Repo Mobile Homes - Need advice!
I have never bought a repo mobile home before....or any mobile home for that matter. I went out today and looked at a repo that is in great condition. It's on land, but the land is not for sale. Do I need to contact the land owners to make sure the MH can be moved? I know that I would have to ask this if the MH were in a park, but not sure about land.
Are there any pitfalls in buying repos that I should watch out for?
What would be a competitive offer (percentage of repair value) that I should offer? Just a general guideline.
Any other advice would be awesome.
Thanks!!!
Most Popular Reply
Lindsey, I would suggest you take the time to develop an exit strategy before submitting a bid. In other words what are you going to do with the MH if you get it.
The exit strategy is a good starting point for determining how much to bid. Sounds like you will be moving it to a MHP and that there may be repairs. You may also need to consider holding costs like paying space rent until you find a renter/buyer.
Also your exit strategy can help you determine the potential income down the road. Knowing your costs and the potential income you can come up gives you a basis for determining a bid.