All Forum Posts by: Bill Neves

I have moved to mobile homes for investing. Low cost of entry and huge returns.

This may sound simple but...

Most doubting spouses will change their minds when you bring home a BIG check from your investing.

Unless you have someone at the location.... 

Not sure if I'd want to do it remote but should work by telephone or website.

@Trevor Rutherford

When we go to the courthouse to pay the taxes that need to be paid...

We ask them to check on any liens. That is what the Title company does.

When you buy a unit that has a new AC or windows, ask for a copy of the receipt to ensure there is no mechanic's lien. 

It may happen but we have not seen one yet that had a lien, other than delayed park rent, utilities and taxes. We deduct those from the purchase price.

OK

Nice comments but...

Most rentals do not net for several years. Foreclosures were good, then not, I think they'll be good again. Called "Housing Bubble".

Through it all, affordable housing is needed. That's what I deal with.

Not without experience. I started investing in 1999 and did 160 stick built deals until 2009 when the market crash forced me to stop.

Started back in 2012 when the market started coming back. However, I didn't like what I saw in the market and chose to go with mobile homes.

Low cost of entry and 'Yuge' (as Trump says) returns.

@Antonio Evans

Hi

There are lots of folks here in Bigger Pockets who do mobile home deals all the time. Even some who do it exclusively. Like me.

Check the blog out.

Have fun!

@Steve Vaughan

They're out there AND you must follow Dodd-Frank guidelines. Check other threads on it. It's been discussed in volumes here for months.

Have fun!

Yes they are out there. We've taken them over for free, $300, $500, $750, $1000, etc.

Some needed a lot of work. Others not much.

We've found that working with park managers/owners yields some of these deals. 

Looking for motivated sellers (tired and want to move) yields some too.

Have one right now, mother passed and son doesn't want it. He's cleaning it out and we take over the 15th of the month for a few thousand dollars. Needs some work but not a ton.

Just have to look. As mentioned, Craigslist is a gold mine. Stay in the low to mid rent range for the area and you'll stay out of trouble. Meaning it's slower to turn them in the higher rent parks.

Have fun!

@Devin Mann

Howdy.

Several ways to do start doing mobile homes with little money. 

You can ask the seller to allow you to make payments for a period of time. Then fix (if needed), sell and pay the seller off. Take the profit and do another.

You could get a money partner (or partners) to work with you and split the profit.  REIAs should have several at any meeting. A couple deals and you won't need their money any longer. And you're on your way.

Meet and cultivate park managers to be your eyes and ears in the parks and refer properties to you. They will come across deals that you will never see otherwise. We find some of our best deals this way.

When they give you a referral unit, make sure to 'thank them' with a $50-$100 gift card from a restaurant they like. Find that out during your visit.

Value is case by case, area by area and park by park. Takes a bit of legwork and home work to get a handle on values.

Like mentioned above if an asking price is $15k. I like to ask what's the least they would take for cash rather than give them a number. We've been pleasantly surprised how low we can get mobile home prices. i.e. $500 or $1000 for places.

Good luck and have fun!

@Andy Albrecht

Welcome aboard. Lofty goals! Go 4 It!

Bill

@Jay Helms

We have dealt with lots of older units. If they are kept up, they last a long time. We just redid the inside of a 1972 and it was great when we got done.

We've done 2x 1968s and they both were in good shape.

Now... we've seen some 1980s units that were dumps so...

Check with Clayton Homes or Palm Harbor for new pricing. They sell a lot.

Have fun!