All Forum Posts by: Bill Neves

Yes, bought fixed up and sold for cash and on payments.

Marketing - Typically sold thru Craigslist, bandit signs, referrals and other marketing. 

Mobile homes don't comp like stick built. But you can get financing in parks all over the country. We're doing one right now NOT on a foundation AND in a park in Vancouver, WA and getting it financed to sell at $90k with 5% down and decent credit.

Google it. Yell if you can't find anyone.

I'm in Vancouver, WA and have done mobile home deals in Idaho, Arizona, Oregon and Washington states. I've done stick built deals in several states including ME and MA. 

Yell if you have any questions.

Have fun!

I like mobile homes as a business but this one is so far underwater, I'd say walk also.

Good luck!

I would recommend walking as well. If the bank has the mortgage, says they owe and filing a law suit, forget it. Not worth the hassle. Don't buy a problem. Too many other deals out there.

A couple thought...

Hard Money Loans are typically short term. Not a year or longer. Most will not deal with mobile homes either.

What I would recommend, and have done myself many times, go to the local Real Estate club. There are several in your area and a BIG one in Phoenix. I have a winter place in Mesa.

Ask around, if anyone would want X return on their money and get a money partner for a piece of the action. Pretty easy to do.

Have fun!

@Kyle D.

Yes and yes.

This is more detail than probably needed here but...

Mobile Home - As@Belinda Lopez said above...

If the tenant doesn't pay rent, the park has what's called a Warehouse Lien or Super Lien and can foreclose on the property. So they can take over the home. Obtain a new title to them. Put it up for auction and sell it. Keep it, move it and/or rent it out. Or whatever they want to do. If there is a loan the bank or lender has the option to pay the space rent or forfeit the home to the park.

@Kyle D.

Some of this is obvious, but in my experience...

Mobile Home parks have mobile homes that stay there year round. People typically pay a 'monthly' space rent of $300-$700 more or less, depending on area. They may also pay water and sewer separate. Units are static. Once they are there, they usually never move again. Yards and lawns are usually better maintained since the units don't go anywhere.

Again obvious... RV parks have RVs come in and out at the travelers discretion. They typically have a daily, weekly or monthly space rent rate. Usually water and sewer hookup is included. The park may offer an incentive to have people stay for more than a few days. Park discretion of course.

The daily rent is much higher than a monthly rent would be, so potentially better cash flow/NOI per space. However, depending on activity it can be a busy in and out process. Lawns are typically a cement pad with rock or dirt for in and out activity to not tear up grass.

I work with a few mobile home and RV combo parks. Some keep the RV section separate from the permanent units. 

I actually have a winter place of my own in Mesa, AZ. Over 55 community. There are over 650 permanent units with a sprinkling of 50 or so RV spaces for travelers. It can be a bit disruptive for permanent residents since the travelers are in and out. They may leave at 5am to get on the road and other folks are sleeping. They may or may not keep their space tidy and the noise to a resident 'peace and quiet' level. i.e. 'we're on vacation' parties.

So it's just different business models. Mobile home parks just collect rent and they know how much they generate monthly if everyone pays on time. Steady bankable income. Economy proof. People are living there.

RV park cannot exactly guarantee monthly income, unless they are popular, it's summer travel season and they are full. Then in winter many spaces are vacant. So their monthly cash flow can swing a lot depending on season, etc. Income swings. Economy dependent also if people don't have money to travel as much. This year is great with lower gas prices, more traveling.

Hope that helps. Have fun!

@Ashley Wolfe

You're looking at this realistically. I agree with @David Fritch.

Go out expecting to do it for practice. That way if you don't get it, it was practice anyway. And if you get it, bonus points. It's a numbers game. Gotta go thru the numbers. Every deal you look at won't work. You don't want them all either.

Make sure on the $1500 one you;'re not buying someone else's problem. Make sure there isn't too much work needed. 

Winter in TX isn't too bad but in some areas you might have to hold a property for a few months, so plan on that, just in case. The course from @John Fedro is great and he's in TX. TX is different than most other states. I hit him here so he'd get in touch with you.

Good luck and happy hunting!

Have fun!

I bought a stick built meth SALES house but it wasn't a lab. If it is a lab the health dept has to take control of it until remediation is done. So if it's for sale it is probably only a sales house and not a lab. Check it out.