All Forum Posts by: Jerry Lucker

@Marion Rice

I refer to condos as ‘Common Problems Properties’.

Nuff said :)

@DeAndrea Douglas

More than half of the mobile homes in parks I buy to flip I purchase as bank repos.

Mobiles, being personal property, not real estate, depreciate.

There are always people who quit paying their loans. Banks/Mortgage companies often sell these homes cheap because they do not have the available resources to efficiently rehab and resell them. They’re in the money lending business, not the rehab business. They know investors buy most of these houses and the investors have to make a profit.

I’ve purchased many houses for $5K to $10K, put $5K to $10K into the rehab, and sold for $30K to $50K.

On average I’ve more than doubled my investment on most of the mobiles I’ve flipped. Sure can’t do that with most real estate!

@DeAndrea Douglas

I’ve specialized in mobile homes for 20 years. Flips, in parks, on private property, hold as rentals, etc.

Not only do mobiles take less money, they’re hard to beat when it comes to profit margins, ease of buying/selling, and not a lot of competition.

I’ll be glad to share my insights with you but I have to say I’m not sure of your question/concern. Could you elaborate?

@Ryan Rock

I’ve been doing the exact thing for 20 years. Some I sell - cash, buyer gets loan, or carry contract. Some I hold as rentals.

It's all in the numbers. Accurate due diligence estimating costs, etc. is vital. I always build in a significant profit margin which doubles as a safety net. Overall, mobile homes (I also flip mobiles in parks) has been extremely lucrative. The ROI compared to regular stick built RE is hard to beat.

@Engelbert Devera

Logic not emotion. Ride it out. If you get it fine. If you don’t fine.

If you get it you can beat them up on price after the inspection :)

@Daniel Mendez

There’s competition in every endeavor. Realize that only a small percentage of people will be real successful - once again, in every endeavor.

All you can do is to commit 100% to being at the top of the heap. Someone has to be. Why not you?

@Adam Lang

If you rent to someone else she would get a refund on her paid up lease.

If she objects to not getting notice to show tell her you will not rent it until her lease is up and just keep all her money.

I’d probably show it and not tell her. How would she even know? The notice to tenant to show the unit is meant to give an occupant a heads up for the interruption. If she’s not an occupant there may not even be a question about the matter.

I might just ignore her and not worry about it. She probably doesn’t have the wherewithal to make a big deal out of it.

@Mark

Mobile homes / mobile home parks are pretty much the same in 49 states. Do you have any particular questions or concerns?

@Jane S.

Establish rental criteria; credit, employment, minimum income, bank account, background, etc. and rent to someone that meets it.

@Logan Hartle

Most tenants only bring in new homes, not the norm for most parks.

Investors can find bank repos or homes that can be moved and fill up the lots. Homes not too old in decent shape work great. The investors put in the time and money, buy, move, rehab, and resell the homes. Let them do all the work and just collect the lot rent.

Advertise the opportunity - don’t charge the investor lot rent for 90 days.

I put a lot of homes in parks, works great for everyone.