Mobile home deal

Help! I have a mobile home owner who is asking $8,500 for his 1998 very outdated mobile home. This could be possibly my first assigment deal, but I do not know anything about mobile homes and not sure what to offer.

Hi,you would have to buy the complete Edge set unless you can
find someone that has it & borrow the dvd you need.

I just got an option to purchase on a MH that is in a park, but the owner is giving me 30 days to find a buyer. The asking price is $2500. I'm advertising it for $5000 down and finance the rest. I got that suggestion from someone on the forums. The owner is going to clean it up himself. If I don't get a buyer interested within a week of advertising it. I'll sell it for $5000 cash and still make $2500.

Shirley

Thanks for Giving us info on mobile homes!!! I LOVE investing in them also. I am in upstate new York ..... Way up near the Canadian border. About 45 minutes frOm Lake Placid .... Where they had the Olympic winter games in the 80's !!
ALOT of great deals here on these money makers!!
SUZI - the best way to LEARN what these are worth is to look at SOLDS on the Mls websites and to do drive by's of sold properties and start or continue to go to look at fsbo inside and out.
TINA - good luck on your first deal. I would go look at this mh and use this as some more experience to estimate the value of mobile homes
Jay

Sweeeet opportunity!! I would go look at this mh and see what repairs it needs and be familiar with this as u should market it on Craigslist for a buyer. I would say I CAN MAKE YOU A HOME OWNER TODAY.... For 3500 down and a MNTHLY payment to fit YOUR budget .... Call NOW to talk to me about This mobile home!!!
I am an EXPERT at turning renters into homeowners!!!
You are BUILDING a buyers list AND finding out who is looking to buy and how much they have for a down payment AND WHAT they can afford for a MNTHLY payment. Keep all the info on all the callers. LISTEN to all the callers MAGIC BUTTONS to buy .... What, where , when , how!!!!
Even if u get only 2500 down and payments ... U are making profit. Of course they will ask about the park and the fees there so u can take all this into consideration when u ask the seller giving U the opportunity. Good luck on this .... If nothing else it is a good opportunity to build your buyers list for rent to owns and gaining negotiation skills and learning the value of mobile homes!!!!
Jay

Hi there! I am interested in MH investing and I need some help, I am stuck on how to structure a deal! I want to be able to figure out yield, ROI, etc. Also, I have no money, no credit, but I have been looking for investors basically telling people about the mobile home deals and for their small investment they could receive great yields, however, I don't know how to structure a deal nor do I understand a schedule to pay back the investor, also how much is a reasonable ROI for the investor.

For example, if I find a trailer and negotiate to buy it for 1000 with plans to sell it for 6000, using owner finance and then my new buyer gives me say 500 down pmt and they can afford 350/mo, how do I structure the rest of the amount owed to me, at say 10% interest? And, for my investor what reasonable to pay them? Any advice or suggestions would be greatly appreciated. Thanks in advance! Nicole

You are wise to learn the mobile home niche!!! First look on this site for ANY info about mobile homes. Use the search button at the top left of the home site.
How do you know what an investor wants for a FOI ??? Ask them. The FIRST step as dean teaches is to build a buyers list. Every investor may have a different TARGET ROI. Start building a buyers list with either ghost ads or market a FRIENDS property just to build your list then you will have leads to market to when u find a potential deal. As for structuring the deal ... You can get apps for phones that give you amortization schedules and or get on the Internet and type in AMMORTIZATION schedules. Just punch in all your numbers as for the total price , percent rates and payments.
The ROI for your investor is a negotiated term.
It's all in The numbers and what your investor needs and what your buyer can afford. I suggest finding a mentor to help you through ONE deal NOW and after that u will see things come to you that will amaze you !!!
The interest rate you charge your buyer will depend on the rate you have to pay your investor. Example : your investors want 8% ... You will want to charge -0-13 % The whole key is what your buyer can afford for a down and MNTHLY. Pymnt. In my experience I can say most of the time they don't care about the interest rate or total price as long as they can be a owner at their MNTHLY payment of course you do not want to be greedy but u NEED to make a profit while helping others. Just have to make the numbers work for all involved )$$ keep learning and studying and keep us informed of your progress ..... Be sure to post about all you learn !!!! Let's celebrate your first deal !!!!
Jay

There isn't a single DVD on just mobile homes. It is the collection from the 2011 Edge event. Dawn was one of the presenters at that event.

Hopefully that helps

Mikessler
Advisor

We put an offer in on a HUD double wide 1640 sq ft on an acrea on Thur, they countered Fri and we countered their counter Fri, hoping to hear good news tomorrow. It needs about $5k worth of work but should sell for $60k, our latest offer is for $27,250. Its in great shape, needs new front steps, pump for the well water(stolen) new appliances and paint, and maybe update a few lights. It may also needs a new ac unit but we have another flip we are just starting so we are taking that older ac unit from there and will get it installed at this one if needed.

We also have another one thats in a MH park that we are talking back and forth with the owners. Its a $5k deal that we would do a rent to own with.

There are a lot of buyers out there right now. Since the change in financing there are tons of people that cannot qualify for loans. If you can be the bank, you just open yourself up to a ton of new buyers other retail sellers aren't open to. You won't have a problem selling it.

I have sold tons of mobile home and they are a quick sale generally.

Mikessler

There are a lot of buyers out there right now. Since the change in financing there are tons of people that cannot qualify for loans. If you can be the bank, you just open yourself up to a ton of new buyers other retail sellers aren't open to. You won't have a problem selling it.

I have sold tons of mobile home and they are a quick sale generally.

Mikessler

I love mobile homes!