How to start investing in mobile homes?

42 Replies

After listening to podcast 75 of mobile homes by John Fargo I wanted to start investing in mobile homes in an close to the Charlotte, North Carolina area. I currently wholesale traditional single family homes but have no background in Mobile homes but I would love to talk to any active mobile home investor close to the Charlotte, North Carolina area.

I've been wondering about that myself. I live outside of Fayetteville and there are a lot for sale and also a lot of vacant ones floating around. I will have to check out that podcast

Account Closed  I think @Larry Goins did a podcast on just that subject in the last week, it may take a little googling for you to find it. Persevere 

1. Read Deals on Wheels. It's outdated in terms of technology and pricing, but relevant in terms of strategy.

2. Reach out to John Fedro--he's the expert.

3. MHs drop in value from new to used much like a boat, so understand that.

4. If you enter the world of seller financing when selling, know the relevant Dodd-Frank laws.

Here is an opportunity to invest in mobile homes either as a buy and hold investor or a fix and flip investor. I have a park in Lillington, NC and we are actively looking for investors to join us. The homes are fully rehabbed and have tenants already in them. We can sell as a turnkey investment where we will do all property management services or not. We have "handyman specials" that we have not rehabbed yet that are being sold for prices that leave a lot of room for profit. The only stipulation is that the homes remain in the park for a negotiated time period. 

Howard

@Chad Kennedy The Handyman Specials are priced between 4000 and 6000 depending on size, bedrooms and condition. I would be open to discuss price and terms.

Hi Chad,

We're glad to see you're interested in mobile home investing. You are certainly in a good area of the country for this type of investing. You absolutely came to the right spot as this website certainly has a great number of folks willing to generously add value and give you advice. With that said if you have any North Carolina specific questions never hesitate to ask them here directly or email me personally.

Thank you for the shout out Bill and Adam. You both know your stuff as well.

Lastly, Howard gave a great introduction and potential opportunity within his mobile home community located within your state. Typically as mobile home investors you will have to proactively go out and introduce yourself to park managers and local mobile home park owners to find managers that are as friendly and helpful as Howard. It would be wise for any local investors to reach out to Howard and discuss how they may use some of their sweat equity to create win-win deals that will result in the mobile homes remaining in the park and being sold to low risk tenant buyers for the investor's profit.

I hope this all is starting to help and make sense. As an active mobile home investor you will undoubtedly have many questions moving forward with regards to sellers, buyers, deals, and much much much much more. Don't hesitate to write back or feel free to ask us anything else here. Always here to help.

Talk soon,
John Fedro

I do know some counties in NC have regulations that one can not bring in mobiles older than 10 yrs old. It's ok if you buy one and leave it where it is but some countries won't let you move it into another location. I do see mobile home sales lots have great prices on mobiles on there lot but be careful of the year and check with the county you plan to explore.

We buy double wides on their own land from auction sites and REO from banks found via zillow "manufactured" daily emails. We pay less than $25k for a 1996 or newer doublewide on .5 up to 2.5 acres with moderate rehab ranging from vacuming up to full rehab plus HVAC. We've only once replaced a hall bath, and only once replace a kitchen. These homes are usually fixable for less than $10k over purchase price. We NEVER rent them. We only rent to own, and seller finance Dodd Frank compliant. When you move up scale to "aspirational" future owners you'll be in a whole different business model and level of "problems". It's counter intuitive: the lower your rent, the higher the problems. Seems simple enough, fix slightly nicer and charge a HIGHER rent. Wait a month or two being vacant if need be. You'll be happier in the long run.

We are completing the 10th doublewide added to inventory this year hear in GA.  Best of luck.

@Curt Smith @Lila Matessino thanks for your advice 

@Howard Abell since I'm still in the very early stages of mobile homes investing I would hate to waste to much of your time. Because I honestly don't even know which mobile homes to buy an what are a good price. However if you like fill free to send me any info in a message on here an I will definitely review the info.

I never feel it is a waste of time to pass along knowledge received over 40 years of investing in and trading various financial assets including real estate. I have been helped and mentored along the way and I believe in passing that on. Just PM me anytime.

There's a thread on Mobile Home Park (MPH) investing. You don't want to get into mobile homes, you want to get into the parks so you can charge lot rent. Let the banks handle the sales and you just collect cashflow whether the homes are paid off or not. There's a Mobile Home Park University bootcamp that I've heard very good things about. I'd recommend it.