I wanted to know where do u go to see the FMV or MV on a mobile home?? I can see public records for a residential property, but i am interested in Mobile homes too.
I tried TAD.com, but it didn’t show me anything. Some help would be much appreciated!
Abel :help
Mobile homes should be listed in the same records that you looking in for stick builts !
I am not aware of any Mob specific sites.
As always values are location specific. Drive the area’s you are interested in and pull all flyers on mobs for sale, check the daily emails that your realtors are sending you for new listing values. Have them send you mob mail on solds, pendings and current listings. Go through the ones listed and you will have market knowledge by the end of the month.
D
I’ve bought and sold some mobile homes. They suck!
I made money on all of 'em but they take FOREVER to sell, the buyers can’t finance a hot dog, and they’re built like s**t.
Just be careful. You can make money on them just like anything else but you need to steal those things price wise. And, they’re not any cheaper to rehab than a house. The only difference is all the custom made “trailer” only materials you’ll have a ball trying to find.
Wow Pete sorry to hear about that. I have nothing but positive things to say about them. They are fricking cash flow hogs. They take me very little time to sell, I sell on my terms, and while some are built like s**t, (why buy those then?) most of the wobbly boxes are just fine.
Of course you need to “steal” them in regards to price. Isn’t that what you are suppose to be doing in any RE deal is getting the best deal possible that works for the seller and YOU? And my god they are FAR FAR cheaper than a SFR rehab. MH’s are a different animal.
I will always continue to do them. They are ridiculous cash flows and I have very little money in them.
Nate-WI
Be careful with mobile homes!
My wife (Realtor) has been trying to sell a family mobile home for the past several months here in So Cal. Hardest part is getting the park to qualify a buyer!!
Park is a senior community. Recently stopped allowing renters. Majority of the buyers we are seeing have had bankruptcies the park won’t even allow them even if they pay cash and show reserve funds.
We finally found a buyer that qualified for the parks terms from South Africa no less. Unless we are buying the park itself this is our LAST mobile home transaction.
-Martin
I guess it depends on the area your in. In the Northeast mobile homes are one step above a tent as far as values go. Nobody wants them, banks won’t go near them as far as mortgages go, and 95% of your potential buyers couldn’t finance a pair of seakers with a 50% down payment. But… if your looking to rent them and deal with the B.S. that goes along with it you can make money. Just watch COPS, that will give you a GREAT idea of what you’ll be dealing with. I don’t think I’ve EVER seen that show without them responding to a trailer park :biggrin
From a financing standpoint, there is very little in the way of investor financing for the property class—FHA is the best way to go to finance a SW/DW/TWMH as a primary residence…
Regards,
Scott Miller
Hello Martin in SoCal,
Here is a thought on how to put a renter in your mob. Make them a 1% owner on title, Create a contract that gives them ownership as tenants only, and as long as they follow the lease. This will satisfy the park rangers requirements as “owners only” I have not seen the actual contract for this but a nolonger friend used to do it in Washington. Don’t try explaining it to the park rangers …well you know why.
Darin
EZLOANZ,
Very little in the way??? How about multiple repo’s, bankruptcy’s, credit scores so low a buy here pay here car dealer won’t touch these people. I know you were talking about INVESTOR financing, but in my experience these things are just a pain in the *ss, your eventually WILL want to sell and that’s when you’ll learn about the joys of mobile homes. MUCH easier ways to make money in real estate. I hate dealing with these nit wits. Give me self storage any day.
One part of the city here is covered in Wobly’s and they pay!
I have remodeled and retail many and now am doing wholesales on them. I prefer the wholesale as there are all the above challenges with them. Although the “price solves Every thing” still applies to these. 34k wholesaling two of them in last couple weeks, and it is still Green Money !
The failing market only means there are a lot of investor/buyers waiting for good deals. I find a deal and the buyers JUMP out of the wood work. Mobile or not. There are a lot of hungry investors and we are supplying a service by providing a product that pencils, whether mob or stick. Yes they have a different set of rules to play by…but they keep throwing off Cash !
Darin
In my area the appraised value is listed on the same site as stick built homes. The county tax appraisal website. This may not be an accurate assessment of FMV but it’s probably as close as you’ll get without an actual appraisal or some good realtor comps.
I agree, this is what I do for mobile homes as soon as I move to a new area. It is the only real way to acquire correct information.
As far as all of the negative remarks about Mobile Homes I would disagree with what they are saying as far as my areas go. I think it depends on the investor, not everyone has the know how to be successful in this type of business venture.
And for the “Park Rangers” or managers, they are easy to deal with as long as you have good people skills. Many could-be mobile home investors forget that their biggest asset is the Management at a mobile home park. I have made many excellent deals using their knowledge of who, what, and when a mobile home may be right for a good deal.
Anyways the best of luck to you!
Richard Stephens