All Forum Posts by: Bill Neves

@Sandy Uhlmann

Firing my custodian! :-)

@Sandy Uhlmann

Hello Sandy. Yes, I attempted to do this with a SDIRA last year. 

I was informed by my custodian that because mobile homes are 'personal property' I could NOT.

How can you?

A couple ways it can be done. Again, according to my custodian.

1 - Secure a money partner. They lend you money for the project. THEY can loan from THEIR SDIRA because it's a loan.

I did this on one project and it worked fine. Self funded my other projects.

2 - Set up a corporation and an LLC. Have the corporation lend to the LLC for the project. Again a loan.

This is according to my custodian. Obviously, please verify all this before proceeding.

Good luck and have fun!

@Helen Horne

Welcome and Yes. There are several of us here who work with mobile homes. @John Fedro is a great resource.

Have fun!

@Account Closed

Agreed. I was addressing HOW TO. Value is a whole other discussion....

@Latisha Youngblood

Hi Latisha - to answer your question. Yes you can wholesale. And yes you have taxes and a transfer fee. 

However... although a manufactured home is bought and sold in most states just like a car with a title...

you can tie one up on a contract, just like a stick built house. Then assign or sell the contract to someone else. They would pay you an amount $1-3k for the contract. Then they would pay the taxes and transfer fees to put in their name.  They would also need to pay to have it moved. Depending on the area, that can be $2500-$10k depending on what needs to be done. As long as it isn't older than June 15, 1976 it should be moveable. You'd need to check that. If it is being moved to a park, the park would need to approve it. If land, that's easier.

Very simple, quick and no title company for the wholesale part.

Have fun!

I'm in Portland, OR area. Zoning and permitting is difficult but some folks did this...

Tiny House Community

Update

Overseas travel is great. Have fun and yell when you get back.

@Shane Short  Craigslist and Zillow are fine. You can definitely start with 4-5k cash. You'd need more money to work with mobiles with land. Rentals are tough in the Portland area. Most parks require residents to be purchasing or have purchased the home. Flips are best in my experience.

Depends on what your goals are. Bigger paydays or cash flow?

@Shane Short

Welcome to the club. I'm across the river in Vancouver, WA.

There are lots of us who like (to love) the mobile home business. I wholeheartedly agree with your estimate of the potential business.

Portland area housing is booming. Inventory is still low till construction catches up. In our area - Lots of folks are paying up to half their take home pay for rent. Partial solution is buying a mobile home. If they buy on land similar problem to buying a stick built house. They can buy in a park to have affordable housing that doesn't break the bank. They still have rent in a park but once the home is paid off, they pay around half of what apartment rent is going for. And they have more privacy, a yard, their own 4 walls, roof, private parking, etc.

Stick built investing is very lucrative but takes much bigger dollars. To make $25k-$30k you would need to turn $100k or more. Sometimes a lot more. You can make the same net with mobiles with very little invested most of the time.

I've done investing since 1999 and usually a real estate license is unnecessary to a hindrance.

Good luck in the biz and yell if you have questions.

Go 4 It!