All Forum Posts by: Bill Neves

@Elizabeth Anderson

Hi

Lots of ways - Craigslist, parks and park managers who have them to move, Land where people built a stick built and now the mobile has to be moved.

Repos - Google manufactured home lenders and you'll get a list. If they lend, they'll have repos. There are 3 main nationwide lenders - 21st Mortgage, CU Factory Built, and Triad.

Vanderbilt is another that handles Clayton manufactured homes.

You can get them free to $30k and up, depending on age and condition.

Make sure before you buy on that the city or county will allow it t be moved. i.e. some areas won't give a permit to older than 1976. 

Lease purchase depends on your state regulations. I won't try to answer that here.

Yell if you have any other questions.

Good luck and Have fun!.

@Curt Smith

Great job!

I was depressed that I had no shoes, till I saw a man with no feet...

There's ALWAYS someone worse off than me.

@Thomas S.

Agreed. the last 3 we sold were to downsizing former homeowners who were simplifying things.

A nice park (the ones we work in) is somewhat like a condo. You can travel when you want, someone can watch your place and take care of the lawn and landscaping, if any.

We're in Phoenix for 3 months doing that exact thing. I know, poor me. 

@Thomas S.

As an investor who has had both stick built flipping, rentals and mobile homes on payments. I have seen more abuse with rentals, than rent to own or financed mobile homes.

Apartment rentals in cities in my experience is lower income than mobile home owners in parks. 

What have you seen?

@Thomas S.

I was of the same opinion for 10 years, when I did stick built houses. I was wrong.

I tried a mobile home by accident and now only do mobiles. 

The returns crush stick built returns, in most cases.

We just sold one for $89,900 cash. Closes this coming Tuesday. $26k net. 

And we've sold several over the past several months for $17k, $25K, $28k, $37k ... All cash - haven't financed any of those. 

Just sayin'!

@Mark Devens 

We see much better numbers in the deals we do. You can get them for low dollars, fix up a bit and sell for a lot more.

Example: Buy for $500 with 2 months rent. Put in $7k in fix up money. Sell for $17k and net $9500.

@Carrie Barrette 

As far as value - Best and most accurate way - you have to do a market analysis of your area. Need to visit parks and get an idea what places are selling for.

Good luck and have fun!

@Mike Reece

Looks like a good project. You can find money partners who would be happy to lend money for a good return. 

@John Turner is a good person to discuss this with.

Yell if you have any questions.

Good luck!

@Scott Schultz 

Just a different business model.

Correct - mobile homes are depreciating assets. So the question for an investor is "do I want to make money or play the stick built game?" One does not always equal the other.

I used to train people in stick built real estate deals. Worked for the Robert Kiyosaki Rich Dad Real Estate folks, when it was called Russ Whitney. Funny - you mentioned him. I played in that arena for over 10 years and did 160 stick built deals. Made great money... Until the market crashed and LOTS of investors got crushed.

Fortunately, I didn't get hurt but stopped for 3 years. Attempted to get back at it in 2012. No traction. Auctions, many times, are over run with newbies who have 401k money and frequently overpay. Short sales are difficult compared to 2005-2009. Lease options are not what they used to be. Flips are great but many MLS listings are over run with investors out bidding each other to get the deal.

Tried one mobile on a whim and haven't looked back. Almost 40 now. No competition thanks to the stick built 'fact' that mobiles depreciate and are a waste of time. We love that.

10% of all housing... but a waste of time.

@Justin R. is in San Diego, California. There are lots of depreciating mobile homes that sell in the several hundred $ thousand range and more. I've seen 'mobile homes' in parks on the Calif coast for $1 mil and more. Brad Pitt, movie guy, has one worth over $1 mil.

Correct they don't appreciate... but VALUE is different than appreciation. 

Most investors want income and cash flow. But need credit, a pile of cash or hard money to do most deals. And most investors don't have those readily available. 

The monthly cash flow on rentals after repairs is a joke many times. We see nice pay days and several mobiles we've done are $300-$500/mo cash flow with no maintenance. Most stick built investors don't see that. Some, but not most.

So now I show folks that you can do stick built if you have those tools mentioned above or do mobile homes and both can make good to great money.

----------------------

Just yesterday a 'recovering' stick built investor called me. She and her husband invested $50k cash into a 60 day 'quick flip' to make $20k with 2 other investors. A FULL YEAR later they made the 2nd sale. 1st sale fell out, after 12 months of rehab and sales attempts. So after many nights of lost sleep... They got their $50k back and $15k net. 

Now, $15k net is still 30% annual return on the money which is a great return. But wasn't the 60 day 'quick flip' for $20k net they thought they were doing with their experienced stick built investor friends.

She called because she just got her 2nd mobile home deal in 2 months. Working on fix up on the 1st one. Both should net $10-15k each. And in 45 days tops each. And on to more.

Just sayin'!

We love that stick built investors have that opinion. No competition.

@Jason VaughnCongrats and welcome aboard!

Now go get another one!