Has anyone in this forum done any deals with mobile homes? I am from MD and looking to learn how to do some in MD/VA. Feel free to connect with me!
Listen to @John Fedro s podcast on here. Its great information to understand the game. And further more he's got a ton of free things on his website. I just closed on my first home on new years eve, I'll be closing on another this weekend. Read what John's got on his website, drive around and check out the parks.
@Jude Obiarinze You may also want to attend your local real estate investor club to find local folks in your area specializing in this niche. Driving the neighborhoods you're interested in may also help to find other mobile home investors locally. Best of luck!
thanks for the advice
I find mobile home deals in parks a couple of ways.
Craigslist (CL), MHVillage.com. MLS. I print a couple possible deals and drive the parks. While in the parks there will usually be FSBO (For Sale By Owner) signs. Some parks mgrs/owners print lists of FSBO in the park. Some don't. I have gone to parks from a CL ad only to find a FSBO I wasn't aware was there and that's the deal I did.
If you don't see anything on CL, you can look in the yellow pages for parks in your area. MHVillage has lists of mobile home parks in many areas. You can drive the parks and see what's available.
Local Investor club is a good avenue as mentioned here, too.
One thing I've learned about Craigslist - set up an alert (there are apps or use ifttt.com) for deals in your price range, and when a good deal is posted get over there quick and buy it. The good deals are sometimes gone in just a few hours.
This is not on the exact subject but the cost of moving a mobile home to rent out is that an expense or to be added to the basis of the mobile home to be depreciated over 28.5 years. Sorry for not being on subject I have not figured out where to go to start a question and you people seem to know something about mobile homes
I may be wrong and am not an accountant or tax professional, but I believe we've always counted the move as an expense for tax purposes.
In terms of ROI and Return, I've included it in my calculations on the basis as with other expenses.
In terms of depreciation, I don't know but doubt that the move expense can be counted toward the home value for depreciation. I would think you would have to go (depreciate) on the original purchase price as indicated on title at transfer at the DMV or by your Purchase Agreement (or both hopefully).
Hope that helps.
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