Q: In Tennessee can I seller-finance mobile homes in mobile home parks?
My business plan was to buy old mobile homes in parks and repair them. After repairs, sell to individuals with sound credit, housing record, and employment on terms for 3-5 years with no interest and no early-payoff penalties.
Im serving three purposes: I'm cleaning up mobile home communities, I'm keeping homes out of landfills, and I'm giving families an opportunity at affordable, safe housing.
A: Your business plan will require alot of work, and will incur significant risks. Do not buy any mobile home that does not have a certificate of title that goes with the serial number on the home. Then you will need a financing statement and note for each sale. Then you must record the lien against the title. There will also be problems with the lot owners, who will want to be paid. It may help to emplace wheels and tongues on the trailers, for repossession of the collateral. Then you will need a truck and a place to store them. Good Luck !!!
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