All Forum Posts by: Bill Neves

You definitely don't need a 17 page realtor form. I use a 1 page purchase form and 1 page assignment form. Pretty simple. Not sure if you need an atty in GA.

@Account Closed

I understand there are no mobile home parks in HI. Is that correct?

Not sure I'd work with that realtor if that had occurred. Definitely could have walked and gotten money back. I agree that you may be putting more money in than needed or wise.

Hi @Lambert Brown.

You can wholesale just like a house. Tie it up on a contract and assign the contract to the next buyer. 

If in a park, make sure an investor can work in there. Some require resident owners.

Have fun!

@Deborah Vierra

I agree with @Rick Fagan and @Marshall M.. It's subjective more than objective.

Depends on the area, park or land, condition, etc. We've bought them in 1970 vintage for $500 and sold them for close to $30k. So it's something that takes a little local market research.

Look in parks in the area, ask realtors who specialize in mobiles, ask park managers about values, CL and MHVillage. Again area will differ.

One thing, does the unit need to be moved? Are you looking to move it? If so, check on local move costs. If you buy it, and lease or rent the land, might the owner ask you to move it at some point so they can build or ?? Kinda important to know. 

Depending on the age, some cities/counties won't let you move them to certain locations and lots. Won't give a permit. A mover will know.

I had this happen to me with the auto dealer license confusion. I said Mobile Home and should have said Manufactured. They told me all about Motor Home rules. I had to explain 'Manufactured' NOT 'MOTOR' Home. Different rules for each.

@Curt Smith@Mark Elliott@Rick Fagan@Adam Bartomeo

Bad tenant news is NOT exclusive to parks...

I've done a lot of stick builts that have had damage and theft over the years.

I just had a lease option on a modular on foundation with a city lot like (I think Curt Smith) you do. They bailed, just got it back last week. I got a deposit/down that I keep of course.

Had to clean up home and yard, redo some of the flooring, replaced stove and fridge. Changed 20 burned out light bulbs! They must have gone to sleep when it turned dark?? So not just parks, eh?

Howdy from South Washington! Sounds like you're in good hands.

@Account Closed

Hello

You can not do Lonnie deals any longer due to Dodd Frank and Safe Act lending rules.

However, you still can invest in mobile homes. On land and city lots (which makes them real estate) and, if done right, in parks (which is personal property). 

Low cost of entry and high returns. 

Many investors avoid them as depreciating assets. Eye of the beholder.

We typically see $5k-$10k per deal, monthly cash flow and 200+% annual ROI.

Not for everybody though.

Hi @Amanda Comeau

Yes - mobile home investing can be a good strategy. I've been doing it over 2 years now and have stopped doing stick built completely.

Since they are not real estate (personal property like a car) they don't require a realtor or title company, in many cases. Check with your state to verify requirements.

Good and Bad?

Good - Low cost of entry, very high ROI. Market and economy is driving the business.

If you do them in parks, you only deal with the mobile NOT the land.

If you do a mobile on land, that's great. You compete with stick built home prices.

Bad - Parks - Sometimes a park manager or owner can be difficult to work with. Recommendation is to do 1 in a park before doing more. I did 1 last year and thought the owner would be good to work with. So got 3 more in the same park. But the wheels came off the train and she became extremely difficult to work with.

What does that mean? 

1 - She was VERY picky qualifying people to buy my units. She was in no hurry to move people in since I was paying rent every month, right? 

2 - I sent at least 3 people to the office to get qualified and she sold them units that she had to sell, instead of qualifying them for mine.

3 - I don't work in that park any more. 

Good news - there are 2000 mobile home parks in my state alone. 

Nationwide - There are over 20 million units or about 10% of housing. So there are a bunch! Lots of people would rather own their own place than rent. So you can do a good business with effort.

So mobile homes can be a good investment vehicle and it can have some challenges. It is not a get rich quick or lay down business.

Have fun!