Im new to real estate I have been reading and using bigger pockets to gain knowledge. I don't have much money to get started with. So I was thinking I should start out buying and flipping mobile homes to build my capital up so I can buy bigger properties.
Does anybody that buys and flips mobile homes have any advice. Please let me know thanks
I have been wondering the same thing and trying to find some info on this subject as well, as I look and research different properties to flip trying to find the “GOOD DEAL” I come across Mobil homes that could be bought for penny’s, sort of speak, fixed up inexpensively and sold quickly if priced properly to sell.
My thought is, go at it like flipping a house, know what you can sell it for, know what repair cost will be, know what you’re buying and selling costs are , know the market you’re working, meaning what’s selling, how much, how many days to on market to sell, because you will have caring costs till it sells.
Then most important question or answer is, what is your profit going to be and is it worth it.
Just my thought
I dont be because they are hard to sell. the market for wobbly boxes is much smaller than the market for traditional stick built single family homes.
Now for the good part, you dont need any capital to flip homes. Use an option contract to buy and dont close on the option until you find another buyer to sell to. all you need is a cooperative seller and you are in the game.
To your success
The problem with MH`s is finding comps on the retail side. Areas where MH`s are plentiful, unfortunately the foreclosures are also, so that drives the prices down and it is a difficult task for an appraiser to find comps. Plus funding for them has been almost non-existent until Century 21 mortgage (the only lender I know that will lend on MH`s) came on the scene, but they are overwhelmed and it is very hard just to get an application processed. Yes, there are good buys on MH`s but reselling them can be a pain if not impossible. Disclaimer: this will always vary by location.
Thank you everyone for your information I really appreciate it.
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