What questions to ask for Mobile Home leads in Florida?

Question

Hi,

I typically wholesale off-market SF properties, but I am getting leads for mobile homes in Florida. I don't want to leave money on the table and open to JVing. What questions should i be asking during the initial phone call.

Adrian Smude · Answer

Private money has been the best way we fund our mobile home purchases. Mobile home parks can typically be financed by community banks.

Jerry Lucker · Answer

@Jermaine Chad Ingram

Mobiles in parks are personal property not real estate so bank loans are like financing a car. A point or 2 higher than real estate but still can get 20 years and of course the amount financed is a lot less so the payments are very reasonable.

Gavin Welch · Answer

Here are the top mobile questions:

1. Do you own the land or rent the lot?

2. Is your community 55 years old and greater?

3. What year is your home (mobile)?  (older ones are harder to finance)

4.  Is it single wide or double?  many banks dont lend on single wides.

5.  it there a skirt around it? Do you know about the tie downs?

6.  City water and sewer or well and septic?

7. Have you made any repairs to the property?

These should give you a good place to start.

Gavin

Kenesha Lewis · Answer

@Rachel H. Thank you SOOOOO much for the info!! This will help me tremendously.

Rachel H. · Answer

@Kenesha Lewis Here are a few questions to start off with:

Where is the home located (i.e. in a mobile home park, on a lot, on a piece of land, etc)?

Why are you selling?

What is your timeframe for selling?

Do you own the home and have the title?

How long have you owned the home?

How many bedrooms and bathrooms?

What year is the home?

Is it a singlewide mobile home or a doublewide mobile home?

What type of fix-up work is needed for the home (i.e. floor work, plumbing heating and air conditioning, roof repair, etc)?

What is the lot rent (if any)?

Are you current on lot rent?

How much are you selling the mobile home for?

Do you want cash or are you willing to owner finance?

Are you flexible on price and/or terms?

These are just a few questions to ask. If you're looking into doing a JV partnership with another investor, you may want to seek out those who specialize in these types of deals in your area. Then see if they are willing to partner with you if you're able to find leads and put them together. This will involve getting their criteria and seeing what areas of town they like working in and what types of mobile homes they're willing to buy.

Hope that helps. Best of luck!

Jermaine Chad Ingram · Answer

You get FHA loans in mobile home parks?

Jerry Lucker · Answer

@Jermaine Chad Ingram

I’ve always been able to get good financing for mobile homes in parks. Another myth debunked.

Jermaine Chad Ingram · Answer

@Kenesha Lewis there is a difference between Mobile homes in parks and mobile homes on land. You’ll probably want homes on land, as homes in parks can’t get regular residential financing.

What questions to ask for Mobile Home leads in Florida?

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