It looks as though my state will force me to become a licensed manufactured home dealer. (Oklahoma)
Are there any benefits to this?
Can I find wholesale used homes that are not available to the public?
Thank you!
Are you a MHP owner? Who is saying you have to become a licensed dealer? Are you doing Rent Credit or RTO or actually creating mortgages?
GreenTree, 21st Mortgage and Vanderbilt Mortgage run auctions on repoed mobile homes. You might also run ‘we buy’ ads in the local CraigsLists.
To your continued success,
-jl-
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JL,
The mortgage companies that you mentioned how do you find what they have to auction off? is it on there website? Do you need any special credentials in order to get the lists?
No special credentials are required to get on the wholesale lists. Note that Texas does require that you be a licensed MH Dealer to actually purchase a home, but there is no restriction on receiving the wholesale list. In Texas, you can scour the list and inspect the homes yourself, and pay a $100 fee or so to a licensed dealer to paper the transaction themselves. Each state is different. Contact your State’s Manufactured Housing Association to find out more.
To get on the wholesale lists:
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GreenTree/Origen: linda.j.swatsenbarg@gtservicing.com
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21st Mortgage: brittanyrederick@21stmortgage.com
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Vanderbilt: mobilehomesexpress.com (the only ones smart enough to put it all on-line!)
In my experience, the folks at 21st Mortgage are somewhere between incompetent at best, and dishonest at worst. (21st will take your bid and shop it against you, will not disclose known defects of the houses, have never set foot in any of their houses and so know nothing about their condition, or what the lockbox code is to get into the house when you want to go inspect, etc.). GreenTree is fairly easy to deal with, and Vanderbilt is outright excellent (ask for Rusty Moore).
Your mileage may vary,
-jl-
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Greentree has an auction sytem where you can put in your bid online (once you become registered as a bidder). Be careful about back taxes and past due lot rent. Vanderbilt typically pays back taxes, Greentree does not. Past due lot rent can be confusing, and depends on the state. In Ohio for example, it is illegal for a park owner to block you from taking out a home that you recently purchased (either from an individual or a lender).
BTW , I thought Linda Swatsenberg shut down their GT operation (at least in Oklahoma). Maybe she still operates in Texas.
Bret