I am a Real Estate Investor planning on investing in mobile homes and duplexes. I have been wholesaling in the past and plan on moving up the ladder and making some positive cash flow. How do I go about buying mobile homes and duplexes and leasing to tenants.
Your gonna need cash to do mobile homes. At least the old ones, which is where the good deals are. I have never looked, but I wouldn’t expect to find many if any banks to finance them. I try to buy somewhere around 10 year old homes for no more than 6K, then move them to a park very close to me in a great location and rent them out. I have found that the really good deals are in sleepy little towns that surround me. My most recent purchase was a 2/2 1983 14*60 I paid 300 dollars for. Move costs 2K. Repairs will probably be another 2K. But after i’m done I won’t have any problem renting it for 550-600 a month.
jb,
is it possible to pick up these for less then what is owed on them?
JD
That is a great question!!! I was going to try to do a short sale with vanderbuilt, but ended up not wasting my time with it. I have run into many sellers that are trying to sell for what they owe, but can’t due to the home just not being worth it. When a seller tells me they just want loan payoff, that is the quickest way to get rid of me, as it’s always way more than what I would pay. I’d rather pick it up from the finance company after they take a big loss.
if you are buying doublewides to resell - there is a process you can attach it to the ground with and get a letter from an engineer and FHA will finance them for the end buyer - it is a pain and a lot of hoops to jump through but there is little competition - or atleast very little in my area that I know of