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Learn to Buy Mobile Homes as a Notebuyer
Learn to Buy Mobile Homes as a Notebuyer
Mobile homes are considered “Personal Property. Land/ Home deals start out as:
• Land: with an assessed tax value and a property tax assessment and statement from the county Tax Assessor Collector’s office.
• Mobile Home: classified as “Personal Property” with its own “Personal Property” tax assessment and statement.
In the case above you’ll have two taxes to pay; one tax on the land, and one tax on the mobile home.
In Texas you can opt to turn in the title to the mobile home and get the land and the home classified as “Real Property” (real estate). When you combine the land/home together the property has one tax statement, like a regular house; land + improvements, all on one tax statement.
In some states you need to be licensed to sell even ONE mobile home. In Texas you absolutely have to have a license to sell even one mobile home. Other states you can buy/sell up to 5 w/o a license.
Instead of getting a license myself, I prefer to hire a licensed mobile home salesperson to buy my mobile homes. While that licensed salesperson owns the home, we load the homes with owner/occupant/payers. Then I simply buy the note from the licensed mobile home salesperson and make sure the licensed salesperson comes out $500 to $1, 000 ahead in the transaction.
I’m just a note buyer who ended up with a note with a mobile home as collateral. No license necessary.