All Forum Posts by: Account Closed

We just got our first mobile home deal, and are looking for some guidance on working out the logistics of doing mobile home repairs. We are to instruct Contractors/handymen that we solicit to NOT include costs of materials in their bids, correct? So that means they are bidding labor costs only- based on the task. We (investors) price, buy, and deliver windows, siding, skirting, linoleum, carpet, floor boards, AC, etc. We then determine from repairman we hire what additional materials (nails, caulking, etc.) he needs per job and we buy those items and have ready at mobile home also? Bottom line: the investor buys all materials needed and delivers to the job site? And most importantly, we pay by the job, NOT the hour, right? Do we have this correct? All advice and tips are greatly appreciated!

Al Kokshanian Thanks for the great advice!

Al Kokshanian Good point. I didn't think of that side of it. And no, we are not planning to find the land for him. Because we don't have the capital available right now to give him the loan ourselves right now, we really just want to try and counsel him about viable options that could help solve his problem. We don't want to leave him without a solution just because he doesn't want to sell his MH to us.

Clarification: The small lot he owns now is NOT in a park.

We have a lead that is looking for a Title Loan against his 2009 double wide mobile home he owns.  He does not want to sell it.  He owns a lot for a single wide mobile home, but needs a larger one to fit the double wide trailer.  The trailer is currently parked in his backyard.  He told us that his double wide recently appraised for $36k, but he would consider $20k for it (that is the loan amount he would accept against it).  He wants funds to purchase his own space big enough to sit his mobile home on so he does not have to pay lot fees at a park. 

I am very new to mobile home investing, so I'm not sure of all of the options that may be available to help him.  Do we instruct him to find a private money lender, because we don't have enough capital for him at this time?  Do we find a park that has a space for him and negotiate a deal for him to pay it off in installments?  Do we advise him to sell his single-wide spot in the park and use the funds to purchase land outside of the park? Do we tell him to lease out his spot (if the park allows) and use the money to help him make payments on the land he's looking to purchase?

Any advice from mobile home experts would be GREATLY appreciated.  We would really like to help him find a win-win solution.  Thank you. 

Congratulations! Way to go!

Thanks Bob Malecki . Any suggestions for upcoming conferences? Any advice on ones to avoid?

Bob Malecki I am new to investing but heard your recent podcast on Bigger Pockets when you explained Note Investing. You said that a big part of getting into this niche market is networking. Were you able to network in your local area first, or was it mainly through the conferences across the country that you mentioned on the podcast? Is the type of market that you would advise a newbie to get started in? Thanks for any advice an insight you have?

Hi Bryant,

Quick question:

In this "sellers market", is it smart to try and stick to my numbers, so to speak when I am making offers? For example, if a house is listed at $249k, but based on calculations using the 70% rule and subtracting estimated repairs, my MAO ends up being $205k--- is that too low? Should I offer higher just to get the contract? If so, how hi should I go? Does it even make sense to do that? I wary of fudging numbers that might bite me in the butt in the end. Does it matter if it's an MLS property versus a property NOT on the MLS? Should I make full price offers, knowing I will get an inspection and then ask for credits based on what's in that report? (Won't I get a bad rep with agents for doing this after a few times?) Do I start using an 80% rule? I don't like making offers based on numbers that I know don't work. But if that is how the game must be played to make a deal, please let me know. Any helpful advice and suggestions are appreciated. Thanks.

Thank you for the tips Max Tanenbaum and Robert Wilson