I'm a wholesaler in Indianapolis and run some digital marketing and mailers. I had someone call today who owns a 1984 trailer that they bought for $1k and they fixed it up to be livable.
He has a lease with a 30 day notice to vacate, month to month.
He has agreed to sell the trailer for $1 (yes a single dollar) if I can take over the title and thus the lease. He just wants to leave and doesn't have a way to move it.
I don't invest in mobile homes and know very little about it.
He wants to essentially give the trailer/mobile home away for free. There seems to be money to be made here.
Does anyone have any advice on how to go about this possible deal? Does anyone with more experience want to JV on the deal or simply pay my company a fee assuming we can get the title signed over to you?
You'd need to know if you have to live in it. Some trailer parks won't let you lease them to a 3rd party. Check that, then if you can rent it out, you are golden.
I'd throw an ad up on Craigslist in Indy area and see if you get some bites. I know there are companies that buy mobile homes nationwide that advertise in those local Pennysaver papers I've seen and they'll move them etc. I don't know what the criteria is however but I'd throw it up on CL & in the local Facebook Marketplace and you'll bound to get rid of it for $2. Hopefully more.
There are a lot of if's here that need to be verified:
. If the lot rent exceeds the rental value of the Mobile Home
. If the Mobile Home Owner has been evicted from the lot.
. If the repairs are of a quality to bring in sufficient rental income.
. If the repairs are not in accordance to Park guidelines.
@Matt Speer It's best to talk to the park manager and/or owner to see if you can do business there. Also, you'll need to see what's owed on the home in terms of lot rent, taxes and any other liens and/or fees. In addition, you'll also have to see how much work is needed to get the home fixed up (i.e. floor repairs, roof repairs, air conditioning and heating, plumbing, etc). Good luck!
Thank you everyone for the feedback! Seems to be very similar to typical residential real estate with a few intricacies to navigate.
I'll update this thread as things play out for anyone curious.