All Forum Posts by: Bill Neves

Hi @Steven Duckand @Abdul John

Welcome aboard to you both.

I moved to mobiles a few years ago and haven't gone back to stick built, except as my residence.

They depreciate in value on the surface. However, it is unimportant. We typically sell mobile for FAR more than should be expected because it is affordable housing. We recently sold a 1968 2/1 for $25k and a 1972 2/1 for $28k. Both in excellent shape.

We also have several on rental payments (rent to own). You need to be in compliance with the new Dodd-Frank lending rules. 

The reason we're doing mobiles include:
1 - very low cost to start doing them.
2 - very high returns on your money.
3 - little to no need to use title companies and realtors. (We work with them but usually don't need them.)

There is a lot of info in here about mobile homes.

Yell if you have other questions.

Good luck and have fun!

Hi @Yany Rivera

I just interviewed an out of state park owner and posted it on Youtube last week.

Search Youtube for "Interview with a Mobile Home Park Owner!".

Good luck and have fun!

Welcome @Kelly Moffat

Some of us really enjoy the mobile home biz. Providing affordable housing and making some great returns.

Nice thing too is that most investors don't touch them so very little competition. 

Yell if you have questions and have fun!

Hi @Jabri Carter

Mobile homes can be good investments if that's your interest.

As @Carol Venoliasaid, the prices can vary a lot. We have gotten them for free and the last one we just finished sold for $89,900 in the Portland, OR area.

Many parks don't allow rentals but some do.  Resort areas like Las Vegas, Phoenix, and many Florida areas have more rental parks than other areas of the US. 

So you can look around and talk to park managers to find out if they allow that.

Good luck and have fun!

@Stephen Franco

Google search for manufactured home lenders in your area. You'll find several.

@Howard Abell

Hi Howard

The complaints I've run up against have been:

1 - Investor started a project, ran out of money and gave it to the park. They then had no rent and a unit to fix up before they could rent or sell it.

2 - Investor bought and moved it out. This can happen anyway.

3 - Investor fixed a place up and allowed non-park approved tenants (i.e. relatives) to move in. Shenanigans ensued.

4 - Investor sells for a high price on payments and wouldn't fix items that stopped working. Tenant tells park they don't want to pay rent until seller holding note, fixes things. Park doesn't want to get in the middle.

5 - Park owner or manager wants to do the work and make the profit. Or have an arrangement with someone to do that.

These have been some of the complaints, or objections, that I've heard in working with owners/managers. Usually educating that we are there as a business and can add value to the park helps.

Welcome aboard!

@Linda Liberatore

You mentioned 'new investors'. Assuming they are just starting and may not have the resources to buy a park....

Many people make a fine living and invest in individual mobile homes. They have a very low cost of entry and huge returns compared to stick built.

I say returns because you can make 80%-500% return and get checks for $8k-$30k regularly. $30k might be acceptable for stick built but you might have $300k in the project.

Example: we did one several months back. Bought for $10k, invested $3500 in improvements and sold for $25k. Netted $11,500 in 28 days. Nice ROI but not stick built profit.

But the $13,500 we had in it, wouldn't even get to play in most stick built arenas without loans, hard money, etc.

It's not capital investing but pay day and cash flow investing. It's dealing with affordable housing. As @Jeffrey H.mentioned above, very recession proof. People gotta live somewhere and it's very low cost to own something.

We've met people in our business who used to own big houses and downsized. They own Mercedes, Lexus, boats, motor homes, etc and now get much more bang for their buck.

Is that what you meant by 'new investors'?

Have fun!

I've had them tell me NO before, too.

I just posted a YouTube video today. I interviewed a mobile home park owner and he gave me a lot of insight about how to educate owners and managers and showing how you can help them out and add value.

Search YouTube for "Interview with a Mobile Home Park Owner!"

@Austin Hughes  Congrats!

@Account Closed  Introduce yourself to the park manager. Tell them you are looking for any for sale and if the park has any, they may not want, that you could buy. You would fix and sell to a 'park approved buyer'.

Happy hunting!