028 Buying Mobile Homes when Liens are Present with John and Mo

In today’s Mobile Home Investing Lesson Podcast episode #28, I’m proud to welcome active mobile home investor Mohammad to the co-hosting microphone. In today’s 50-minute podcast episode we dive deep into examples both real and hypothetical when it comes dealing with liens and loans on mobile home titles. Learn from our mistakes and successes when it comes to helping sellers and profiting with mobile homes that have current or outstanding liens.I am super proud of everything Mo has accomplished in such a short period of time. Mo has already been able to help multiple mobile home sellers, buyers, park managers and owners in his local area. Mo has no plans of slowing down.A Special Thanks to Mo for opening up his business and being so candid on today’s podcast to help other investors he’ll never meet.Disclaimer: You may have to rewind this podcast a few times to understand everything. During today’s podcast we jump into some real and hypothetical examples seen in the real world. Some of us are visual learners so the fact that we are not able to see anything on the podcast may make it a bit confusing for you to absorb 100% of everything the first time you listen. Don’t hesitate to rewind and make sure you understand things clearly. If you have any follow-up questions never hesitate to comment below or email me directly.In the podcast episode below, John and Mo cover:* 3:05 Hidden liens with a mobile home on private land story* 8:13 Mo’s 3 take-away lessons from the Hidden lien story* 10:00 Mo’s mobile home lien story and how he overcame hurdles to close successfully.* 17:47 Removing a lien from a closed bank on a Texas Title (SOL)* 24:52 Liens remaining on Titles without the owner’s knowledge.* 27:01 Caring for your seller more than the deal.* 28:42 Discussing a hypothetical situation if the mobile home’s lien was not truly satisfied and moving forward.* 30:12 Discussing paying off different mobile home lien scenarios.* 43:30 Discussing a hypothetical situation where getting clear title was not possible.* 48:48 Discussing some selling strategies and prices for Mo’s properties.How to deal with liens in real life while investing in mobile homes?Let’s face it, if you are investing in mobile homes then you will eventually run into a mobile home where the seller still owes money on the mobile home. This may happen to you sooner than later.✔ A. Understand who holds the loan: Sometimes the seller may be owner financing the home from the previous owner, or directly from the mobile home park, or from a local financing company, or nationwide financing company, or bank, or even a family member or friend. Some of these lenders are more friendly, flexible, organized, and/or forgiving than others.✔ B. Understand the realistic resale potential: It is important to first know your local market and what buyers are paying for mobile homes both cash and with a down payment and monthly payments. You want to know your realistic exit strategies because it is important to give every seller educated and realistic solutions that help them moving forward. Does the seller owe more money than the home is worth? Are you able to make a purchase offer or offers on this home? Can you give the seller additional information they may be able to use to sell the home themselves if you are not interested?✔ C. Things you also want to verify, but we are not talking about on this lesson: Repairs, age, ownership, local supply, time vacant, foundation, time of the year, park policies, condition, application criteria, demand, etc.✔ D. Understand how much the seller has left to pay off: Do the sellers owe over $30,000 on their mobile home?