Does Driving For Dollars Work For Looking For Mobile Home Deals

Question

Just curious does "Driving For Dollars" in terms of looking in mobile home parks for homes for sale work?

Johnny P. · Answer

Driving for dollars is a great way to find monster deals because its the only way to find half of these people who have their home for sale.  You are looking for the type of person who put a for sale sign in the window and did NO OTHER MARKETING.  This means they are going to get almost 0 interested buyers, and you can come along and "steal" it when they get desperate.

I agree with Terry as well - park managers are a great source for leads.  I just got off the phone with one who has a free mobile home that needs repairs.  I asked him how much repairs are needed and he replied " it needs appliances "  :lol:

I would be careful about buying mobile homes to Rent out.  You are going to be responsible for too much in my opinion.  Just sell it with owner financing and stretch out the payments for 10 yrs.  Its likely they will want to move out before they hit the 10 yr mark anyways, and you can just take the home back.  Most parks I come across do not allow renting anyways so be sure to ask first.

Cole Haynes · Answer

I agree that park managers are a GREAT source of leads. For the new guy though there is one catch! Typically, when starting out investing in mobile homes or even starting out in a new park, managers typically will give you prices and information like any other buyer. Once you have done a deal or two in the park and proven yourself as an asset to them they will start telling you about the guy down the street who needs to sell, or the lady who is behind on two payments you might want to go talk to about selling. The managers are definitely the gate keepers!

In parks that I have done multiple deals in the manager knows that if I am HELPING her by purchasing a home in the park I will get free lot rent until the home is sold.

If you are driving for dollars and looking for your first deal you need to find a do-able deal and just jump in! These would be my qualifiers for a first deal:

3/2 home. singlewide or doublewide.
Home MUST stay.
No back lot rent due.
Manager understands you are an investor and will resell on   terms BEFORE you purchase the home.

Home is a GOOD deal from a MOTIVATED seller and not a CHEAP home that needs REHAB to make it a nice home. You are an investor! Be a negotiator and get a home for $1,500 that is worth $5,000 the day you buy it that needs little work.

When first starting out you read about these type of deals and find it hard to believe you can find one. It is a numbers game and you will quickly find motivated sellers IF you get out of your house and look for homes.

That is way more of a response than needed, I hope that helps!!

Dale Osborn · Answer

Driving through other peopl'e MHPs allowed me to find deals to fill my MHP up. Carrying business cards with info on the back that you pay a $200 referral fee to anyone who recommends someone to buy a home from you or to bird dog a home for sale that you buy! Word of mout advertising is the cheapest source and having other eyes and ears open for deals helps you grow faster!

Rachel H. · Answer

It's definitely the best way to get out there and learn the market, it's my favorite part of the business!

Terry Drake · Answer

Sure.. anything that brings in a deal works.  Driving through the parks (which is where you will likely have to start) works (look for FOR SALE signs with faded marker, that means they have been for sale for a while).  Craigslist works (good place to advertise but not a great source of leads or deals IMO).

By far you best way to a deal is going to be talking to the park manager and establishing a good working relationship.  After you've done a few deals and start to establish a reputation, the sellers will find you.

James Gravitt · Answer

Marc, this may be inappropriate to ask, but I'm asking anyway.  Whats your markup on a wholesale deal to a MHP?  Also, would you be willing to share how you get your MH wholesale deals?

Marc Faulkner · Answer

We cover the entire Mid West and wholesale mobile homes to all the smart park owners in our areas.  I have an inside track to all the usual suspects and a way to get homes for less money than any other brokers in the Mid West!  Need inventory?  You need to call me.  Not to toot my own horn but, I sell more mobile homes in a month than most parks will sell in whole year.  If you are in the Mid West / Great Lakes States, we need to talk.....

Tom M. · Answer

We could always bond over park manager stories or I could be told to get lost. Not sure how to play the situation.

Marilyn A. · Answer

One more suggestion - get some business cards with your contact info to give to the managers and sellers.  They may not be motivated today, but may become motivated later, and you may get a call.
Yesterday, I was digging through my purse for a scrap of paper to write my name on.  Not professional!  :D

Does Driving For Dollars Work For Looking For Mobile Home Deals

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