5 Mobile Homes deals and counting

[Talton Hall]

We own a 12 unit apartment building. We also own a condo that we rent out. But our cash cow right now is mobile home investing. I'm on my fifth deal, and its challenging but the snowball is building. The renovating is getting less expensive and with my current deal I'm leaning towards a lower rehab budget, I want to know what I can get on the market for this home with lower improvements. I also want to build the cash flow that will allow more room for a Virtual Assistant. Being bombarded for our two listings was over whelming to say the least.

Ultimate goal is to buy a park!!!!

It can be done in the Dodd Frank era, who know what will happen with Dodd Frank.

[Talton Hall]

What up @Mike Bicho most home owners do want to much for the home. At this point I think $6,000 or definitely no more than $7,000 is what I would pay for a pre-owned home. If I where to pay that amount it would have to be almost turn key. How we do our program is that we sell the home but 9 times out of 10 we sell the home on monthly payments (with a down payment). So we try to price the home slightly below what rent in the area would be but the new owner will own the home in anywhere from 4-8 years. The great part about this is that we do have zero maintenance or repairs that we are responsible for. No how I operate is that if something unforeseen where to happen in the first year like the furnace going out I would split the cost with the new owner or figure out something. But we are really really looking for tenant buyers that want to be owners. In my area and I would susect that there are very few parks that will let you own rentals in the park. I would say that you have a 50/50 chance of finding a park that will allow mobile home investors. 

So its kind of like wholesaling you looking for a motivated seller and I would make them at least two offers. First offer is higher with a down payment and monthly payments for 1-4 years (seller financing) or Second a lower cash price and follow up with them every 2-3 weeks. 

We have been lucky enough to finance the deals our selves so far but we are almost at the point we need to find private lenders or build our company credit line.

I would post some test ads on CL to see what your buyers market could be and also go on some appointments and walk troughs to get a better feel on pricing. 

message me if you want to see some of our finished video walk troughs on YouTube