Ive been reading lonnie scruggs books. He says that he bought mobile homes between 5 to 10 thousand. Can you still buy decent mobile homes in that price range today?
YES! I have a VERY NICE 26 X 60 doublewide, for which I paid $10,000.
Mike
Mike,
What suggestions do you have in finding decent and cheaper mobile homes?
What are the best ways to look for them?
Thank you btw.
I believe that personal contacts are the best way to find any kind of great deals. Getting out of the house and meeting people is the order of the day.
Finding used mobile homes (especially single-wides) cheap is quite easy in our area. You can find people in the classified ads that want to sell them cheap all the time. However, the catch is that you must move them and you must therefore have someplace to move them to.
Good Luck,
Mike
Im very new to this… is it possible to buy cheap mobile homes that do not need to be moved, but can just then be sold and financed.
The moving of a unit may not be necessary. However, obtaining financing is next to impossible.
Your gonna need cash to do mobile homes, no question about that. And mike has a great point, you don’t want to move these things!! Trust me I have moved 3 and the hassle isn’t worth it, even if you paid 300 bucks for one like my last deal. You gotta get permits, build new steps, adjust every single door in the house because it isn’t going to be level anymore, then go back out again when your tenant calls 3 months down the road to readjust every single door because the house has settled a bit, around here you have to have a licensed contractor unhook and rehook the a/c/heat pump, you have to have have a plumber and electrician hook up the utilities, if you can’t do it yourself, this right here will cost around 1K.
What kind of prices can you get buying mobile homes that do not need to be moved?
Btw: thank you everyone for the information.
just go to your local parks and start calling for sale signs…that easy man.
Because Lonnie Scruggs has made investing in mobile homes so popular, is it still hard to find good deals?
The lonnie deals are everywhere. You will want to make sure that when you buy a mobile home in a MHP that the MHP is “Lonnie friendly”! Some MH parks do not allow owners to sublease or sell a MH on terms. Be careful.
The best case scenario is to own the home and land!
There is a really good teleseminar with Lonnie that you can download. I have listened to it several times. It is free which is best of all! 
http://www.mobilehomeuniversity.com/mobile-home-investing-audios.html
Matt
The best way of finding Lonnie deals is driving through mobile home parks and looking for “For Sale” signs. Many times you can buy these Lonnie deals having the seller finance the home. The trick is that you have to buy the mobile home in a mobile home park where the owner and manager let you resell the home. Usually they want to pre-approve the buyer. It is best to develop a good relationship and take care of the homes. Lonnie has helped so many people leave their J-O-B!
I would highly recommend buying Lonnie’s Deals on Wheels and his other two books. They are very inexpensive (I think about $29.95).
Lonnie’s website is http://www.lonniescruggs.net.
That will depend on where you buy, what city etc.
I was just doing some research on Las Vegas MH prices. many MH in the top parks are going for $50k-$100k and more through real estate agents and most of the top MH4Sale sites - a few in the $20k range with one asking $9k. I found three fixer-uppers in family parks, for $7k, $6k and $4k on craigslist.
Investing in these types of homes DEFINITELY requires cash. The homes are out there and you can make plenty of income off of homes that are worth far more than $10k if you have the right arrangements.
You mentioned Craigs list, I have purchased 3 myself off of there, actually they were all given to me. I think that is an excellent place to look.
I purchased 2 mobile homes (older 2/1 homes) last week for $1000 each and one this morning for $3700 (nice 3/1 home). All 3 are already set up in the same family park($4000 value on each home). I already have sold one on contract, and the other 2 will be sold by the end of the week. The bottom line is the $5700 will net at least $45000 over the next few years.
I think the best money in mobile homes comes from parks instead. My last deal completed was on a 20 space park and it was held for about 6 months before selling it. The total profit on it was about 75k plus I am managing it for the new owner.
As for finding homes I would suggest MHBay.com
You can find the MHPs at MHPS.com
Richard Stephens
A couple of things to be careful about: This does not apply everywhere in the country, but just be aware before you buy.
Around here, MH owners were walking away from their mobiles because park rents went so high. If they still had a mortgage on the mobile, it was sure to be upside down because of the way that mobiles depreciate.
With the new high park rent and their mortgage payment, it was cheaper for them to walk away and rent a house to live in.
High park rent will discourage your buyers.
Then, several of the mobile home parks gave everybody notice to vacate; to take their MHs and get out. That land is being turned into housing developments.
The mobiles are older and not worth the expense of moving them, so they are being torn down and hauled to the dump.
So if you buy mobiles in parks, you want to double check that the park is still going to be there.
Check online, you can find Lonnie dealers who do the entire deal for you, you just sit back and collect checks!