Mobile Home Investing

[Stephen Karathomas]

I am very interested in mobile home parks and mobile home fix and flips. There are some opportunities locally i am considering. Based off videos and research i have done lots of experienced people say the homes should be under $10k. In my area Albany NY/Saratoga County NY, it seems as though even private sale $10k is the absolute minimum! I am curious of where people find these low priced homes, if it is my location that is the problem, and if $30k-$40k homes are still possible to flip? Any other advice on the process and flipping would be greatly appreciated! 

[Roger D Jones]

Try looking for lower priced mobile homes on private property that need to be moved.  Find parks in the area that have open spaces for mobiles then negotiate with the park owner for 6 to 12 months free space rent or for them to pay the moving costs.  Once you get the home in the park do your remodel at that point and flip it from there.  The park owner will want a bullet proof guarantee that the home will look great when completed and you will be on the hook for the space rent as negotiated until it sells. 

Just had a young entrepeneur do this in one of my parks.  Gave him 10 months free space rent and paid for all his utility hookups.  He is renting the unit and will carry a bit of debt for a couple years but once he is clear of that he will do very well for himself.

Park owners want their empty spaces filled.  Use that to your advantage.  Be sure to understand the financing options out there for mobile home buyers and if you opt to carry the contracts on the homes you sell you should do some research on Dodd-Frank regulations.  I know nothing about that stuff but hear it mentioned all the time.