After getting back one of my mobile homes in January and finally selling it and closing escrow on it last week… I learned a few things from it:
* Be good to your buyers/tenants and they (usually) are good with you (I have a caveat I’ll explain another day relating to my land buyers)
When my buyer went late on his space rent (3 months late), I had to act fast to get him out. So, we finally got a hold of him and because we’ve been good to him all these years he agreed to just release over the title to us and leave the house in a week.
… Easiest “foreclosure” you can make
* Never just assume that someone of higher authority is giving you all the info/truth; don’t rely on ONE person, ONE source, etc; go above and beyond what’s “needed”.
I know that sounds vague, but let me explain:
When I took back the home I called HCD (the government institute here in CA that governs the transaction of mobile homes and all other things relied to mobile homes) and asked:,
“what I do I need signed when the owner is releasing the home to the lien holder?”
They told me all I need is the title signed from him.
WRONG…. I found out while going through escrow, I still need a bill of sale, a multi-purpose form, and power of attorney.
I had to go back to the buyer several times (after he’s left the house) to sign over documents because it was a double close.
I should have officially transferred over the mobile home back to me BEFORE entering escrow.
Luckily he wasn’t far and get those things quick
* Don’t believe your agent knows how to sell until proven innocent; and check up on her/him
I used an agent. I know a lot of people don’t.
But this one is a hustler and I live 50 miles from the park.
However, leaving someone you hired alone, and not checking up on them regularly (weekly or bi weekly), can mean dragging out a sale.
You want to check up on them to ask about potential buyers. Because they might not think outside the box like you.
For instance, one very good buyer wanted a dishwasher. If that’s what’s breaking the deal… problem solved by just buying a $200 dishwasher.
Another time, a different buyer needed financing and would look around…. I petitioned the agent to go back ask if she’ll let me finance it.
Anyway point being is: check up on the agent and manage them. They are your “employee”… so manage them.
Ok, that’s it for today, I have to know crack the whip on my land buyers who are starting to fall behind and I have more lessons attached to that for another day.
Be safe out there.
And if you haven’t seen it, check out the latest interview with Jeremy Resmer and share it and comment and review it on your podcast app.
“Keep moving forward in your REI venture”
Paul do Campo
I’ve spent many hours learning and implementing marketing methods in REI, chasing sellers, and building cash flow streams… and I show you what works and what doesn’t from real-world investors in the trenches today through my daily tips, articles, and audio interviews at www.realestateaudios.com
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