All Forum Posts by: Rachel H.

@Joshua Kim reid Those I know who've done well in the niche have been investing in the industry (manufactured housing) for quite some time. Usually, it's best to get experience in the niche and do smaller deals (mobile homes) before deciding to pursue bigger deals (mobile home parks). 

This way, you'll get experience in the industry and can build up your network while getting the experience and doing deals. Also, it will help you to see whether or not this niche is right for you. 

Personally, I've known others who have entered the niche only to exit out of it. I've been in the niche since 2007. Overall, it's been pretty profitable. Though, it's not for everyone. 

Hope that helps! 

@Louie E. Yes, usually with used mobile homes financing is hard to obtain. Though, there are other ways to obtain financing to purchase these homes (i.e. seller financing, partners, private lenders, etc). 

As with any business, if you can can learn the niche and fill a demand it's definitely doable. It's just a matter of studying the niche and having a good network to help you with supply and demand. 

Most real estate agents do not understand the niche as they are trained in more traditional niches in real estate such as single-family homes or apartment buildings. If you can learn the niche and help other agents with their mobile home leads, you may be able to make money as long as you fill a demand. 

Hope that helps! 

@Mandy Groom Some options are owner financing and small banks/credit unions. Also, you can look into the possibility of using private money and/or bringing in a partner for the deal. 

Usually, it's best to pursue many options to see what you can and can't do for the deal. 

Hope that helps! 

@Kevin Rea Yes, you can hire multiple home inspections if you pay for them. I don't see any problems with that. 

Regarding your second question, it would depend on what you find out during the inspection. Once you're aware of the issues, then you can bring in contractors to start giving you estimates to give you a better idea of how much it'll cost. 

Hope that helps. Best of luck with the deal! 

@Chad Rumsey It would depend on the market and supply/demand in the area. If you're looking to get more insight into the market, you may want to talk to a few mobile home dealerships. 

In the past, I've found them to be good sources of information for market insight and referrals. 

Also, as others have mentioned - older homes (pre-1976) may not be able to be moved. You'll have to check with your local area to see whether or not they can be moved to the new location(s). Also, local mobile home movers may be able to give you some insight on this topic as well. 

Hope that helps! 

@Stewart VanValkenburg Without seeing the documents, if you do not have title to the home what comes to mind is assigning the contract to another buyer. This way you get paid and the new buyer can close with the agreed purchase price. 

Another option is to work things out with the previous owners to see if they can sign over the funds to you. Though, if would depend if you have a good, working relationship with them and have built up trust. 

Just a few things that come to mind. Hope that helps! 

@Mel Adams I agree with @Jordan Moorhead. Sounds like an opportunity for an experienced investor with enough capital to do the turn around. Projects like these usually take a few years to get back up and running. Best of luck finding a partner! 

@Dave Rav You may want to check with your local manufactured housing association. They may have a few referrals for you. Hope that helps! 

@Anthony Butcher If there's enough demand in the area for affordable housing, then it may be worth looking into. You may want to see what options the seller has in terms of selling the property to someone else (i.e. owner finance, sell for cash with discount, etc).  

Many times, these types of deals can be owner financed if the seller is open to it. It may cut on your costs, if it's something you want to pursue. 

Hope that helps! 

@Marquis Cobb You may want to check around with your local real estate investment club. Many times, those who invest in these types of deals have experience in them and are familiar with the niche. Hope that helps!