Help with Mobile Home Deal

I have 3 Mobile homes i'm rehabbing right now. The secret to the success is you have to get into them very cheap and sell them to a retail buyer. There aren't many investors that will buy them on wholesale. they are out there, so if you find them keep their info.

They are great investments for cashflow. I buy them have about 3-4K into them after purchase and rehab. I sell them on a contract to retail buyers for between 14-25K. My best deal I just sold in June I sold it for 26K. The seller put down 5K and cashed me out completely. I then set up a seller financing deal with them at 13% interest. They will pay me an additional 10-12K in interest over the next 8 years. I will make about 30K on a mobile home. I love them, what is my ROI after i'm done? infinite, because I don't have any money into the deal!!!

What you need to do is go to the community management and tell them your an investor looking to increase the property value of their community by fixing up a property. Ask them for at least a 2 month time of free lot rent so you can fix the home up. They will usually give you this. Also i would start advertizing for retail buyers. Find out what kind of response you get.

With those kind of returns and investing very little, they are very sound.

keep moving forward!!!

Mikessler

In my county there are only a couple individuals that do this. Usually what ends up happening is, like you said, they don't have any other options. So they get evicted. Now the trailer court needs to deal with the property and they just want lot rent and these trashed up trailers are typically seen as an expense to the dump. The individuals that do these flips around here typically get the trailer for free and a month or two free lot rent to fix the place up and sell them.

Thanks for your responses but unfortunately, I will have to pass on this deal. I just have too many deals going right now and not enough cash to purchase and repair all of them. I am closing on a house tomorrow and have three other signed purchase agreements. Two of these are no money down deals but one will take the rest of my available cash (actually have to use a credit card on one).

Just not enough $$$ right now.

I will be sending this deal to an investor I know.

Thanks again...Brian

bcampbell

Your right, that is a good problem to have. i love the response, I just have to many deals going right now. I remember a couple months ago we weren't there. I'm so proud of you and what you have accomplished. It is only upwards from here. You will see things coming out of the woodwork coming your way. Great job, and keep posting. You are helping so many people that you don't even know

Thanks
Mikessler
Work smarter not harder!!!