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Mobile Home Millions THE MOBILE-HOME ENTHUSIAST’S GUIDE TO TALKING TO NAYSAYERS.
The Daunting Default UNDERSTAND TYPES OF FORECLOSURES AND PROTECT YOURSELF IN THE PROCESS.
by Chimene Van Gundy
by Bruce Kellogg
e’ve looked at a lot of reasons mobile homes are making a well-deserved comeback. Indeed, we may witness the underdog become the superhero in more than just our own floundering economy. For some, mobile homes have become the answer to affordable living. However, they are also the solution for those who are starting a business, need to reduce person- al overhead, or need to put more money into their family instead of being “house poor.” Maybe you are the person who wants to travel or who wants to spend more time doing activities with your family. Currently, one in three Baby Boom- ers are turning to manufactured housing (mobile homes) for their housing needs. Therefore, if you need an argu- ment to bolster your belief, here are a few typical misconceptions and their counterarguments. MISCONCEPTION #1 Mobile homes are not real estate investments; they are merely personal property. Ah, you’re dating yourself, dearie.
Prior to 1976, a mobile home could not be considered “real” property. Now mobile homes can easily be converted into “real” property when tied into a land parcel. The process is uniform and can be outlined in detail under the Uniform Manufac- tured Housing Act. Also, the stan- dards in building quality changed in the industry as well. Due to these changes in standards, the mobile home industry has changed the ability for more Americans to get “quality affordable housing.” Mobile homes are affordable housing with almost limitless potential. MISCONCEPTION #2 Mobile home values will only depreciate. Have you heard that mobile homes are just higher dollar car payments? They only lose value. Research shows that the majority of mobile homes gained value; they did not depreciate. In a lot of markets, mobile homes have appreciated in value. In fact, as long as they are structurally sound, mobile homes can be renovated for pennies on the dollar compared to
traditional houses. If mobile homes only depreciate in value, why are so many inves- tors scrambling to buy them? A whopping 22 million Americans live in manufactured housing (mobile homes), and they are recession-proof. I do believe I will continue to “hang my hat” in this asset class. Are you ready to get started? If so, contact us at https://mobilehome- millions.com for more information on mobile home park investments. •
hen a loan default occurs, un- fortunately, it is usually grad- ual. One month a payment is missed, then another month. Then you’re thinking about the consequences of foreclosing: costs, lost income, prop- erty damage, possible bankruptcy, repossession. Besides foreclosing, there are two alternatives: #1 Deed-in-lieu-of foreclosure, where the borrower voluntarily deeds the property back. (See the July issue of Think Realty Magazine for more on this topic.) #2 A Loan “Workout.” If the borrower’s nonpayment is temporary, due to job loss for example, and the borrower had been reliable, it’s best to defer all or part of the missed pay- ments and add them to the loan after payments resume. A written Loan W
nent, for example, if they are incarcer- ated or deported, then foreclosing is necessary. You have no choice.
sure” online and see what vendors pop up. Interview a few by phone, and make a selection. When you go to their office, you will need to bring a few things: 1) The original note (A copy will not do.) 2) The mortgage or deed-of- trust document (A copy will do since this document is recorded.)
TYPES OF FORECLOSURES There are two types of foreclo- sures, depending upon the state where they take place. Twenty states provide for only judicial foreclosure, which involves filing a lawsuit in court in order to recover a property. These take months, and even years. They are also usually expensive because attorneys are involved. Seven states provide for only trustee sale foreclosures, where title is held in trust, and the trustee conducts the foreclosure in the event of a default. All other states provide for both methods, with the trustee sale being the most economical and expedient.
3) Payment records
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Chimene Van Gundy is the mother of five children, and she runs and manages five different companies. She is known as the "The Mobile Home Millionaire" and “Queen of Mobile Homes” because
Bruce Kellogg has been a Realtor ® and investor for 38 years. He has transacted about 800 properties in 12 California counties. These include 1-4
units, 5+ apartments, offices, mixed-use buildings, land, lots, mobile homes, cabins, and churches. Mr. Kellogg’s biography is included in Marquis Who’s Who in America – 2019. Mr. Kellogg is available for consulting with syndication, “turnkey”, joint-venture, and other property purchasers and note investors nationally, and other consulting assignments. Reach him at email@example.com or (408) 489-0131.
she has fixed, flipped, and wholesaled more than 400 units to date in four years and in 11 states. She currently owns 20 mobile home parks and has tak- en her business international by rehabbing mobile homes in Ireland, where they are called “Holiday homes.” Chimene is on a mission to preserve the “last frontier of affordable housing for the U.S.” and is currently teaching others how to use these “little boxes that spit out cash” to change their lives and live the life of their dreams through her mobile home millions platform.
Modification Agreement will be needed. (The recorded “security
GETTING STARTED Since foreclosure procedures vary by state, simply search “Foreclo-
document” —mortgage or deed-of- trust — will not need to be changed.) If the borrower’s default looks perma-
32 | think realty housing news report :: august / september 2019
thinkrealty . com / hnr | 33
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