BiggerPockets

Do you mean travel trailors? Or Mobile homes?

Please be more precise. I have purchased both of them.

Lets put it this way. I would rather own a mobile home park than an apartment complex.

I have purchased more than one $10 K mobile and sold it Rent to own for 27 k 13% interest with 3 k down.

Now the glory of it is that I have gotten every home back 3 or 4 times before it sold. So I get a down payment again and the process starts all over again.

The best way to find a Mobile home is through the local park manager.

Go and find the parks that are close to your home that you like and schedule a time to take every one of those park managers out to lunch.

Explain to them that you are an investor and you are looking to purchase some mobile homes and leave them in that park. You will pay her a $200.00 referral fee for every mobile that you buy and $200.00 as well if she sells it for you. Pick up a few of the park applications so you will have them handy to make sure that the tenants can live in that park, and have park approval to live their.

It is important that the park manager knows you. He/she is the governor of that small town. She knows when a home is up for sale as the people in the park will often come and see if the park wants to buy the mobile as many do. Now your referral fee will bring that home to you first, after you buy the first home and he/she knows you are honest.

The park manager knows if they have not paid their lot payments, she knows about every foreclosure mobile home. She knows because the finanance company must contact them so they can send they payments for the lot to them while the home is empty. I can go on and on. The park manager has he nose in everything if she is worth a damn. Take care of her and she will bring you home. One manager has brought Mystic Realty I believe 14 mobile homes in the last 2 years.

Each of those home bring us $300.00 cash flow a month.

is it pretty easy to get the mobile homes financed or do you pay cash for them?

Getting Mobile Homes Financed,

I am putting great efforts into private money for the purchase of more mobile homes. I will let you know if the future if it works out or not.

Mobile homes have been great to me over the years. The key is that you have to buy with cash or borrowed money at great prices and sell at full retail offering "Seller Financing" to folks that have a decent down payment and can demonstrate the ability to pay! You have to check out your buyers and make sure that you are comfortable with them. In this current enviornment it is nearly impossible to get your retail buyers financing so count on doing it yourself and structure your business as such.

Never seen one around 10K??

I guess I am blessed to live in Houston TX. We have reasonable prices for living here.

Lucky you got in under the deadline and that you qualified! In general financing is hard to come by on the mobile home we work with and that is why we like them so much. They are hard for most owners to sell because they need all cash in most cases to payoff underlying loans. Most mobile home buyers do not have cash and there are few banks that will finance homes in parks. This causes a lot of homes to sit on the market for a long time and the longer they sit the better the deal you can make when you buy!
Financing is the name of the game here. You buy low and sell at full market and offer seller financing with low down and reasonable monthly payments. You now have the upper hand on the rest of the sellers in the market because you are offering terms making it easy for the buyer:) You are the bank in these deals...

We just had a couple move a new home into our park financed with 21st so they are still making some loans.