All Forum Posts by: Rachel H.

@Taz Zettergren You may want to contact some real estate agents in the area who work exclusively with mobile homes. They may know of some lenders that can help. 

Also, check with local mobile home dealerships and your manufactured housing association. They may have some referrals as well. In the past, I've found both to be good resources for market insight and referrals. 

Hope that helps! 

@Ellen Mitchell You could start off with the mobile home lenders who specialize in this niche to see what they can offer. Since the home is attached to real property and on permanent foundation, you may find some lenders who can do it. 

See if you can get in touch with real estate agents in your area who specialize in this niche. They may know some lenders who can help. Also, you may want to talk to local mobile home dealerships including your local manufactured housing association. They may have some referrals for you. 

Lastly, you can talk to small banks and credit unions in your area. They may be other options to pursue as well. 

Hope that helps! 

@Joe Schultz In general, it's hard to get financing on a used mobile home (as personal property). Other options you may want to look into include: owner financing, bringing in a partner, and/or a private lender. 

Hope that helps! 

 Sure thing, I'm happy to answer @Renee Ross. Regarding your question, the supply and demand will depend on your area. 

Usually, I like to get an idea of the market by talking to mobile home park managers, owners and mobile home dealerships in the area. These folks work in the business and usually know what's going on in terms of local supply and demand. In the past, networking locally with them really helped me when it came to learning the market and doing my own due diligence. 

About the dealers license, if you're buying and selling on a regular basis it's best to check the local laws in your area. It will depend on where you're doing business and how often you intend to buy and sell. In most cases, you can do at least one deal without a license as that is what homeowners do when they need to sell their homes. 

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

@Landon Evans Most times, the mobile home would be disregarded if personal property and not attached to the land. As for offloading mobile homes, it can be marketed to the right buyer depending on the market supply and demand in the area. 

You can ask the seller about the mobile home to see what they want to do with it. Explain what you're running into when it comes to lenders. Most traditional lenders will not finance a used mobile home. 

Hope that helps! 

@Wendy Rivera Usually, when wholesaling mobile homes you get paid on the spread from your agreed price with the seller to what the end buyer is willing to purchase the home for. In my experience, I only work with cash buyers when wholesaling mobile homes. 

If you're going to be doing an owner finance deal and collecting money on the spread, it may be more of a sandwich lease option that you put together with the end buyer. Basically, you collect a higher amount for the monthly payment from the end buyer. Then, you pay a portion of that to the seller on the owner finance deal as a buyer. And, you make the rest on the spread which may not be a lot. It will depend on the deal. 

Usually, the end buyer's amount on a sandwich lease option would be more than what you're paying for the home with the owner finance deal with the original seller. 

Just my thoughts. Hope that helps! 

@Renee Ross Since you've flipped lots/land, it should be a smooth transition flipping mobile homes. The difference would be flipping mobiles to see if they're attached to the land (as real property) or just the home without the land (as personal property).

As with any asset class in real estate, it would just require you research the market knowing the supply and demand in the area. Also, you'd have to figure out what buyers are looking for when buying mobile homes including what types of buyers exist in the market. 

Lastly, you'd have to get experience looking through homes to determine repairs and/or replacement costs if any. One thing you can do is talk to mobile home contractors to get opinions on what specific items would cost depending on the condition of the homes you're looking at. 

Hope that helps! 

@Drew Triplett You can always check the tax record for the property address. There should be an owner name and mailing address to send the tax bill. Hope that helps! 

@Mischa Turner If you plan to bring a mobile home on the lot, it's best to check with the zoning department to see if it's possible. Sometimes there can be restrictions on the land when it comes to bringing mobile homes on them, depending on the area. 

The zoning department will need the address and legal description of the land to look things up. From there, they should be able to tell you what you can and cannot do.

Hope that helps! 

@Sarimar Hernandez If the mobile home is attached to the land as real property, you can detach it via the entity in charge of titling and re-titling mobile homes. It's just a matter of paperwork. 

That way, the mobile home will be re-titled as personal property (not attached to the land) solving the issue for the title company regarding title insurance. 

If the buyer wants to take title to the home, it's just a matter of paperwork once the home is re-titled to personal property. This way, it's separate from the land. 

Hope that helps!