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

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Dustin M.

A person came in my experience recently seeking to borrow $500 in which he has a free of charge and clear home that is mobile. He was told by me i would allow him borrow the amount of money if i possibly could place a lien on their mobile house.

Anybody understand precisely simple tips to do that. In addition, this provided me with a business idea that is good.

Title loans on mobile domiciles (you see all of them the time for automobiles why don’t you mobile domiciles).

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Mike Matthews

Yes, Dustin will it be a good notion, i actually do it myself frequently. Each and every 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 whenever you file the Title or S.O.L Statement of ownership and location, there was an accepted spot to position your self since the lien owner. Therefore check always you states that are local Residence Title types.

In the event that you glance at part 8 about this kind, you can view for which you files for the lien.

Good work you may be thinking like a professional.

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Bill W.

Dustin, i suggest consulting with a legal professional to find out if this is certainly appropriate in a state. I’d a comparable concept final 12 months and talked about it with a RE lawyer in Texas. As he did not state so it will be expressly forbidden, he did have issues about its legality in Texas. I ended up moving in a various direction and would not pursue the matter.

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Dale Osborn

Browse the writte 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 mobile house. The only method that numerous can perform the US desire 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.

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Rachel H.

I would caution about any of it, Dustin. You might need certainly to consult legal counsel with that one.

Regarding putting liens on houses, I’m pretty certain the lien may need to be pertaining to your home (in other words. promissory note to house, mechanics liens, etc). In a few areas, there are a few actually strict guidelines for creditors in terms of homestead law. Hope that can help!

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Jamie Antley

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

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Mike G.

Browse 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 used home that is mobile. The only path that lots of can perform the US imagine house ownership is through having an investor like yourself open to make it work by loaning them the funds required and securing a lien from the mobile house.

Great book by the real method, Ive read all Lonnie Scruggs publications. Unfortuitously things that Lonnie did straight back in the day had been money that is great but have already been all but made obsolete in this beneath the microscope predatory lending world that people are now living in. I attempted to accomplish 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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Leslie The.

I would personally want to do that. But do not have notion of the legality. No coping with the real home!

We have bought current Discover More Here MH loans in past times. Also wonderful, but harder now following the SECURE work.

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