Hello, I am new to Real Estate and wanted to connect with people who have closed deals specifically on mobile homes. Anybody who has some great advice for a beginner like me would be greatly appreciated. I really want to know what is the turnaround for profit. I have been looking at some for 5000 to 7000 and am trying to decide if the first deals should be fix & flips or rent to own. Look forward to hearing from some of you mobile home investing gurus. :)
@JohnFedro is a great resource and he has written a good amount of articles on the subject. also it is a little old, but the original man Lonnie Scruggs Deals on Wheels is a great book to start with.
Thank you so much! I would love to get @John Fedro input. I actually just started following him yesterday he is amazing in this business and definitely someone to connect with. I will also check out the book as well.
Thank you for reaching out and connecting. Additionally, you ask a good question about the turnaround for profit. I can definitely say that the answer is, "it depends". It looks like that you may be investing in or outside of Chicago. You certainly have hundreds of mobile home communities within a 50 mile radius of your location. In some of these areas you can sell homes for six figures to a bank financed buyer, and other parks that is far from reality. I mention this because your answer for turnaround on profit depends on your entrance strategy, exit strategy, repairs needed, park criteria, age of the home, number of bedrooms, and much more. I've made a YT video fairly recently that talks about the profit to be expected depending on a number of factors. Feel free to private message me if you are unable to find it.
If you are brand-new and starting with a limited amount of capital please know it is very easy to do a bad deal or overspend when it is not needed. For this reason definitely keep us posted and ask questions or deal reviews if needed. We are all happy to help when possible. This time of the year you may wish to try to double or triple your invested capital by selling for cash.
With all that said it definitely comes down to first acquiring an attractive and affordable mobile home. From there you can perform your due diligence and figure out strategies moving forward based on the home, seller, park etc. I apologize this answer is a bit vague however there are definitely a lot of scenarios on how each particular home could pan out. Additionally you always want to make sure your procedures and paperwork are legal and in order as well. Again, any follow-up questions or concerns you have never hesitate to reach out any time. Were all happy to help.