I received 6 more older singlewides for free! Now I need a little advice.

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  • Hi Jackie,
    I thought I did great when I acquired a singlewide (that I paid the deceased son just the transfer title fee for) and then again when I received 4 falling down, horrible shape singlewides for free, but this one is even better lol! I went back to the first mobile home park recently and asked if anyone else was looking to sell their mobile homes and they said as a matter, of fact, the park itself actually has 4 older singlewides that they were looking to move out. Their goal is to move in brand new double wides and sell them for $100,000 each with financing. I said I was interested in the older ones depending on the prices so the sales manager took me around to see the 4 and he actually showed me 2 additional ones as well. When we were done looking, I sat down with the big boss and he said he wanted to just give them all to me! It would cost them more to deal with and move them out themselves. So now I have 6 mobiles that I need to pay to move. They are all in decent shape and just need some upgrading or could even be moved into as is. My mover has quoted a total of $16,850 which is anywhere from $2000 to $4000 depending on the size of the individual mobile homes and they are all single wides except for one double wide. This price is only for moving them, not setting them back up in the new location.
    I have a park owner in the area who has offered me $5000 each for 4 of them and will of course pay to move the 4 they purchase. Which should give me enough to move my remaining 2 and break even. I would place my remaining 2 in his park and he would give me time to rehab mine before moving anyone in and before paying lot rent to him. He will be selling his park next year and wants to fill empty spaces.
    My questions:
    1) What kind of paperwork do I need to take possession of the 6 mobiles? I’m not a dealer so I would prefer to just have the park hand me the signed titles. They say since it is not a sale, they cant give me a bill of sale anyway. Is this possible?
    2) I would like to protect myself and my future tenants/buyers when I have my 2 mobiles in the new park so what kind of a lease agreement should I have with the current owner and will the future owner have to abide by this same agreement?
    3) I might be able to sell them all to another park owner for more than the first one is offering me but I think I should also do long term holds so maybe I should hold on to a couple?
    4) Perhaps I should buy land and place some on my own land?
    5) Is there anything else I should be aware of or be doing?
    Thank you!

    You’re on a role with these older mobile homes Elizabeth. Congratulations!

    You need to make sure there are no back taxes before you take possession of the mobile homes.
    Then you just need a statement from the current owner that they are transferring title to you. simple stuff!

    Have you considered selling all of them using a highest bidder sale? then the buyer could pay for the mobile expenses.

    Ideally, you only keep mobile homes that do not need to be moved. A lot can go wrong during a move – like all the siding peels off, the frame breaks, there are no axles to fit so it is hard to move. etc ec etc.

    Yes I will check on the taxes and confirm that they are paid.
    No, I had not considered a Highest Bidder Sale, what a great idea! I will approach the owners about that and see if they would be ok with that.
    Good point on moving mobiles. It will definitely cost me more for the expenses of moving and setting up even if they move without any issues.

    Is there a way to find out who the mobile home park owners are in an area? I would like to market a HIghest Bidder Sale to park owners, especially the ones who just recently bought a park. My title company says they dont really have a list…

    Here’s info about a package deal of 64 mobile homes that I sold in a park using a Highest Bidder Sale

    6-figure payday in one weekend!

    It was totally by accident!

    But boy am I glad it happened. It changed the
    course of my real estate investing business

    I had a few Lonnie Deals in a mobile home park in
    Plano Texas. The buyers paid on time but one day I
    thought I’d drive through the park to check on the
    homes and see if there were any other

    What I found was shocking!

    Half of the mobile homes in the park were empty.
    So I went to the park manager to ask what was
    going on. The park had been sold to a big company
    in Colorado and they wanted all mobile homes moved
    out of the park, including the vacant 64 rentals,
    so they could expand the park in to a double wide

    Seemed like a stupid plan to me. Why would anyone
    give up rental income like that? But I saw it as
    an opportunity.

    They were asking $2500 for each of the 64 mobile
    homes. Some were 2 bedroom 2 bath but most were
    large 3 bedroom 2 bath homes. Some of the homes
    were only 10 years old and in excellent condition.

    But what in the world would I do with 64 mobile
    homes and how expensive would it be to get them
    moved. I had a lot to figure out and knew I needed
    to act fast before someone else got this deal.

    I looked in to buying a mobile home park with 64
    vacant spaces to move the homes to. But that would
    make the whole deal too expensive and WAY TOO

    The previous year I was a wholesale specialist.
    I’d find an old home, get an option on it, then
    sell the house to a rehabber. It seemed that plan
    could work with these homes too.

    I did some additional negotiating and got the
    price down to $400 per home – but it was only to
    be paid when the home was actually moved out of
    the park. I paid $2200 for an option on all the
    homes. And I got permission to have an “auction”
    on-site at the park to sell the homes.

    Instead of writing a check for $25,000+, I reduced
    my risk by getting an option for $2200. The worst
    that could happen was not selling any homes and
    losing $2200

    Then I ran an ad in the Dallas Morning News and
    posted information about my mobile homes for sale
    on all the REI forums. Buyers poured in from
    everywhere. Some were investors looking for
    “Lonnie Deals”, some were park owners looking for
    homes to fill vacant lots, and about 1/3 were home
    owners. I did have a few guys buying homes for a
    deer lease.

    In two days, I sold all homes. Sales prices ranged
    from $1500 to $8500. And it was their
    responsibility to get the home moved out of the

    With cash in hand, I went back to the new owner
    and negotiated a 10% discount if I paid for all
    homes now instead of waiting for them to be moved.
    So, instead of paying $400 per home, I paid $360
    per home.

    What an amazing ride! In less than a week, I got
    an option on 64 homes then sold them for a HUGE
    profit! This was my first package deal and my
    first six figure payday!

    Instead of making $3,000 – $5000 on one wholesale
    deal, or a couple hundred dollars a month on a
    Lonnie Deal…all the sudden I knew how to get a
    six figure payday for about the same amount of work.

    I wasn’t looking for a package deal. I was scared
    to death to take on 64 homes all at once but I
    minimized my risk by using an OPTION.

    From that day forward, I intentionally looked for
    package deal opportunities which have much bigger profits
    and is definitely FAST LANE

    Wow Jackie!
    I have heard this story but seeing it in writing really makes it more concrete. Do you have a course on finding package deals. I am in a few real estate forums
    online and see some investors who get package deals from banks and are wholesaling them.

    There are two coaching calls about finding and doing package deals

    Package Deal Profits by Jackie

    Q & A Night — Package Deals, Making Multiple Offers and More

    And this coaching call about doing a “Magic Bus” has info about package deals too.

    Crazy Option Deals.. The Magic Bus

    There is a Special Report which comes free with a paid membership about how to find a lot of wholesale
    property fast – some package deals – so you can sell 20 houses in one weekend doing a Magic Bus. (very similar to a Highest Bidder Sale)

    When you’re doing wholesaling, there are many opportunities to do package deals too.
    If you find a landlord with one run down property that they want to sell, they probably have 5 – 10 – 20 more.
    You can get an option on all of them. (then do a magic bus to sell them)

    Every time you are talking to a landlord about a house they have for sale, you should ALWAYS ask if they have anything else they want to sell.

    Mobile home parks often have multiple mobile homes that they want to get rid of — but they usually need to be moved – ‘so, it’s better
    to wholesale them to someone else

    That little SEARCH feature at the top of the page will reveal a treasure trove of exciting real estate training.

    National Bank REO’s have not been such a good source for package deals for me. They usually want all their cash up front and want to sell 100 houses at a time. I prefer to get an option. Paying for the houses up front is way too risky!!!

    Local banks REO could be a source for package deals.

    Mobile home DEALERS sometimes have mobile homes they have taken in as trade that they would love help selling – you can get an option on these.
    some will even be land/home deals.

    hard money lenders/private lenders will get a lot of properties back when your real estate market changes. You can be the go to person to move them out. They may even offer seller financing.

    Property managers may know of a landlord who would like to liquidate their entire inventory. – I’ve gotten some good package deals by sending an email to all property managers in my area.

    People who inherit a portfolio of rentals sometimes want to liquidate everything as quickly as possible. This has been a good source of package deals for me too.

    There are plenty of sources for package deals out there but you they are rarely advertised as a package of houses for sale. You need to always ask sellers if they have any other properties for sale.

    Thanks Jackie.

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