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Updated about 10 years ago on . Most recent reply
Where to find mobile homes with land?
My father and I are thinking about buying some mobile homes with land for cash at a large discount, fixing up the homes, and selling them owner financed. I have bought a couple of homes in parks, but we have not done this before. Where do you guys get your leads? I bought a list of 250ish absentee mobile homes with land from listsource and am going to mail to those. However, they only had 250 for my entire large county so that seems really low. What else do you guys do? Auction.com? MLS? Bandit signs?
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#4 Innovative Strategies Contributor
- Rental Property Investor
- Clarkston, GA
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#4 Innovative Strategies Contributor
- Rental Property Investor
- Clarkston, GA
We've been running this business model for 2 yrs now. Buy double wide with 1 acre to 2 of land for $25k, 5-10k fix up and rent for 12 months (must do this step for tax reasons) then seller finance 3 per year per myself and per my wife to stay within Dodd Frank guidelines. We use licensed loan originators, loan servicers and originate to 43% DTI.
We bought off hudhomestore.com (HUD) for a while but inventory is sparse now and they've jacked the asking price to crazy prices. We buy now off auction.com. Sort of a sharks pit. I swear they run an illegal auction business with straw bidders. The strategy that I've used 3 out of 3 times now is this; figure what the home is worth. For me in GA it's $25k for a 2000 or newer home on about an acre. So I don';t wait till the end like you do on ebay. I bid $25k right off the bat. Then I forget that auction. I get out bid every time. 3 times now, they've called me after the auction ended and asked me if I wanted the property. LOL what crooks!!!!
Yellow letter campaign, yes for all other asset types, but not mobile homes. If they haven';t been run through forclosure all of the home owners have too much debt or have crazy selling expectations. And there's no lenders on MHs these days. I have no idea who will pay $70k for a 2000 home. There's no lenders to go to... I have no idea how owner occupants get out of their homes. I just know that I will only pay $25k and auction.com has enough deals per year for us to do this in GA.