All Forum Posts by: Jerry Lucker

@Nazeer Reese

That sure worked for me! I flipped mobile homes in parks then reinvested the profits into mobile homes on private property as rentals. They cost 1/2 or less what a stick built home of the same square footage would have. Many renters don’t care if it’s a mobile or stick built - they’re not buying it - they just want enough bed/bath etc.

I Do get close to the same rent as I could for a stick built so it’s very profitable. I rent them for several years then sell and carry the contract for many more years.

This method grew my business very quickly, especially the first part of flipping mobiles in parks. The cash required was minimal, the profit margins exceptional, quick and easy buy/sell, and competition practically nonexistent.

@Jamie McCauley

Congratulations! Feels great doesn’t it! I only made $20K on my first flip, not bad considering it was a mobile home in a park and I only had $17K total invested :)

@Chase A.

I flipped mobile homes in parks and made that mark in four years. It was all reinvested in rental properties.

@Paul Bommarito

Exactly. When I decided on a real estate career I was overwhelmed by all the info. I was fortunate enough to stumble into a single easily defined niche. I built it into a successful business.

Several years ago I started teaching others - the first thing they learn is exactly what to do day one, day two, etc.

I spent way too much time confused and spinning my wheels to want others to have to go through the same.

@Saul Conde

I might be of help but - salvaged?

If you could explain exactly what that is it would be helpful :)

@Alison Lee

First I would evaluate local comps. What are similar units selling for in what condition?

Run the numbers for the unit you are considering:

1) What can you reasonably sell it for after prettying it up? (ARV)

2) what will it cost to rehab? This will be based on how much you have to do to make it a value compared to what the comps show.

3) What do you need for a reasonable profit for your time and money invested? I make 50% + on all my deals.

4) What you can buy the home for.

1 - (2+3) = 4

You’ll probably find you don’t need to go overboard with the fix up. It is a used mobile home after all. Doesn’t need to be like brand new. Most of the comps will be homes currently lived in. Most of the people have to sell ‘as is’.

A thorough cleaning, some fix up and touch up, new paint and flooring, and nicely staged should do it. Roof if really needed. Windows are great if done right. New vinyl double pane windows cost less than $200 each - material.

Installation is a snap - I can easily do 8 windows in a day. I’ve run into many people that paid $1,000 per window installed. That’s close to robbery :)

@Gail White

NADA/Kelly figures are of no value for mobile homes. Mobiles are park specific and area specific. I’ve seen two practically identical homes in two different parks just a mile apart vary in price by 75%.

Depreciation is exactly what makes mobiles a great buy in some situations. Buy cheap and rent out for many years then sell on contract for many more. Buy at huge discounts as repos, pretty up and flip for better profit margins than you’ll ever achieve with stick built.

I should add that I’ve done just that for 20 years with great success.

@Tara Jackson

I’m Western Washington based although I work with people across the country.

The business is virtually the same in 49 states :)

@Kingsley Osias

There’s always been plenty in my area to keep me busy.

I’m available to help whenever you want. After 20 years in the business I’ve learned how to and how not to do every aspect of the business.

It seems there’s 1001 ways to make money, save money, and avoid stress and hassle :)

@Daniel Pessin

I’ve been working across the country mentoring folks for several years.

I’ve found that the figures may differ but the ratios, percentages, and basic principles apply everywhere.

You may be interested in the niche I specialize in.

All the best in your endeavor. It looks like you have a good handle on what you’re looking to do.