lonnie scruggs has a book about it. they are called "lonnie deals"
Yes, I've done several back in the day - 2005ish. You might want to look up John Fedro - I think he's here on BP and also has his own podcast.
@James Connor Been doing it for awhile. Went from single-family homes to mobile homes. Like anything, it's important to learn a niche and study it. Then take action. Has definitely been a roller coaster, never a dull moment. But very profitable if you stay on top of it. Hope that helps!
Thank's a bunch! I will have to do some more research on it.
Hi @James Connor - I specialize in mobile home investing. Feel free to shoot me a message if you have any specific questions. Matt
I have bought and sold many manufactured homes with and without and. I primarily fix and flip them. Reach out if you have questions.
Yes, I flipped a mobile home park. Similar to flipping a house or apartment
I do it about 15 times a month all over Michigan, Indiana, Illinois, Ohio and Wisconsin. I buy 1990 and newer units from motivated sellers and pay cash. I then sell these units to park owners or other brokers that move them to thier locations.
Found a seller that wants to get out that owes still on the mobile home. They do not own the land its on. Do you guys just invest in the mobile home it self or mobile home/Land package?
I do mobile home flips. It is a very unique market that will require different research than normal stick built home flipping. You should be in a market where mobiles sell for high dollars otherwise your buyer pool will be sub standard and likely unable to finance. Profit margin is relatively low.
Buyers will not be able to get a mortgage unless it is on a foundation with land in most cases.
If it is in a park you will need a cash buyer. I target seniors looking to down size and having the cash to pay 80K -100K+ for a fully renovated mobile in a park.
The quality of the community is crucial. Owners with a high level of pride in ownership, community owner with high level of pride in ownership. Adult only community, preferably senior's, and privately owned community not corporate.
I have flipped stick homes and done well. 6 months ago I bought a double wide in a popular senior park. The manager was in the process of working on it to flip. He was in a bind, so I bought it from him. It turned out great and we moved my sister in. Another single wide came up for sale and I'm flipping it. The manager is thrilled to see an old home looking like new and he's wanting me to buy and flip 2 others that the park owns. I'm days away from completing this project and getting a lot of interested from an ad on Facebook. My concern now is trying to find what the federal taxes will be and what deductions are allowed. As this is my first flip of this type. Any info will be appreciated.
I have flipped some mobiles. They have been quite profitable for me. The lack of affordable housing in my area has made the demand for mobiles high. That said they can be bought very cheap and I have found them to be very cost effective to rehab. No granite and hardwood required. Most have relatively low sq/ft (1000-1500) so kitchens and bathrooms are small keeping the cost to rehab low.
I focus on units that are in parks on rented spaces. I tend to stay away from the high end stuff ($50k+), in my market they are hard to sell. Folks with that much cash will find a way to buy a stick built home.
Be sure to check out the laws pertaining to mobile/manufactured housing sales and repair in your area. They are HIGHLY regulated in my area and can make things difficult for investors.
I used to ONLY do stick built. Never would touch a 'trailer'. Tried one and haven't done any stick built for investing since then.
I've bought, fixed and sold many mobile homes. I don't rent them but will finance which works similar. Cash flow.
Learn the business, since there are many differences.
Good luck and have fun!