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

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

  • Articles 68
  • Votes 10

Dustin M.

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

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

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

  • Articles 257
  • Votes 58

Mike Matthews

Yes, Dustin can 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. This way I suck them back.

In Texas once you file the Title or S.O.L Statement of ownership and location, there clearly was destination to position your self since the lien owner. Therefore check always you neighborhood states mobile phone Residence Title kinds.

You can see where you files for the lien if you look at section 8 on this form.

Good work you might be thinking like an expert.

  • Articles 171
  • Votes 46

Bill W.

Dustin, i will suggest talking to a lawyer to ascertain if that is appropriate in a state. I’d an idea that is similar 12 months and talked about it with a RE lawyer in Texas. As he don’t state it will be expressly forbidden, he did have issues about its legality in Texas. I ended up moving in a different way and would not pursue the problem.

  • Articles 1.9K
  • Votes 574

Dale Osborn

Browse the publications “Discounts on Wheels” & “Making $$ with Mobile Homes” by Lonnie Scruggs. It defines this kind of investing.