@Jon Holdman I'm in the same boat here...I'm confused with the mention of buying HUD properties and mobile home investing. There are mobile homes that are on land and are in foreclosure, but the "mobile home investing" model usually (or for most strategies) does not take place with these types of properties.
@Doni Healy You can do a lot from your computer, though you'll need some ground work.
It is a common practice in mobile home investing to recruit people in the parks...and let me back up. There are ways to make money on the HUD (mobile home) foreclosures, however in your position your best bet will be to work on something you can either option or get seller financing. With that out of the way, you'll need to introduce yourself to parks/managers/owners and let them know you're in the business. Once through that, you can start a relationship with any of the following to help you work. You can pay each or one a fee to get things done for you. Most you can negotiate that you'll pay them that fee ONLY if you sell the home in question. So that way you only have to pay them if you get paid. I'll list what I used to pay for and how much, and then who might have done that work for me as an example; and remember, these are examples and "industry" averages. I've negotiated a lot of these, and always you can to:
1. Pictures and Video of the home: $100-$150. Takes them 15 minutes to do it. You need at least 4 pics of the outside and about a 2 to 4 minute video walking through the inside. This is for your advertising so you can sell the home.
2. Someone to show the property. I tried using lock boxes and they got stolen before I could blink...or broken. I've hidden keys before and used a rigorous screening to allow folks to let themselves in the home but that was a risk waiting to happen. I never got burned, but as soon as I could afford to I hired to show the property. To show and "sell" the property for you would be in the ballpark of $150 to $300. Again, you'll need a lot of showings in some cases before it sells, so negotiate that you pay that TOTAL for the home, for unlimited showings, and so you won't have to pay unless the home sells...INCENTIVE!
3. You may or may not need the home cleaned. I have a cleaning crew and pay in the ballpark of $150 per home.
4. Contractors to fix it up: If major things need repair (usually the first 4 or 5 buyers that DON'T buy will tell you for example, "I would buy that place if you fixed that couch sized hole in the floor, shampoo the carpet and replace the door to the bedroom that was kicked in...". Obviously, you get the point. Work on your feedback. Pay the contractor after the home sells. In this scenario you will need to pay them if it sells or not, so be careful in dealing with fix up depending on your method of purchase. If you just have an option be careful fixing the home as you'll have to give it back if you can't sell/pay for the home.
There are other things, but for the sake of time, here are some folks (and I've used them all) that can help:
1. Park Maintenance person - will usually work on the "side".
2. Small one man contractors. You will be approached by everyone and their brother that can do work once you get your name out there.
3. The first person I sold a home to became my catch all contractor. She cleaned and did other contracting for me. So use what you have at your disposal...it could be buyer's that can help.
4. Sellers also. I've bought homes from folks that worked on homes, and had them come back and do work on other homes for me.
5. Contact movers and see if they can do other work than just moving it. My furnace guy is the son of a mover I used one time.
You'll need to really arm yourself with the education and processes of the business before you jump in. I'm all for jumping into something and not getting "paralysis by analysis", but at the same time don't go in blind.
I don't know of too many educational resources, but @John Fedro has very good knowledge of the business and so do the websites that pop up when you google "mobile home investing".
Once you get your homes, the big part of the process will be marketing and selling the home. That's another business in itself and post in itself! Check out what others are doing and see what you can learn.
Best of luck!
Edited Feb 14 2013, 13:14 by Administrator: Signature information should be posted in your signature.