Anybody doing any mobile home deals?


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  • Just wondering if it’s worth getting into.

    There are all kinds of people here doing Mobile Home deals. I will never pass a good on up.

    After watching some of the Lonnie Scruggs material, It seems to me that buying small “Lonnie Deals” would be a lot of work for a small profit. First you have to find the deal, find a buyer, deal with mobile home park managers and park rules, run credit on potential buyers, etc. You could probably make about 20 times more money with a single family house deal and probably about the same amount of work or even less. That being said, buying mobile home parks might make sense, but I have to learn more about it.

    Rich,
    Guess it is all relative as to were you at in your investment carrier. Someone starting out I think it is a good starting point.

    Agreed Don. Owning the park might be interesting, I have to learn more about it.

    Jackie cut her teeth on wobbly boxes.

    One of the greatest ROI of your time, effort, energy and money is with seller-finance mobile homes. Intro yourself to the park manager letting them know you might be interested in buying homes from residents who wish to sell. Really need to be diplomatic about it and present it knowing that they also buy homes from their residents who want to leave, but they cannot buy them all. Let them know you gladly pay referral fees to them, something like: I enjoy handing $100 bills to park managers. You can get some very lucrative deals from these owners for whatever reason they want to leave but “need” to sell before they can. Purchase it with your money, or with funds from private lenders and turn around and sell it with seller-finance, significant down payment and monthly payments. One of the best things that can happen to you is for some reason the person you sell it to must leave after a few years – then you can just repeat the same process with the next buyer. I personally have had ROI’s of over 250% with these and have re-sold the same home 4 times. That would be difficult to do with a SFH. Good luck………….

    Ed

    Rich, I understand what you’re saying, but here’s a deal that I did just last month:

    Bought an older park-owned mobile home for $1K. (The park didn’t want to own mobiles any longer…just wanted to rent the spaces.) Advertised it for sale for $8K with highest bidder sale for the down payment. Buyers came out of the woodwork! Told winning bidder that he had to get approval from park…in other words, the park did the background check; not me. Buyer was approved by the park. I got $5K down and financed the balance at $300/month. At the most, I had 2 hours in this deal…or $3.5K/hour. I’ll take that any day! As Don said, I’ll never pass up a good deal!

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