Charlotte, NC · Member since 2014 · 241 posts · 21 votes
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.
Rental Property Investor · Clarkston, GA · Member since 2012 · 2k+ posts · 1k+ votes
10y
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.
Investor · Staten Island, NY · Member since 2013 · 486 posts · 200 votes
10y
@Vincent Crane I 100% agree with you. I did mobile home investing for almost 3 years. I do not want to say it is bad. It is good with stable income but it is very hard to scale.
Charlotte, NC · Member since 2014 · 241 posts · 21 votes
10y
@Andriy Boychuk thanks for that info, an I agree with you in Vincent. Since I currently wholesale single family homes I just want to add to my streams of different incomes
Austin, TX · Member since 2015 · 92 posts · 45 votes
10y
Chad,
Be aware that some states allow a number of exceptions to Dodd-Frank. For example here in Texas, you are allowed up to 5 seller-financed transactions in a year. So don't let Dodd-Frank ground any owner financed opportunities you may come across.
Hey I hope all of you are doing with both personally and in your business. I was reaching out to you because of the advice you guys gave me in the past which I thank you for again. My current question is I'm currently in talks with a local park that has handyman special mobile homes that need rehab for sale from 250 to 1000 dollars. I realize the cost of moving the trailer would need to be taking into consideration. So my question is if you were in my shoes how would you take advantage of these mobile homes?
Investor · Austin, TX · Member since 2009 · 413 posts · 295 votes
10y
Hi Chad,
Great to hear from you again. Thanks for reaching out. Glad you're in the field aiming to help local park managers and local sellers in and around your area. Great job reaching out and asking for more help with regards to these questions.
I'm sure all these folks will have some good information for you too. I look forward to reading these responses as well.
Do these mobile homes have to be removed from the park? If you are able to rehab the mobile homes and leave them in their current location this would be ideal as you will not have to pay for the homes to be removed and transported, also the park will keep these homes inside their walls so that you may continue paying lot rent monthly.
As an active mobile home investor you will be bringing a lot of value to the closing table besides $250-$1000. I'm not sure how long these homes have been sitting vacant however you will be taking them as is, closing quickly, keeping the homes in the park, advertising these homes to attract a good deal of foot traffic through the park that may help sell other homes, and also attract good buyers that will bring up the value of this community. I have no idea what these homes look like however I would encourage you to try to purchase them for us close to zero dollars as possible, ideally with 3 to 6 months free lot rent. I hope this all helps and makes sense. Additionally, please do not think that these are "pie-in-the-sky" deals or terms. In an above sentence I mentioned "as investors we bring a lot of value to the closing table besides cash" and I meant that, be confident that you are able to fix these homes and increase revenue within this local mobile home community. With this said you have to be aware of how much you can resell these homes for each. Depending on the sizes, ages, conditions, and demand, the price and terms will very when you resell them.
If you do have to move the homes then this changes things considerably. Depending on the ages of the homes and the condition they may or may not be allowed to be transported or moved to some or any parks within your area. Some/Few local mobile home parks may pay for the entire move and set up of these mobile homes however if they are older mobile homes the parks may not even want them in their communities. I hope this helps and makes sense. There's definitely a lot more due diligence to consider however you are certainly on the right track with regards to helping others.
Keep in touch and let me know your thoughts concerning the advice above. Again there are a lot of variables that I do not know about concerning these homes. I hope that my words and advice have at least pointed you in the right direction. All the best.
Flipper/Rehabber · Seattle, WA · Member since 2015 · 333 posts · 459 votes
10y
Just realize that while mobile homes in parks are housing they are generally regarded as personal property (like a car or boat), not real estate. The ease of buying and selling, low initial investment, high profit margins, and rapid turnaround times make them an attractive flip.
For several reasons I recommend a straight flip - sell, get the cash, and go on to the next one.
Learn the business, learn your market. The business works proportionately the same everywhere.
With all due respect to the naysayers of mobile homes, some of whom have replied to you, I have focused on this business model for well over a decade. In the first four years alone I made and invested enough money (mostly back into income producing real estate) to become financially independent. Like anything else, if you know what you're doing - it works.
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
I might be interested in above opportunity. Please PM me with details.
I hope you all had a great Easter with your family and have been doing great in your real estate business. In the past I posted a question on here an got great feedback, so I decided to post a question. I previously ran across a mobile home park that was selling discount mobile homes but unfortunately things didn't go as planned. So while selling a mobile home last week I came across a park manager of a few mobile home parks in my area. She is really looking for a mobile home to put In her park. I currently only have a background in wholesaling stick built homes an this year decided to start wholesaling mobile homes. My first deal I accepted a referral fee but from now on I want to get homes under contract. Is it difficult to get mobile homes under contract? Can you use transactional funding? Lastly if your close to the area an would like to help me get the home under contract I would split the profit 50/50
Burgaw, NC · Member since 2015 · 13 posts · 1 vote
10y
@Chad K. I have no answer for you, sorry. My plan, as soon as my villa sells in NC I will be looking at possibly the West Palm Beach, Fl area. Hopefully one of the other members will answer your questions and I will be waiting to view them as well. The only thing that comes to mind about funding, if the banks won't help you with that, you might call the area mobile home sales places to find out who they use for financing. Just make sure those floors in the mobiles are stable and no mold.
Raleigh, NC · Member since 2015 · 54 posts · 23 votes
10y
Wholesaling mobile homes is just like wholesaling a cars. You can take title or float the title...or work as a buyer for a dealer or park. We buy mobile homes to put in our park in Rocky Mount NC every month. If I can help you out send me a mp.
Similar to others who have posted in this thread we provide turn key opportunities to investors where we manage the rental, maintenance and leasing along with all book keeping and collection as a "park". We also offer one more ingredient. We don't charge investors lot rent or management fees when their unit is vacant. We treat investors as partners. We own the land and do all the leg work and the investor owns the mobile home. We lease it out, handle any maintenance and when we collect rent we both make money.
Charlotte, NC · Member since 2014 · 241 posts · 21 votes
10y
@Ben Braddock I tried to send you a message but I'm not for certain if it was sent, if you didn't receive anything please send me a message on here to talk about working together