Mobile home investing usually happens one of two ways; you invest in mobile homes attached to “land you own” OR you invest in a mobile homes that are “not on your land” (typically land rented in a mobile home park). Today, let’s talk now about mobile homes located on rented land (in mobile home parks)!
- No Closing Costs - No title insurance, no property taxes or insurance proration, fees, surveys, doc stamps or other costs that typically come with home ownership! Mobile homes that are located on rented land, such as in a mobile home park, do not close at a title company or attorney’s office; I mean, they can but it would be pretty silly. Mobile homes in parks are considered “personal property” and for that reason it’s as simple as buying or selling an automobile, boat, or refrigerator
- Free Bird dogs – At the start of my career I was embarrassed to tell people I that I was investing in mobile homes for profit. I mean, “Really!?” My friends and colleagues were sure to laugh at me. What happened? No one laughed; in fact my fellow investors were happy! They were happy because now they could do something with all the mobile home leads they that had been stacking up over the months. I was having new and seasoned investors bringing me finished deals or great new leads on a silver platter every day. It is still amazing to me that no one seemed to know what to do with “Ready To Go” leads that came in from regular marketing efforts.
- Avoid the crowds - When I started calling this stack of sellers I had gotten, I had expected for most of the homes to be already sold or numbers changed. To my delighted surprise 9/10 of the homes hadn’t been sold yet and the desperate sellers were ready to play “Let’s make a deal”. I remember to this day the voices of desperate mobile home sellers, telling me how other investors wouldn’t even talk to them because they had a mobile home – many times the seller simply wanted to deed the home over and leave.
- Got 50 Bucks? – It was for this reason that I started buying mobile homes. I didn’t have cash or credit when I started investing. Let me tell ya, “Mobile homes in parks can be very Inexpensive.” I have gotten many complete homes (appliances included) for 100% FREE! Start with an initial investment capital of hundreds of dollars NOT thousands.
- Going, Going, Gone! – What’s that you say, “Good luck selling a mobile home and making money in this market!?” True your chances of selling a used mobile home in a park for “All Cash” are slim. I’ll be the first to admit this… The fact is that not many mobile home end-buyers have $5,000 – 80,000 cash lying around to buy a used mobile home. But there is a “World Full” of Serious Buyers ready to own their own home. Our target buyers have had some credit challenges in the past and may not be bank approved; but they DO have a clean record, savings account and good job history PLUS they have $2,000-$5,000 Cash for a down payment and the ability to make monthly payments.
So there you have it… For a very minimal investment and knowledge base you have added a complete deal to your portfolio/EMPIRE. Keep up the good work!
Everyone have a Profitable and Eye-Opening New Year!
- J Fed5 Obviously Simple Reasons to Invest in Mobile Homes in 2010 by John Fedro