Where to find mobile homes with land?

7 Replies

My father and I are thinking about buying some mobile homes with land for cash at a large discount, fixing up the homes, and selling them owner financed. I have bought a couple of homes in parks, but we have not done this before. Where do you guys get your leads? I bought a list of 250ish absentee mobile homes with land from listsource and am going to mail to those. However, they only had 250 for my entire large county so that seems really low. What else do you guys do? Auction.com? MLS? Bandit signs?

We've been running this business model for 2 yrs now. Buy double wide with 1 acre to 2 of land for $25k, 5-10k fix up and rent for 12 months (must do this step for tax reasons) then seller finance 3 per year per myself and per my wife to stay within Dodd Frank guidelines. We use licensed loan originators, loan servicers and originate to 43% DTI.

We bought off hudhomestore.com (HUD) for a while but inventory is sparse now and they've jacked the asking price to crazy prices. We buy now off auction.com. Sort of a sharks pit. I swear they run an illegal auction business with straw bidders. The strategy that I've used 3 out of 3 times now is this; figure what the home is worth. For me in GA it's $25k for a 2000 or newer home on about an acre. So I don';t wait till the end like you do on ebay. I bid $25k right off the bat. Then I forget that auction. I get out bid every time. 3 times now, they've called me after the auction ended and asked me if I wanted the property. LOL what crooks!!!!

Yellow letter campaign, yes for all other asset types, but not mobile homes.  If they haven';t been run through forclosure all of the home owners have too much debt or have crazy selling expectations.  And there's no lenders on MHs these days.  I have no idea who will pay $70k for a 2000 home.  There's no lenders to go to...  I have no idea how owner occupants get out of their homes.  I just know that I will only pay $25k and auction.com has enough deals per year for us to do this in GA.

I used to be active in the MH space. We've found them using county tax rolls, doing arial flyovers using Google/Bing maps, on the MLS (under RE not MH) and HUD. Although the inventory has dried up considerably over the years, 21st Mortgage still sells its REO on their website.

There are not many players in this space, your business model should be very successful. Make sure you are in compliance with all the new regulations required under the SAFE Act and Dodd Frank. 

@John Lowe  

Tnx! what is the URL for their web site? "21st Mortgage still sells its REO on their website."

@Curt Smith  that is really smart about renting first.  What do you usually end up selling your homes for?

I am looking on auction.com now. My buddy had a big success on auction.com . He wanted to buy a house to live in and found one he liked in foreclosure. He went and offered the bank about 120k, they said no, then 5 weeks later he bought it on auction.com for 83k haha. Good job bank!

Originally posted by @Curt Smith:

Tnx! what is the URL for their web site? "21st Mortgage still sells its REO on their website."

 https://www.21stmortgage.com/web/21stSite.nsf/locating?OpenForm

Neither of those sites have anything which fits the model @Curt Smith  shared at the moment. I will keep checking.

I do have a decent lead on a few doublewides if another investor I know is not interested so maybe I will have a success to share soon.

They are all over the place on the MLS in my area - BUT, the asking prices are usually in the 30K+ range for a single-wide on a 1/2 acre. Who buys that stuff at that kind of price? Hell, I can get a house for that.

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