All Forum Posts by: Bill Neves

College educated folks many times work for the High School drop outs. Just sayin'!

As mentioned, I found one at the local REIA meeting. Asked who did loans. Got a name and met with her offline. Told her what I was doing and asked what it would take to do the required paperwork.

Check with your state. Each state has slightly different rules. States track chain of title. Some states have a tax when selling. You can bypass yourself if you are a dealer. If you do it otherwise, it's considered fraud.

Good points Jerry. I have financed several mobile homes also. I found a local MLO person to do the paperwork required by Dodd Frank rules to stay legal. $1000 would be high. There are only 3 pieces of paper involved. People can ask at their local REIA and I'm sure they can find someone local to them.

Welcome @Danielle A.

Lots of great info here on mobile homes. Lonnie had some great ideas. Some of his techniques are out of date. 

Good luck.

Bill

Got carpet installed on my latest mobile home deal then watched the Seahawks win an amazing Cinderella come from behind game.

Lots of great ideas. As mentioned, you can give them away or sell for a thousand or a couple thousand and get rid of any with issues quickly. I bought 1 for $1k that needed work. After getting it, I decided I didn't want to do the work, so sold it (wholesale) for $3k on Craigslist. The guy was ecstatic.

I'm on my 27th one in 20 months. Did stick built before. Have only done one on a lot. ROI much nicer on mobile homes. Most of mine are in parks. Most parks, I have worked with, DO NOT allow rentals. In the ones that had rentals, the owner wouldn't let anyone else work in them. In most parks, residents must have bought them or be buying, at least on contract. No rentals, lease options, etc.

Make sure the park you are looking at is workable. That is, I initially thought a local park was workable. Bought 4 in 3 weeks back-to-back BEFORE I got one sold. Mistake! Found that the owner, although initially nice, was EXTREMELY difficult to work with, punitive demands and hard to get people qualified to move into the park. If I'm paying rent the owner is in no hurry to qualify people. Got 2 sold, still have 2. I'll still do fine, but it's eating my profit. 

Lesson learned.

Going forward I will go into a new park carefully. Buy and sell one, as a test, to ensure the park is workable, before jumping in more. If we don't have challenges we don't learn anything new, right?

Alternate options: Only buy on lots in a city of good size so you can sell them. Or as mentioned above, buy and move to your location. Buy newer ones in parks, or move to parks, so they can get a loan and have a couple lenders to qualify people to buy from you. You get cash. 

Why parks? Utilities are already in place. Just hook up. Move to land and there 'may' be additional unexpected costs.

Check out @John Fedro  and @Jerry Lucker on this blog.

Good luck and have fun!

I find mobile home deals in parks a couple of ways.

Craigslist (CL), MHVillage.com. MLS. I print a couple possible deals and drive the parks. While in the parks there will usually be FSBO (For Sale By Owner) signs. Some parks mgrs/owners print lists of FSBO in the park. Some don't. I have gone to parks from a CL ad only to find a FSBO I wasn't aware was there and that's the deal I did.

If you don't see anything on CL, you can look in the yellow pages for parks in your area. MHVillage has lists of mobile home parks in many areas. You can drive the parks and see what's available.

Local Investor club is a good avenue as mentioned here, too.

Happy Hunting!

@Eric Bowlin

Option 2

It would take several years to recoup your money. Why do that for an extra $100/mo in rent? Sell it and let the handyman special purchaser do the work and bear the costs. Good option to finance some of the repairs.

Not sure about you but I've had renters less than appreciative of the work I put in rentals and I get it back pretty rough, down the road. Then have to fix it again.

If someone puts their work, time and dollars into a project, higher likelihood that they will take care of it.

Craigslist and MHVillage.com are good sites.