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Updated about 9 years ago on . Most recent reply
Need mobile home investor in San Antonio Texas
I market to buy houses in and near San Antonio and from time to time get lead from sellers wanting sell their MH that needs to be moved or on a park. I'm looking for someone that specialize in Mh to partner with or sell the leads to.
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THey are a great investment anywhere, just like any property that you can buy right and sell with owner financing. The financing is usually at a higher percentage rate and usually for only several years.
Example: You buy a mobile home in a park for 3k. You clean it up, paint, fix some skirting, pay lot rent for a couple of months, all in for 5k. You turn around and owner finance it to someone for 13k at 14.75% for 5 years. BUT you market it by saying, 3k down and only $236.59 per month plus lot rent. That ends up being over a 50% return on your money. Higher if you calculate getting 3k of your 5k out of pocket back from the down payment.
You try to get some, most or all of your money back from the down payment. The rest is gravy for the next 3 to 5 years.