obsolete in this underneath the microscope predatory lending world that individuals are now living in. We attempted to complete just just what Lonnie did about 6 years back and had been offered a cease and desist letter through the continuing state and county. It sucks because Lonnie had been a pioneer together with his taking straight back notes on mobile domiciles being a Lonnie dealer inside other individuals areas.

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  • Votes 163

Leslie The.

I would personally like to try this. But do not have concept of the legality. No coping with the home that is actual!

We have purchased current MH loans in past times. Additionally wonderful, but https://speedyloan.net/personal-loans-md harder now following the SECURE work.

Just noticed we are replying to an 8 yr old Post. Lol

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