Specialist · San Antonio, TX · Member since 2012 · 865 posts · 351 votes
I market to buy houses in and near San Antonio and from time to time get lead from sellers wanting sell their MH that needs to be moved or on a park. I'm looking for someone that specialize in Mh to partner with or sell the leads to.
Wholesaler, Rehabber and Landlord · San Antonio, TX · Member since 2014 · 2k+ posts · 2k+ votes
10y
THey are a great investment anywhere, just like any property that you can buy right and sell with owner financing. The financing is usually at a higher percentage rate and usually for only several years.
Example: You buy a mobile home in a park for 3k. You clean it up, paint, fix some skirting, pay lot rent for a couple of months, all in for 5k. You turn around and owner finance it to someone for 13k at 14.75% for 5 years. BUT you market it by saying, 3k down and only $236.59 per month plus lot rent. That ends up being over a 50% return on your money. Higher if you calculate getting 3k of your 5k out of pocket back from the down payment.
You try to get some, most or all of your money back from the down payment. The rest is gravy for the next 3 to 5 years.
Wholesaler, Rehabber and Landlord · San Antonio, TX · Member since 2014 · 2k+ posts · 2k+ votes
10y
I have purchased some in the past. I usually dont come across many. I tend to really lowball on these so I dont buy too often. If you want to buy, I can help you with what to look out for or point out the issues.
If the MH needs to be moved, I cant help. In a park or on land, im in. Let me know and we can go look at it.
Wholesaler, Rehabber and Landlord · San Antonio, TX · Member since 2014 · 2k+ posts · 2k+ votes
10y
THey are a great investment anywhere, just like any property that you can buy right and sell with owner financing. The financing is usually at a higher percentage rate and usually for only several years.
Example: You buy a mobile home in a park for 3k. You clean it up, paint, fix some skirting, pay lot rent for a couple of months, all in for 5k. You turn around and owner finance it to someone for 13k at 14.75% for 5 years. BUT you market it by saying, 3k down and only $236.59 per month plus lot rent. That ends up being over a 50% return on your money. Higher if you calculate getting 3k of your 5k out of pocket back from the down payment.
You try to get some, most or all of your money back from the down payment. The rest is gravy for the next 3 to 5 years.
I do not like to move MH because if they are older, they can really get jacked up during a move. Just find out what lot rent is and talk with the park manager about what you are doing. Let them know you are buying, but are going to clean it up for them and sell it. They should be fine with that. You do have to make sure that the park manager is OK with everything, because they can really ruin your day.
Most things can be fixed relatively easily, but most of the plumbing is not like in a house. You have to get faucets from a mobile home store.
Go by the park at night and see what it looks like. You will know whether you want to buy or not.