I found a double wide that is being practically given away, anyone ever flip one?
that’s why it’s being given away - they’re useless…you can pick a new one up for like 10k or something. now, the land is a different story. if that’s being given away for nothing - maybe consider it.
Okay, here’s the story. I think this would be a good buy and hold deal, here is why I say this. The city (area) I live in is depressed, on the same token, I have a feeling it will go on the map in 5 to 10 years, maybe a little longer, I live on High Rock Lake here in NC and it’s slowly but surely growing a little here and there. As for your response about buying a doublewide for 10K brand new, I’d like to know where you shop! Not that I’m a trailer hound or double wide person or anything like that, but They are about 5-7 times that from what I have seen. Myself, I wouldn’t get one to live in, however, if there is one on a property and the deal is right, why not use it for a rental and a buy and hold, right? Anyhoo, I was wondering if anyone has ever done it and what their story was. Happy Investing! ;D
if you flip a double wide, will it be belly side up and wheels in the air?
Ha!!! ;D
There is money to be made in mobile homes and mobile parks. Lonnie Scruggs has written a couple of books on it. :
Have fun in coloring outside of the lines in investing!
Sharon
Geeesh!! 1st post on the site and it happens to be a simple question of mine and you got to knock it all around, I never said I was going to buy it. I said it would be a good thing to buy, rent out and hold, (for the land, that is). No investing outside those lines here.
See…I’m glad you started first. I was going to say that tornado will probably flip the doublewide before he does.
Don’t let them bother you, they are just having a little fun…nothing personal.
A lot of us live in major cities where mobile parks have been run out of town for a ‘highest and best’ use of the land the mobiles were sitting on. Thinking outside that investment box is what can make you Major Ca$h!! So, check it out and see if the numbers work for you.
I met my first investor while selling Mobile Homes for a bit back in the 80’s. It was quite a learning experiece. I remember we had a Mobile Home Lot that had to be totally cleared out because it was being sold. I was totally creeped out by the Mobiles because I sold the sparkling new ones with sheet rock walls and amminities I didn’t have in my brand new site built home. During our sale out of that particular Lot, there was a man that I showed several homes to. He was a Mobile Investor (the first investor I worked with). I had never seen someone so in ‘hog heaven’ about an opportunity! Reminds me of some of my Coupon-Aholic friends at a grocery store sale!
Anyway, I was showing him NASTY, cruddy, ickky Mobiles for like $1500 for a 2 bedroom and was asking him WHY would he want to buy one, much less 5-6??? I mean they looked like a Rehabbers dream! Nasty carpet, bathrooms (gag), shoddy carpet, etc.
He was ravenous! People would rent them, he had 8-10 already rented and apparently was making enough money to be absolutely salivating over the trash boxes I was showing him.
I am not sure the ‘flip’ is where the money is, rather the holding part until the thing actually dies. Then again, I know nothing about investing in Mobiles.
I don’t know about paying $10K for one…seems a bit high. Just depends on the brand and the age. I’d certainly use this opportunity to grab a couple of books and read up on Mobile investing. AND …please, DO let us know what you find out and decide to do!
Melissa, I appreciate the heads up! I have no intentions on flipping one, I asked if anyone has ever done it and if they have, what was their outcome. About the property, it is on a little more than an acre lot. I’m thinkin’ for the right price, it might make a great rental for someone. Anywas, Happy Investing!
something else…can you put another Mobile or three on the property? A quarter acre, or even a half acre is big enough for people to garden and have a nice play area for animals or kids. You might be able to fence/cross fence with a nice hedge of RedTip Photenias, would look nice, provide privacy…and net out like a quadplex. Something to think about anyway. How do the numbers on the deal look? What can you rent it for against what you would be paying out?
something else…can you put another Mobile or three on the property? A quarter acre, or even a half acre is big enough for people to garden and have a nice play area for animals or kids. You might be able to fence/cross fence with a nice hedge of RedTip Photenias, would look nice, provide privacy…and net out like a quadplex. Something to think about anyway. How do the numbers on the deal look? What can you rent it for against what you would be paying out?
To be honest with you, I just seen the listing on a real estate site, I didn’t call about it, I didn’t look it up with the county or city. They are asking 24000 dollars for the property with the doublewide.
Anything is flippable if the price is right, the problem with double wides on land is that they are beginning to get harder and harder to finance, that along with the double wide stimgma, make them next to impossible to sell. If you can get one on a basement you are a little bit ahead of the game. Look out for true modular homes these are the ones built to boca code, these are a bit more marketable than doulewides.
Eric Medemar
JMPaul,
I have two doublewides. They are terrible for flipping. As Eric said, they are getting very difficult to finance. Also, the insurance on a double wide is double the insurance on a stick built house. However, if you have a piece of property to put the double-wide on, you can make some serious money renting them or selling them with owner financing. I have been looking to buy a mobile home park for over a year and am still looking. They can be cash cows!
I recently bought a beautiful doublewide for $10,000 with 100% owner financing. I paid $4,000 to have it moved. I poured the foundation myself and will install the septic, water line, and electric line myself. I already owned the land, but it would have cost about $15,000 if I had to buy it. I’ll have about $34,000 in it and it will appraise for $92,000. I will rent it for $700 per month, which is a little better than 2% per month. A good deal!
As with any rental (or any deal for that matter), the numbers should tell the tale.
Mike
Sounds great Mike! I’m new at all of this, so right now I’m asking alot of questions and doing a lot of research. Today, I’m attempting to make my first calls on those “We Buy Houses” deals, to find out what their all about and what they look for and whatall. I put together a whole list of people to start calling today from yesterdays newspaper. We’ll see what happens. Thanks Again Mike and everyone else who has given solid advice or has given me straight knowledge on investing. Happy Days! ;D