New Investor - Where to find cheap used MH's for sale in every state?

Question

Hello,

I'm a new MH investor (haven't made my first purchase yet) and I'd love to start investing ASAP.  I live in Los Angeles, have roots in Massachusetts and am open to buying MH's in any state.

What is the best way to find MH's for sale under $8K, which I would be able to repo and then finance to a buyer?

Thanks for any and all help!

Best,

Matt Bradley

Wayne Brooks · Answer

Google up Dodd Frank and Lonnie Deals.  Besides, owner financing/repo'ing/managing MH's from a distance.....beat myself in the head with a sledge hammer.

Rob Beland · Answer

Hey @Matthew Bradley Leominster here! Just curious as to how you arrived at the $8K price? Im guessing prices are going to be different all over. For Central MA thats low even for a foreclosure and one other thing to consider is that around here(and likely in many areas purchases of MHs must be approved by the park owner (no investor sales). Good luck.

Jefferson Lilly · Answer

Shameless plug for my mobile home park investing podcast here on BP:

http://www.biggerpockets.com/renewsblog/2015/02/26...

You don't actually want to own just the mobile homes.  It is much more profitable to own the land underneath, and have a mobile home park.  That said, if you really want to own just the homes, I have about 3 dozen available for sale in my parks in OK, KS, and IN from $6k - $30k. Contact me directly, let's talk.

As regards finding MHs for sale, CraigsList is a great way, as is contacting the MH finance companies directly to get on their weekly email list for wholesale homes (21st Mortgage, Vanderbilt, GreenTree).

To your continued success,

-Jefferson-

Ken A. · Answer

Florida is definitely a top state for Mobile Homes.  They are not allowing any more Mobile Home parks to be built.  Always look at the Mobile Home total payment : (tenant pays Lot rent + their loan payment ) to equal about a 2 bed, 1 bath rental apartment in the area.

Bill Neves · Answer

@Matthew Bradley

Good questions. It takes networking. Some managers tell me no way, no how. So next!

Some are fine with it. Some takes time to work with them, as I mentioned in my other post.

Some are ok with a referral fee, some not. I find if they say no, give them a prepaid Visa for $100 and tell them dinner is on me.

Do your homework and the results will come.

Have fun!

Matthew Bradley · Answer

This is great, thanks Bill.  These are the types of deals I eventually hope to start coming across.  When talking to park managers, do you find them to be receptive to your ideas or standoffish? Also, do you ever offer them finder fees for bird dogging?

Matthew Bradley · Answer

Thanks for this Ken.  This is a huge help.  This is exactly how I'd like to operate my MH business.  My goal is to find homes that are under the $10K mark (including rehab) and then just owner finance them.  I free lance in my normal job so I'm trying to create a steady monthly cash flow.  Do you think Florida is one of the better states to consider starting in?

Matthew Bradley · Answer

Thanks for the response Bob.  I'd definitley like to meet up and discuss bird dogging.  I'm in London until August for my normal job, but let's stay in touch and make this happen.  Hope all is good. Best, Matt

Bill Neves · Answer

@Ken A. @Matthew Bradley

FYI - Dodd Frank addresses residential property including mobile homes. Just have your ducks in a row and you'll do fine.

Ken A. · Answer

Read everything you can by Lonnie Scruggs.  In the distant past, I have bought mobiles dirt cheap, in established Mobile Home Parks.  The "tenant/buyer" pays the lot rent, and I "owner finance" the mobile home to them for 4 to 6 years.  I usually get all my money back in a year or so and everything after that is pure profit!  In Florida, the actual Mobile Home is titled like a car, so you can "re-possess" the home without going through foreclosure.  (not sure if Dodd-Frank really give a crap about "non - real estate" asset.)

Try Craigs list, Penny Saver papers, etc.  If you find a Park you like, drive through them, there are plenty of "for sale" signs.  Note: It is important you talk with the Mobile home Park Manager about what your doing (can also be a good source of leads for Mobiles!)

New Investor - Where to find cheap used MH's for sale in every state?

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