Mobile home investors where are you

10 Replies

I'm in Vancouver, WA and have done mobile home deals in Idaho, Arizona, Oregon and Washington states. I've done stick built deals in several states including ME and MA. 

Yell if you have any questions.

Have fun!

Hi Bill

Thanks for reaching out, I take it by "mobile home deals"  you mean you bought mobile homes fixed them up or rehabbed them and then sold them for cash and/or seller financing?

My main question is  the marketing aspect of it, what is the most effective way of getting motivated sellers?  where do I get them or how do I find them?

Thanks

Dennis 

Originally posted by @Dennis Dandawa :

Hi Bill

Thanks for reaching out, I take it by "mobile home deals"  you mean you bought mobile homes fixed them up or rehabbed them and then sold them for cash and/or seller financing?

My main question is  the marketing aspect of it, what is the most effective way of getting motivated sellers?  where do I get them or how do I find them?

Thanks

Yes, bought fixed up and sold for cash and on payments.

Marketing - Typically sold thru Craigslist, bandit signs, referrals and other marketing. 

Hi Bill

I am a newbie at mobile home investing so when you say other marketing what are we talking here.  I know there is CL marketing , bandits etc what I wanted to know is of all avenues of marketing which one s are the most effective costs etc.  Again i am new so when I ask these questions I am trying to figure out where to concentrate  my efforts.

Craigslist and referrals - basically getting out and talking to people are the 2 most cost effective methods. Bandit signs, mailing letters or post cards, flyers etc. all have costs. We've found many deals by meeting with Park Managers, tell them what we do (buy, fix and sell) and then perform. Many times they will refer deals to you after you have worked with them. Takes some time to get the word out and get going.

I bought 10 double wides on their own land in 2015.  Have around 19 of them total.  I only buy mobiles on their own land.  Go to my profile, find my posts in other MH threads especially on lonnie deals and how they are almost dead.  Are much harder to make consistent money in than the new persons scratch and sniff will wrongly think.

I buy off auction.com for $18k to $25k.  If that doesn't trip the seller's reserve price, then I walk.   BTW on auction.com the seller WILL bid AGAINST you.  Put your max price in at first and walk away.  Ignore and don't get into re-bidding. 

I also buy REOs from banks.  I find them via zillow.com and their "manufactured" filter.  I put in Max $30k and manufactured for the entire state of GA.  

Recently, I'm seeing good inventory drying up.  I think this model may have run it's course and the banks have emptied out of good location double wides on their own land.  I'm only seeing homes in small towns on county roads that I'd never buy for easily finding top renters reasons. 

Our buying criteria are;  must be 15 minutes to a major (MAJOR) freeway and en total 30 minutes to a good jobs center.  (city-data.com)

I've basically given you the entire business model above.  Except I've also said: homes in parks are a tough TOUGH business.   Homes on their own land are running thin in GA.  

Don't pay much for these homes.  Lipstick fixups include a new heat pump HVAC and rent for higher than market rent.  Or as we ONLY do: rent to own, then seller finance after 12 months to top quality families.

I've bought manufactured homes in manufactured home communities (mobile home parks) as well as on their own land. You can make quite a bit of money on the homes in parks, but the holding costs can eat you alive (lot rent, etc.). I no longer buy manufactured homes in manufactured home communities because lot rent is nearing $1,000 a month in Colorado. I primarily buy manufactured homes with land via the MLS, direct mail, and digital marketing. I get my marketing lists from the counties and/or ListSource. If you have any other questions, feel free to reach out to me.

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