OfflineI want to learn more about mobile homes. I have been searching craigslist for investment opportunities and have found more adds for mobile homes cheap than I have for properties.
How does financing work?
How can they be assigned?
How are they as rentals? How do you check area rental rates?
How do you comp them?
They seem like little gold mines.
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Do not fear, for I am with you; do not be dismayed, for I am your God.I will strengthen you and help you; I will uphold you with my righteous right hand. Isaiah 41:10
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To your success,
Carol Stinson
In mobile home parks here, you dont ever own the property they are on, only the mobile home itself. So your rent would be to cover the property lease, dues etc. Depending on your area I think they could be a good positive cash flow item if you can get them cheap enough.
As far as comps and rental rates you would use your realtor as with any property, or compare rental ads/sales in newspapers. Good luck!
www.adeptpropertiesllc.com
my story:
http://www.deangraziosi.com/node/10404
You purchase a mobile home just like a car. You are purchasing the title of the home. Financing can be difficult. Most mobile home lenders will not lend on anything over ten years old. For that reason, the older ones can often be purchased at a very reasonable price. Sometimes the park requirs that older homes be removed from the park if they are sold. Check with the park to see what their rules are.
Al
"NOW GO FIND A DEAL"
Watch your thoughts; They become words,
Watch your words; They become actions,
Watch your actions; They become habits,
Watch your habits; They become character,
Watch your character, it becomes your destiny.
Frank Outlaw
So I can basically wholesale a mobile home like I would wholesale a car. I buy a car for $1,000.00 and re sell it for $1,200.00. Is that right? If it is over 10 years old it is a cash deal? Can you rent out a mobile home the same as you would a house?
Do not fear, for I am with you; do not be dismayed, for I am your God.I will strengthen you and help you; I will uphold you with my righteous right hand. Isaiah 41:10
http://realwholesaling.com FREE wholesaling tips and resources!
To your success,
Carol Stinson
YES,YES,YES and YES
Al
"NOW GO FIND A DEAL"
Watch your thoughts; They become words,
Watch your words; They become actions,
Watch your actions; They become habits,
Watch your habits; They become character,
Watch your character, it becomes your destiny.
Frank Outlaw
Well there it is in a nut shell! Thanks Al for all of your info.
Do not fear, for I am with you; do not be dismayed, for I am your God.I will strengthen you and help you; I will uphold you with my righteous right hand. Isaiah 41:10
http://realwholesaling.com FREE wholesaling tips and resources!
To your success,
Carol Stinson
Yeah, it's kind of like buying a car, but you are not renting it. Where you make the money is owner financing it. Say you buy it for $1,000. Then you finance it for $4000 with a down payment and monthly payments at an affordable rate for 36 months or whatever you negotiate. This way you have NO tenant problems, just cash flow. SUWEET!
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."