Vanderbilt/21st mortgage mobile home repos
Is there anyone that has bid on manufactured home repos at Vanderbilt or 21st Mortgage? I wondered if anyone has luck bidding less than their list prices. I read somewhere in a Google search that someone was consistently getting .40 to .50 on the dollar when bidding. I am not sure if you can get less than that. It seems like their list prices are pretty high.
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I want to buy repo’ed MHs and plop then on land and sell. Clayton (our local dealer) seems to already be doing this with late model repo’ed doublewides. I’m flipping a DW on a street now where Clayton bought 3 lots and did just that.
Makes sense for them to optimize their profit. But certainly makes t hard for anyone else to do this when they get first shot.