Mobil home ....

Hello everybody in the forum. :slight_smile: I’m super new to the wholesaling properties.

Does any of you have experience in wholesaling a Mobil home? I found the local Mobil home for sale by owner. His asking price is way lower than the estimated home value from the internet (his asking price is about 20%of the estimated price on the internet)

What should I know about the Mobil home? Where should I do the comps? What should I ask the seller to make a reasonable offer? Is wholesaling a Mobil home the same as wholesaling a regular home? any restriction is applied the Mobil home wholesaling transaction?

Are there any buyers in Maryland, please let me know as well. I am building my buyers’ list. Thanks.

Thank you very much for your time and inputs. I’m trying to make my first deal if possible :slight_smile:

Welcome to the REI Club. There is a Forum for Mobile Homes. Take a moment to browse through the posts there and you may garner some great information. There is also a “search” function at the top of this page under your screen name and the date. Use it to narrow or widen your search parameters for all thing Mobile Home.

Mdhaas: Thank you very much.

I’ve flipped hundreds of mobile homes and mobile home / land packages over the past 25 years and I have two things to say about your inquiry:

  1. typically, I will buy for cash at a big discount and then resell at full retail or at a premium above retail with private seller financing. If I run out of cash, I sell the note secured by the title to do more deals. If you do not own the land, make sure the property manager gives you written permission to buy and resell with financing on their land without have to move the home (sometimes they want to upgrade park and a sale will provoke them to have you move) which will break the budget.

  2. on home and land packages, I will typically buy a minimum of 3 in one localized area at first with private money, then resell at a very good mark up with private seller financing. Then I record the new sales at the higher price in the county property records. Then I continue to buy at discounts in same area, resell at the higher price and then the buyers can get bank financing because the 3 most recent comps are mine at the higher price…with good and recent comps, the banks will fund your higher prices because they will appraise. This, by the way, is what builders do when they buy a track of land, develop, build and sell at a higher price than the area typically sells at, because all the new houses are priced this way and the appraisers will give the supporting evidence to the banks for them to finance…you can do the same with 3 or more deals and quietly go about your business; just like the builders do.

Hope this helps.

Rob