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Updated over 6 years ago on . Most recent reply
Analyzing Manufactured Homes
Hello BP Family,
I am running into a lot of manufactured home leads. The problem is, I know it's a little bit different comping and analyzing deals when it comes to manufactured over SFR.
I have one lead in particular, I want to talk about. I have a gentleman, whom lives 2 hours away from this property he is looking to sell. I went on an appointment to check the property and to meet the guy. He was telling me he is looking to sell because he wants to move his mother-in-law out of state(Which he already has) with a relative that will take care of her, and he is looking to sell the home because he does not want to take care of the property anymore. The property itself isn't in bad shape, but it hasn't been upgraded. The only thing upgraded is the flooring. I did run some options with him, I asked him if he ever thought of renting, and he said he doesn't want to deal with tenants. I asked him if he spoke to a realtor and he said he has and they would list the property at $180,000. I asked why haven't you listed with him and he said because he wants to see what an investor would pay for it. In essence, he wants to look at the numbers and compare and see if it'll be worth his time to have the property listed during the holidays or will it be best for him to do a cash offer and move on.
With that being said, I want to give him an offer that wouldn't be too low because time isn't necessarily of an essence to him, but if i can give him a price that can compete with the leverage of having a cash offer. The cash will go to his mother-in-law. There's also a property in that area similar build and original just like the subject property, for sale at $170,000 and has been listed for over 140 days
I am wondering if you comp the property just like you would with a SFR, this home was built in the 70's and has no foundation built in 1970. I was thinking the offer would be at $90,000 with my exit strategy would be to wholesale. What are your thoughts and do you have any advice? Thank you.