I am a new investor and I am wondering what everyone thinks about starting out rehabbing mobile's and manufactured homes to start getting my feet wet. I am in southern California. Thank you all in advance.
Rehabbing for rentals.. not too bad an idea. Rehabbing for flips? That's a tougher one. If they are cheap enough and you can keep your total investment down, you could owner finance or rent to own them to your buyers. If that isn't workable, keep in mind that it is a lot more difficult for a buyer to obtain reasonable financing for pre-owned mobile homes, so it could cut your potential market way down. It can be done successfully either way, just do your homework. But that applies to everything, good luck to you!
Thanks Ashley, I don't have a problem holding rentals or doing some seller financing, I was hoping to learn on a smaller scale and earn some cash to provide for the SFR flips i want to do. I appreciate your feedback thanks.
I would reach out to @Rachel H. I don't know if she rehabs mobile homes specifically, but she's very experienced with them!
@Cameron that sounds great, I appreciate all the help I can get. I do not know what an SGT is though.
most of our flippers have done so well with them. Affordable housing is so needed working with a good dealer is key .
Is the reason why you want to start in mobile homes because they are more affordable? If so I think you would be better off changing your thinking as the reason they are more affordable is because there is a lot less value, and in the end you should make out better sting with quality, like a more normal setting. A similar metaphor is the house on the busy corner Vs the house in the middle of a quiet street. All other things being equal not as many people would consider living in the busy location. Same thing with mobile.
@Jo-Ann Lapin I agree having a solid relationship with the right dealer would make a huge difference. Thanks for your input.
@Robert A Garcia Yes I can pay cash for mobiles and thought that not having the big loan looming over my head to start would make the transition a bit easier. I do see what you are saying as well, I am Just new and want to limit my mistakes by starting smaller and building up.
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