Mobile Homes?? Need Advice ASAP

It doesn't need new flooring, it needs new floor covering!

...personal property, not real property unless they are on their own property & are listed with the property/tax appraiser's office. Therefore you would be buying it just like a purchase of a car; transfer of tile with Dept. of Motor Vehicle. They also have tags just like a car that have to be re-newed each year.
In most cases the mobile home has had the wheels taken off when it was placed, leveled, & had water/sewer hooked up. To move one usually costs around
$ 5000, depending on how far the move.
If you're buying it for a rental keep in mind that some lot rents are very
expensive; so with that, insurance(here in Fl. you can't even hardly get homeowners insurance on them), tags, maintenance & repairs your return on investment might not be so good.

Lonnie Scruggs...."Deals on Wheels"...bible of mobile home investing
David Butler..."Tin Can Alley"...making money with mobile home notes.
Remember, people live where they live for one of two reasons. One, because they want to. Two, because they have to.

That's what I thought. The wheels and axle are there so it can be moved if necessary. The lot rent is $100/month. I was thinking of selling it to a landlord.

I've heard over and over that they are cash cows, and I've heard of these books. There is a man in my local real estate club that does only mobile homes and he gets $5000 down for every one he sells. They call him the mobile home king. I don't think it's something I'll pursue, but this one was a call to me after he saw my sign. And you're right, there are lots and lots of people who do want to live in a mobile home for reasons that you stated.

Shirley

Thank you Thomas for the books on this subject. Love it! TAmmy

I could not find these anywhere; anyone know where they can be found, or are they out of print? Tammy

Only if ur buying the entire MB Park then yes it's a cash cow for u, but make sure it's performing....

Tammy,
google "deals on wheels scruggs" and you will find a paperback version for $35 or the ebook version for $20

Google "tin can alley butler" and you can find it on Amazon for a low as $17

Tammy,
google "deals on wheels scruggs" and you will find a paperback version for $35 or the ebook version for $20

Google "tin can alley butler" and you can find it on Amazon for a low as $17

Shirley, I know a couple of people who have done very well with mobile homes. The key is, most of the homes are on rented land in a park. When someone has to leave, if they don't sell the home, they still have to pay the space rent or eventually end up losing it to the park for back rent. The ultimate in motivated sellers. That's why so many MH parks have mobile homes for sale. Its hard to get financing on an older home, so carrying the note is the only option for a lot of buyers and can be very lucrative for the note holder. Starting with $5,000 you can build up a nice stream of cash flow. Buy one, recoup your money with the down payment and carry back a note, repeat.repeat.repeat. Just like the mobile home king.

"how can I do this deal without having $2500 to buy it outright?"

Get it under contract and sell it for 7500 with 2500 down from your buyer which you can give to the seller. Carry a note for $5000 @ 12% for 3 years, $166/mo. Start out at $8500 with $3500 down, then say "It needs some work and I don't have the time to deal with it. The $8500 was based on if I completed the work. If you would be willing to take care of it, you can probably do it cheaper. I'll knock $1,000 off and go $7500 with $2500 down if you take it as is."

Or you could ask the seller for an option for 30-45 days for $100 and try to get a buyer lined up with $2500 down. If you can't put a deal together, your downside is $100.

So after 3 years, you make almost $6000 without a dime of your own money out of pocket. ROI...$6000/0=Infinite

I'm not sure if they would let me sublet or not, but the park rent in $100. However, the guy who owns it says the lot owner is letting him keep it there for free until he finds a buyer. So if he would give me an option to purchase, it would still be free until I actually purchased it. I like your suggestion!!!

Shirley

that sounds like a winner... same thing Keith suggested... I think I'll bite the bullet!!! What have I got to lose?

Shirley

Since some MHParks only allow owners of MHomes in park...

You owner finance the MH to tenant buyer, putting you and the tenant buyer as owners.
You own a larger percent of the MH than your tenant buyer(based on downpayment)

NOW you CAN get around the sublet rule

Thomas, Keith, Mark,

You all just gave a MH 101 class in this thread- well done! Thanks!

As Keith mentioned, Dawn Ehrling (Queen oh MH!) talked about how to invest in MH at the Edge 11, so if you can get the dvd's from last year event, they are full of great info!

Mike, I like that reasoning! thanks! Valerie, you're right, they all did contribute a lot!

Shirley

do you know anyone who could sell me the DVD about MHs?
Shirley