Hi,
Is it legal in Texas to sell POH to existing renter through contract for deed ? Idea is to make the renter owner of the mobile home through contract for deed with the deed of the home transferred to them at the end of certain number number years if they pay all monthly payments and home remains in the park.
Yes, it can be done as an executory contract, but there’s lots of requirements as per Section 5 of TX Property Code (starting at 5.069, specifically), along with all the Dodd Frank, SAFE Act items. If I had 30-50+ POH in good shape I would probably investigate it seriously, otherwise would stick to a less strenuous program.
I haven’t gone to any training yet but I think I would rather own the homes as rentals longer term. I don’t yet see the logic in selling the homes at all, however, if I do decide to sell any park owned homes then I would seriously consider the contract for deed method over traditional seller financing because getting the title back requires official foreclosure etc. right?