Investor · Kissimmee, FL · Member since 2017 · 62 posts · 23 votes
We get a lot of requests for our company to purchase mobile homes with the land (not lot rent) due to being in Florida. Unless we can purchase them for under 10k I have not found an outlet for them or investors that want to purchase them. Is there a National forum for posting listings....or ideas on how to move the 30k plus mobile homes? I turn down 3 deals a week for people wanting to sell us their mobile homes, and I do not like passing up opportunities but have not found how to move this particular segment .
Why not list and sell them? Mobile homes on an improved lot are real estate. Or did I misunderstand something? And they are financeable if they are in good shape.
Simply put @Dana Nay What you're now seeing is a paradigm shift in the MH industry taking place right before your very eyes. You've just reached the tip of the iceberg on this subject.
@Dana Nay You may want to talk to some mobile home dealerships in the area. They get calls all the time for these types of requests from both buyers and sellers. Maybe you can arrange some type of referral arrangement. Good luck!
John can you expound on what you posted? Nancy...I will look into that option or just stay away from them as a purchase unless they are less than 10k. I do not like to walk away from business or an entire category, but I really do not have a "home" for MH in the 30k-50k range. I just have not seen so many every week wanting to sell and it's a little frustrating passing them up every week.
The lot rent also is a major issue and makes it difficult for an investor to purchase for a buy and hold scenario.
So your saying you don't want to buy MH's with land over 30k correct? What are the comps for MHs with land in the area? Buy it and owner finance the Land and Home.
Why not list and sell them? Mobile homes on an improved lot are real estate. Or did I misunderstand something? And they are financeable if they are in good shape.
MH is it's own animal and I wanted to see creative ways to move them and find investors that specialized in purchasing them and to answer from above lenders usually like them in the 90's or newer for age.
@Dana Nay - Are the homes in parks or on land? I agree with @Rachel H. that you could probably find an investor in your market that would love to pay you a referral bonus... @John Fedro would be a good reference for anything mobile home related in Florida.
A mobile home on land is considered real estate. If the home is an issue, someone in your market will be more than happy to remove the home from the lot for free.
Good job being so active in the central Florida area. I have no doubt that this activity and your previous successes have not come without a great deal of hard work and daily effort on your part. Keep it up!
There is not a national form type of website (yet, I am working on something similar), however there are a few FSBO mobile home type of websites, however this is likely not what you're looking for as an investor.
If you do not wish to purchase all/some of these homes for a quick flip or long-term holdings then perhaps you wish to wholesale or bird-dog some of these leads to active MH investors in the area.
I do know of some folks in the central Florida area that are actively investing in mobile homes inside pre-existing communities and attached to private land. These are hardworking honest investors. If you'd like me to help put you in touch with some of these local mobile home investors never hesitate to reach out anytime.
@Dana Nay not sure if this helps or if in the year since you posted that you found a solution but i would take a look at MHvillage.com i know they have a section on that site where you can list individual mobile homes for sale.
I have a couple of mobile homes in Ocala and just recently sold one in Morriston for $70,000 (buyer used VA financing). They make great rentals and I currently am remodeling one I rented for 3 years and have several realtors with buyers for $75,000 waiting for me to finish it. It's on a 1/4 acre lot and it rented for $850 a month. It was pretty ugly when I bought it, but I had added kitchen cabinets and an island (bought used on Craigslist), a new HVAC unit when mine went out, painted, replaced bad wood on deck, and new fixtures. Now I replaced the hall bath (tub, surround, vanity) and new vanity in master bath - and vinyl bead board with chair rail in both bathrooms and subway tile back splash in kitchen, along with all new laminate flooring. Not a whole lot of money in upgrades, but it looks great and will pass an inspection for financing and insurance. The only thing you have to look for in MH's is whether you can sell with conventional financing unless you want to hold the mortgage. With your low cost of acquiring MH's, it may well be worth your while to hold the mortgage or do a lease option on them. I would never buy in a MH park, but that's just me. If you run across any you want to wholesale in Marion or Levy counties, please let me know.
Great and thank you. We have been having some success with converting them over to Rent to Own. I like to monetize every lead but at times you need to not trip over dimes to pick up pennies. I am hoping that is the correct cliché.