Im waiting to see what SteveO has to say about this, it does sounds like a great idea. Have you done any repairs so far?
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Free registration at the forum removes this block.Here in Texas it is best to use a licensed mortgage broker to close, which keeps you in compliance with the SAFE Act. I myself am just getting into my first MH deals, so will make a new post soon with details.Lonnie deals! Boy that takes me back , I had a plan at one time to snowball this into a down payment for a park but...well shiny things syndrome. I thought I could get better returns faster elsewhere.
You ever here of any other lonnie dealers losing notes from the SAFE act or was that just the boogeyman that never materialized?
Here in Texas it is best to use a licensed mortgage broker to close, which keeps you in compliance with the SAFE Act. I myself am just getting into my first MH deals, so will make a new post soon with details.
The bigger issue is if the borrower defaults and you've made a real property loan that requires foreclosure. If the borrower retains a good attorney who understands Dodd-Frank, SAFE and seller financing, you run the risk of not getting that foreclosure judgement.
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