All Forum Posts by: Rachel H.

It would depend on how much rehab you plan to do including the materials you plan to use and timeframe for turnaround. For me, I price things out with subcontractors for each area that needs to be fixed up obtaining multiple bids. 

If you use a general contractor, it will cost more but might be less of a management headache if you're not involved in the day-to-day. Definitely obtain multiple bids, if going this route to get an idea of what others are charging for the job. 

Hope that helps! 

@Brandon P. You may want to see what other listing agents in the area have listed mobile homes for sale. Many times, you can find these listing agents just by driving the areas you're interested in. 

Another option is to contact local mobile home dealerships in the area. Usually, they know a few agents in the area who work in the field and may specialize in listing and selling mobile homes. 

Hope that helps! 

@Nandy B. Regarding the mobile home, if the home is a complete remodel it may require more work than you're willing to do. When remodeling homes, a lot of times there are unknown issues uncovered during the process which was not known beforehand. It's best to figure these potential costs in, if going that route. 

Buying new is also an option. Though, you will need to do your due diligence when it comes to manufacturers and getting the home installed. I've heard a lot of issues come up with homeowners buying new mobile homes including the installation and condition of the homes when moved. Just something to keep in mind. 

When it comes down to it, it's best to go with the route you feel most comfortable with. If you're open to doing a complete remodel with the mobile home, you can go that route. Another option is to buy a slightly used mobile home and move it to your land. 

Hope that helps! 

@Alan Tripp You may want to check with your local manufactured housing association and talk to mobile home dealerships in the area. I've found both to be good sources of information for market insight and referrals. 

At the top of my head, I can think of 21st Mortgage Corporation and Vanderbuilt Mortgage as two lenders who may be able to assist. 

Hope that helps! 

@Nathan Cain Personally, I'd only buy if you have the funds to buy and hold. If money is tight, it might be best to wholesale the deal to another investor. Another option is to bring in a partner or private lender, if you're open to that. 

Also, you may want to see if the sellers is open to financing the deal. That's another route as well. 

Regarding market value, it's best to see what similar properties have sold for in the area during the last 6 months. Talking to local real estate agents, mobile home park managers or owners and local mobile home dealerships can provide insight to the market as well. 

About the opportunity, it would depend on market value and the condition of the home. If you have any info to post up here (i.e. values, pictures, etc), it would be great. 

Hope that helps! 

@Evelin Negrete It would depend on your comfort level and area knowledge as in anything real estate investing related. Regarding mobile homes, it's best to get familiar with the niche. 

Learn as much as you can first by reading books and listening to podcasts on the subject. Then, if you're interested in learning more then it's best to learn your market and get to know the values of mobile homes in your area. 

From there, it's all a matter of picking the areas you want to invest in and having a strategic action plan. The great thing about mobile homes is that you can do a small deal first (as compared to single-family homes which require more capital in general) to see if you like it and get the experience. 

From there, either you can continue to invest in mobile homes or move on to another niche in real estate investing. I've known investors to stick with mobile homes for their entire real estate career and others who have done a few deals only to realize it's not for them. 

Usually, it just depends on each investor's style and preference. 

If you have any other questions, feel free to let me know. Hope that helps! 

@Travis Kay It may be a good idea to reach out and talk to the communities with other tiny homes in the area. They may be able to give you some insight on the process when it comes to working with local government. 

Also, you may want to visit some tiny home dealerships as well. They may have some advice and insight on how you can best proceed with the process. 

Hope that helps! 

@Carl Ingber There are many reasons why a home will not sell. Many times, it has to do with supply and demand. Though, price and/or terms can also help a home sell or make it not sell. 

If you're interested in the home, it's best to do your market research. Compare values and similar type homes in the area. Then, talk to the seller to get more information. You'd be surprised what information you can gather just by having conversations with sellers and other people. 

Hope that helps! 

 Sure thing! Usually, I only work in neighborhoods that fit my personality and attract the types of clientele I feel comfortable working in. Since I have a corporate background, the majority of communities I work with are corporate owned. 

In the past, I tried doing business in lower end parks but it did not work with my personality. Though, there are investors who do business in these types of communities which make up the bulk of their business. What works for others may not necessarily work for you; success is different for everyone. 

I wholesale in TX and stick to a 2-hour radius. Regarding areas to work in, I scope out all the communities within that radius and visit them personally. From there, I get a feel for the neighborhood and the types of clientele it attracts. 

If it works with my personality and I'm comfortable with it, then I decide to talk to the park managers and/or owners. From there, I build rapport and relationships with them which eventually leads to referrals in the future.

Feel free to let me know if you have any other questions. Hope that helps! 

@Richard Lambert Yes, it can definitely work. I'm currently wholesaling mobile homes which has been a consistent source of income. Though, I did start out as a buy and hold mobile home investor which is profitable as well. So, I do have the contacts and network to make the business work. 

If you're just starting out, it's best to put in the time to do market research and find areas you want to work in. Then, it's just a matter of reaching out to the right people who are in the business and niche. Building rapport and relationships take time but can be a steady source of referrals in the future if done right. 

Having knowledge and knowing the market will set yourself apart from the competition. My advice would be to focus on networking with the right people and picking a few areas to work in. From there, start your marketing efforts to find motivated seller leads. Then, it's just a matter of working the leads and seeing if you can put a deal together. 

Feel free to let me know if you have any other questions. Hope that helps!