All Forum Posts by: Howard Grant
Howard Grant has started 1 posts and replied 5 times.
Post: How much to offer on Mobile Homes?
- Phoenix, AZ
- Posts 5
- Votes 3
@Rachel H. Thank you for the really good feedback. Talking to park managers/ or owners is really where I'm going to get my answers. There are hundreds of parks in my marketplace. Getting my name out there is the best step for me right now. My mind is stuck on understanding the process, so at first I will do the work myself. Thank you for the feedback, the information you are sharing is providing a lot of clarity.
Post: How much to offer on Mobile Homes?
- Phoenix, AZ
- Posts 5
- Votes 3
Originally posted by @Rachel H.:
If you're wholesaling, you'll need to know the market value for each exit strategy (i.e. cash, payments, etc). Regarding fix up work, it'll take some time to get to know the contractors in the area who specialize in fixing up mobile homes. They can give you some good estimates and opinions on your projects.
Each investor is different. Some like to hire the work out while others will do the majority of it themselves. These are all factors in determining value.
If the home is in a park, you may want to talk to the park manager and/or owner. Usually, they'll know what homes can go for in certain conditions. Neighbors are also a good source of information. And lastly, you can always visit your local mobile home dealership. They buy and sell all the time and can help you with your research in the community.
Good luck!
Post: How much to offer on Mobile Homes?
- Phoenix, AZ
- Posts 5
- Votes 3
Originally posted by @Anthony Dooley:
I would buy and hold if you can. I value them like any other income producing asset, cash flow. What is an acceptable rate of return after all expenses for you? Whatever that is, divide it into the net income of the property after all expenses including lot rent. That is my max offer not including repairs needed prior to rental. If you are wholesaling it, just offer 50%% of value and sell it for 75% of value.
Solid answer, thank you Anthony. I've been one dimension in my exit strategy, for a good reason. Your response confirms a question I've been asking myself, "What is the average monthly rent for mobile homes in my area". I believe If I start there, I can determine my target ROR. I'm a little over month into my career, this is valuable information.
Post: How much to offer on Mobile Homes?
- Phoenix, AZ
- Posts 5
- Votes 3
Amisdt marketing for SFR, two very motivated manufactured home sellers appeared (a good problem)? One in an all age community, one in 55+. I've met with the 55+, property needs flooring and a little paint. All age says, brand new. My initial exit was to wholesale both. Which leads to my question, How do you determine your offer on Mobile homes? You don't know what you don't know, but I hope this question makes sense.
Collarbleu-phx-wholesale
I am hearing a lot of wholesaler horror stories lately. It seems integrity is in short supply. Wholesaling is more a service within an industry. That is how I am building my wholesaling business, a service. The more stories I read, the closer I get to defining five star service.