I owner finance several residential lots in unrestricted neighborhoods. If I can find a place to purchase inexpensive single wide mobile homes I could finance these on the land also. Where is the best place to start searching for repossessed mobiles?
I’m in the Houston area.
Try a couple of mobile home dealership in your area, they could tell you who finances the mobile homes and point you to the repos.
They might also be able to sell you trade-ins.
Cheap mobile homes are found in newspapers. I have found that mobile homes usually have room to negociate. Also owner financing seems to be more common with cheaper mobile homes.
Having been in the Mobile Home business for a number of years the place to buy them at the absolute lowest price is from the chatel mortgage lenders that have repo’d them. They will darn near give them to you just to get them off their books. Try GreenTree Financial, Triad and Twenty First Century to start. With these three lenders you should be able to find more than you will want to buy and as I said they will darn near give them to you. However, come prepared to pay cash as buying from them will work just like buying a site built short sale or at the court house steps ALL CASH. Be prepared to have them pulled yourself also unless you can arrange something with the lender (rarely will this happen) to have the house delivered but again be prepared to pull them yourself or have them pulled yourself. Hope this helps
Thanks faster41, that should get me started.
I am not sure if Greentree is out of their bankruptcy yet. http://www.consumeraffairs.com/finance/conseco.html
Auction for used mobiles.