Helping sell a mobile home

General Real Estate Investing
1

I met a guy on craigslist that is wanting to sell his mobile home that he moved out of awhile ago, but is still making the payments on. The city has it assessed at $56K and he’ll sell it for $37K. Not a fixer-upper, in a nicer subdivision, and he says he’ll sell it on a land contract (don’t have any more terms that than yet).

I know NOTHING about mobile homes, but the basic numbers looked decent, so I figured I’d give it a shot and try to help the guy. Am I asking for trouble?!

Also, I searched city records and they have it listed as a condo, is this typical for mobile home parks to sell off their lots as condos? Does this also mean I’ll be dealing with a HOA? Hopefully someone with some mobile home experience can give me a few pointers, thanks!

2

Hi Jake,
Mobile homes within a park is a different animal than stick built homes. I own a couple of MH parks and can speak from experience. If you intend to invest in MHs, I urge you to first read Lonnie Scrugg’s books.

Question: You say subdivision. Do you really mean park or is this a mobile home attached to its own deeded lot? This makes a big difference.
If its really a park:

  1. Will the park owner/manager allow you to buy as an investor
  2. Can you rent the home?
  3. What is the lot rent that you will need to be responsible for every month
  4. How much can you expect to sell the home? Good luck finding a buyer who has that amount of cash or can qualify for financing. Mobile homes are usually considered chattel, not real estate and darn near impossible to get financing for. So will you provide financing for the buyer if you dont rent?

Just some questions for you and more reason to get some more education on the topic.

3

Thanks for the reply-based on your response, it’s clear that I know NOTHING about MHs (admittedly) and there’s probably more work than would be worth my time.

4

Did you ever buy that Mobile Home?

The post does not say? :shocked

5

nope-never followed through on the deal, too much on my plate and couldn’t spread myself any thinner on a topic I knew little about…

6

Can i knw wheather mobile home is beneficial? I am finding info regarding this for along time.:smile

7

You will financing difficulty. Even sometimes you have to pay rent to park owner. If it’s neighbored with other properties then go visit and decide. Know the flaws first. It’s resell value is nothing and problematic.