Who said mobile homes don't make money?

I have started doing MH to some extent also.

I was afraid of them at first because I wasn't sure how to price them. There are so many here in SC being bought and sold that I knew I was missing a lot of $$$. I decided to go on CL and start looking at all the pics and what they were being priced for. That worked very well.

I got a gorgeous one under contract for $9k that needed absolutely nothing done. Meticulously clean and fully furnished. Everything redone. Even HVAC only two yrs old. I sold it in two days for $18,500 cash!

Now I have found how easy they are. Again, do it afraid and you will look back and laugh at your fear! (On your way to the bank, of course!)

Karen

Both deal are awesome way to go.I always thought that you would lose on these deals but I see we are wrong.
Going to take a better look,thanks guys.

Aaron-n-Suzy

How are Mobile homes closed?
Just like any residential home?

Thanks
Jay

Being in Arkansas this could definitely be a lucrative market.

A great book to learn MH investing is Deals on Wheels by Lonnie Scruggs. He is considered to be the godfather of MH sales. It even has contracts to use in the back of the book. I ordered mine off Amazon.

MH also work a little differently on closings. If the MH is on rented land, then it is sold just like a car. It has a title with the DMV. So all the seller has to do is sign the title and the buyer takes it to the DMV and has it put into their name. If it is on property that the seller owns, it could still have a separate title or be connected to the land on the deed. If on the deed, you will have to have a regular closing. Do your due diligence because sometimes even the seller is not sure how things are set up.

Karen

Looks like we were typing our responses at the same time. Just so happens, I was answering your question, too.

Karen

Thanks as Always Karen.

We have done 2 deals with mobile homes. One is a double wide(manufactured) and is on .667 acre. We have about $26k into it with buying and fixing it up and rent it out for $900 a month. We financed our cash out with someone who had an IRA, we pay them 8% interested, quarterly interest payments only. We will renegotiate terms in 3 years but for now its a nice cash producing property.

We flipped our first MH this past month, it was more of helping out a seller and helping out a buyer and we ended up making almost $1k. We had planned on financing it over a few years but the buyer had cash so we decided to take the cash and move on.

Didnt know this WOW, I will get the book you suggests and let you know what we think.
Thank you as always Karen, you are a big help..

Aaron-n-Suzy

http://www.mobilehomeinvesting.net/mobile-home-blog/manufactured-home-pe...

Arkansas is tenth,I believe that. People buy land and then use equity for down,we have a lot of this going on and it has been going on for years.

Thanks Karen

Aaron-n-Suzy

MH are definitely on my 'to do' list

I remember watching the Edge 2011 videos, and I was blown away by the information that Dawn Ehrling shared about MH!

Thank you for your support. I've really enjoyed investing in mobile homes. we have done a number of them the past couple years and have seen a lot of success with it.

Great job Jackk09 on your deals. It is amazing to see other investors out there doing deals but also mobile home deals. Not many investors do mobile home though. I'm glad to see your success.

I have a couple more this month I need to sell as well. The market is a little soft I figure from the holidays. But in January we will be rolling again.

I had to take one of these homes back from the buyer, they stopped paying. The best part is, i took it back put $1000 into it fixing it back up and just resold it for $14000. So if this seller completes this deal I should make over $20K in profit on this trailer.

Just think a tin can making $20K that is just crazy. But they work.

Sometimes having to kick someone out and start over can be a blessing in disguise!

Karen