All Forum Posts by: Bill Neves

@Bill Gulley

Correct.

Mobile Homes are titled just like a car. So different and MUCH simpler than stick built houses. 

We have only used a title company ONCE out of 37 deals, over the past 2 1/2 years due to bank financing and the price.

I've called several title companies in several states and they ALL told me they are only needed when connected with land or lot, and no title.

Rather than wholesaling though, I'd take it over and sell it for a profit.

You'll make more and get a better return on your money. 

Not sure why you'd want to wholesale it. Normally wholesaling goes to a contractor or investor. 

So it would be the seller, to you, to the investor, then to the end buyer. A lot of steps. Might not be enough $ to be worth it.

We've done and are doing very well by buying from a distressed sellers. And selling to end buyers. 

You can fix it, sell as is, get payments (observing Dodd-Frank), etc. Lots of options.

Have fun!

@John Adams

You can use the same docs for purchase and sale. Use a Title company if it is connected to land or city lot, as mentioned above.

If in a park or not connected to land, you don't need to use a title company. Just pay taxes and change title at the County Tax Assessor's office and Dept of Motor Vehicles. They'll tell you what forms to fill out.

Yes you can wholesale.

Good luck and have fun!

@Angie Y.

Sounds like a good potential deal.

I live in Washington state and I used to invest in stick built houses only.

Now I invest exclusively in mobile homes for pay days AND cash flow.

Not sure of the year of the unit but you can get financing on any mobile 1977 and newer.

I'm 65 and semi retired so in the same boat as you on retiring late.

Yell if you have any questions.
Bill

@Account Closed

Sorry. Missed your note previously. 

I currently work in Washington state and have done deals in several states.

Lot rent in my area is $400-$500 average. There are a few parks under $400 and a few at $700 in the area. We stay in the $400-$500 rent range areas.

What are you working on?

@Crystal H.

Craigslist is common and very good. 

Also MHVillage.com and MHBay.com work too, just not as well as CL.

We find many of our mobile home deals by doing 2 things...

1 - Driving parks and finding FSBO (for sale by owner) signs.
     Some sellers don't advertise, just put up a sign so would never see it on Craigslist.

2 - Meeting with park managers, building a relationship and asking them to call you when they have a unit they don't want to mess with.

We are in Arizona for 3 months (snow birding) and a park manager called me last week with not 1 but 2 potential deals. Already made the calls to set thing in motion. I have a couple associates in the area who will go look at them for me.

While I'm on vacation. How cool is that?

Have fun!

@Billy Rogers

I agree with @Charlie Fitzgerald

You should have written a contract with a closing 'on or before' date and other details.

If he comes back with an alternate plan, it needs an addendum. Up to you whether you want to accept or not.

Sales 101 and Law of Reciprocity - if you give something, you should get something.

I have extended contracts several times. Sometimes for additional concessions, more money, etc.

You are free to reject his changes if you want. You can then move to the next offer, in writing, and that WILL keep your 'business to a high ethical standard'.

Have fun!

@Dan King

Hi. How did your event go? 

I live in Vancouver, WA.

Whoever wants an inspection pays for it. 

Tax Appraisals are good for tax basis. 

Comps are best for value.

However...

Good rule of thumb....

Don't get invested in a "property". Get invested in a deal. 

Emotion on a property causes people to overpay. 

With how you described the property, I'd say NEXT!

Not worth the conversation. 

However - Like mentioned, if you want it, make an offer that works for you. Then follow up monthly. 

Good luck and have fun! 

@Joe Ellis - CL doesn't have all the deals. Go meet and talk to park managers. 

I stopped doing stick built deals. Mobile aren't real estate but the returns kick stick builts in the butt all day long. 

FYI @Phillip Dwyer (sorry - names aren't popping up)

When I started doing mobile homes, I thought financing was difficult too. I thought you couldn't finance in parks at all. 

Not correct. 

We just finished one in a park. Listed for $89,900. Sold for $87k.

We had funding set up through a broker we work with who ONLY lends on mobiles in parks. But the buyer was pre approved through another lender so no sweat. 

Can finance with decent credit (need that to qualify in most parks anyway) and 5% down. Rates are 5.99% to 7.25%.

Have fun!