Mobile home deal

Wow, that's awesome Jay! Seems like my area (College Station, TX) has a lot of mobile homes for sale. PM me if interested in partnering. I've joined the Success Academy recently and am working through it.
-Teresa

GOLD MINE in mobile homes!!!!!

JAY, YOU KNOW this and it IS very overlooked and can be purchased VERy CheapLy and turn REALLY NicE Profits

Good to see you back in here for a minute- I know you're BUSY
Take care

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ONGRATULATIONS TERESA!! For joining the success academy!! You will propell yourself forward faster by learning from the academy and your coaches. The mobile homes in your area are yours for the taking. Just make sure you beware of buying them when they r in a park as if you buy and can't turn them over then u may be stuck with the lot rent. Try to find mobile homes on their own lots and if there is a large lot then SEPERATE and keep a chunk or two to be able to put ANOTHER mobile home on it. Many many opportunities with mobile homes ..... ESP in your area it sounds GREEEEAAAT!!!
Jay

Hey bud I HAVE TO get back here more as I get more motivation from this site with deans blogs and sharing with others !! I miss spending hours on here... It's addicting!! Been busy getting all things together with permits, power ,?plans and such to build a new house so I can have a dedicated real estate office and no maintenance for awhile:)) my boy is buying my primary residence so we have been doing some updating. Still learning and turning deals and building networks to move forward and get MORE EXPERIENCE. have an appointment to view another mobile home with lot next week. This one is furnished and the owner moved out of state. Sounds like another take if I can work some magic ) mobile homes are certainly an avenue that gets overlooked but they r a great niche for beginners and experienced investors!!
Nice to hear from you mike !!!
Jay

Do you run comps on mobil homes, and do you figure AVR the same way you would on a house? Lots of mobil homes in my area too, most with acreage. I've been curious, but wasn't sure how to go about flipping one. Are you holding or flipping? Thanks for the interesting post.

No I don't run comps only because I am investing in MY local area and I KNOW what they r worth by doing more and more mobile home deals. I would guess you could use comps of sold mobile homes or manufactured housing but you would have to research from a realtor if the SOLDS had any mobile homes. It's tough. Because the age and size and. Ondition can vary so much on these but you COULD get mobile home dealers to give you average or retail worth on them until you get experience with them. Just like a house ... You would DEVELOP just like I did a knack for knowing what they r worth in a certain area OR you could PARTNER with someone who KNOWS the value such as a former or current mobile home dealer , contractor or salesman. A lot of times it's not at all the total sales price or interest that bothers rent to own buyers so much as the MOST IMPORTANT down payment and monthly payment !!!! This is the SECRET!!!!
JAY

Appreciate your advice.

Thanks Jay!

for sharing your mobile home deals with us!

Also, at last year's Edge event, Dawn Ehrling (one of the coaches at the SA) gave a presentation on mobile homes, and talked about her criteria when buying them, what to look for, etc...
It's all on the Edge 11 dvd's.

Val , YES Dawn is a coach and she has an amazing presentation on investing in mobile homes!!!
Anyone that is in the success academy and wants to invest in these DEFINITELY Contact her )$$$
Jay

I Have alos looked in to investing in these too. How do you work around the fact that some want you to sign an application if im not the one going to live there?

Just my opinion but I stay away from buying any single mhomes in a park unless you are moving them to another lot YOU OWN. as I mentioned above ... If you can't get a tenant then you have to keep paying lot rent to the park owner ... Suggestion... BUY THE PARK or start your own )$$$
Jay

jbtoggs wrote:

Just my opinion but I stay away from buying any single mhomes in a park unless you are moving them to another lot YOU OWN. as I mentioned above ... If you can't get a remnant then you have to keep paying lot rent to the park owner ... Suggestion... BUY THE PARK or start your own )$$$
Jay

get your buyers 1st and finance it

A lot of institutions won't finance mobile homes, so that makes them harder to resell, so prospective buyers are looking for alternative financing like some sort of OWC. Also, a lot of buyers are looking for their own space, and don't want to be in the city.

Good advice!! See I believe the best part of mobile homes is they can be bought at a VERY reasonable price and for the beginning investor this is a simple way to get some experience in transactions and negotiation. I have bought mobile homes for $1200 and just went through and CLEANED them in one day and sold for $3500 !!!
The best way in my opinion is to find a MOTIVATED seller with a mobile home on a lot and negotiate a SUPER CASH price to buy OR seller finance it from them and sandwich it for more.
IF at all possible the CASH is KING. If you don't have it then FIND A PARTNER , use a LINE OF CREDIT, TRADE SOMETHING, sell something you own like a LIABILITY,..........there are MULTIPLE WAYS to make this happen .......
HOW BAD DO YOU WANT IT ?????
Jay

This is exactly what I want to do. Get into mobile homes. I'd love to own a few lots and rent them out that way. Is it a lot harder to find a financer or buyer. Do you buy mobile/manufactured homes out of your area? I have a few FSBO contacts that are willing to sell but one in Washington and the other here in Oregon. Both manufactured homes in parks. Harder to get financing for them? How would you set up a contract for that? There is one guy who just wants someone to take over his mortgage payments. How would you go about setting this up?
Sorry so many questions. I'm still so new and still trying to understand.

Yes I buy mobile homes and or manufactured homes in my local area. I stay in my local area at this point because I am very familiar with my target market and my local area I have more time to study and research it because it is so close to home. Personally I suggest not buying a mobile home in a park only because if you cannot rent or sell them when you have them locked up you are obligated to pay park rent. These are excellent starter deals where you don't have a lot of money invested in them and they are plentiful. I would suggest looking them up on craigslist amd your local paper and C all the for sale by owners to get experience negotiating and just talking with sellers. Good luck. Go getum !!!
Jay

On this one I would search for a buyer and make a fee such as a finders fee or consultants fee for finding a buyer and hand the deal off to them. If this is your first deal and u don't have a team built there then it would be more difficult.... BUT NOT IMPOSSIBLE:))$$
Jay

Thank you for taking the time to answer this for me. I appreciate any and all feedback on the manufactured homes business. That is really where my interest lies.

read and study all you can on this subject and you can be an EXPERT !!
jay

I love mobile homes too! I use to own a mobile home park and they really can be cash cows.

they certainly are CASH COWS !!! i have not owned a park YET but when the opportunity presents i will POUNCE on it !! )) $$$$$$. i have looked at a couple parks but they needed so much to update and comply with regs that the opportunity was not worth it.hope to find a golden one in near future !!
jay

jbtoggs I have watched some of your posts and your right, MH's there is a lot of money to be made with them and the great thing is. There is very little competition as far as investors go.

There are tons of buyers that want them, it is easy to find the sellers of them, you just have to put the two together and make money in the middle.

I have been fixing up MH's for a couple years now, and cash flow on them like crazy. I love receiving the checks every month which supports the next deal.

What states are you working in with your Mobile Homes and where would you go for a park?

Great job

Mike

I work with an investor that invests in mobile homes. He really know what he is talking about. I would look for his posts and follow what he is doing. One day he will make a million just with mobile homes just you watch.

I love the cashflow and what MH's can create, I'm want to learn more about how to invest in them.

Always stay positive you never know what is around the corner

I have a client who purchased a mobile home for $9k, spent $1500 in rehab and are now renting it for $800/mo. They looked at purchasing a property for $115k and would be getting $850/mo in rent. They called me the next day and said that it didn't make sense to spend so much money for the same rent! Within a week they found another mobile home and purchased it for $7500, spent $2500 on rehab and are now renting it for $750/mo. They have found their niche in this vast real estate world, they are making money and are smiling all the way to the bank! and yes....on the hunt for another mobile home!

Hi

I'm a new investor and want to invest in mobile home parks in my area But I'm not sure of the formula to use to come up with a purchase price or is there one? Does anyone know of a DVD that I could purchase that would help me?

The owner is willing to hold the note. The park has 7/ 3 bedroom units and 8/ 2 bedroom units and a concrete house 2/1 on the property. Owner wants to retire

That is awesome! What a great opportunity you have.
Buy them like a group of apartments. Figure out the price per unit and check out the rents.

It will probably be a great deal!

Do Keep us informed!

there's a dvd from the edge 2011 where Dawn Erling (one of the SA coaches) gave a presentation on mobile homes... she knows a lot about them!

Thanks Val I will buy that DVD

I will keep all posted on this Deal keeping fingers crossed

Where do I buy the edge DVD on mobile homes? I don't see it under products for sale