Investor · FL · Member since 2019 · 25 posts · 7 votes
Hi,
I typically wholesale off-market SF properties, but I am getting leads for mobile homes in Florida. I don't want to leave money on the table and open to JVing. What questions should i be asking during the initial phone call.
Flipper/Rehabber · Seattle, WA · Member since 2015 · 333 posts · 459 votes
6y
@Jermaine Chad Ingram
Mobiles in parks are personal property not real estate so bank loans are like financing a car. A point or 2 higher than real estate but still can get 20 years and of course the amount financed is a lot less so the payments are very reasonable.
Real Estate Agent · Fort Pierce, FL · Member since 2019 · 257 posts · 105 votes
6y
@Kenesha Lewis there is a difference between Mobile homes in parks and mobile homes on land. You’ll probably want homes on land, as homes in parks can’t get regular residential financing.
Flipper/Rehabber · Seattle, WA · Member since 2015 · 333 posts · 459 votes
6y
@Jermaine Chad Ingram
Mobiles in parks are personal property not real estate so bank loans are like financing a car. A point or 2 higher than real estate but still can get 20 years and of course the amount financed is a lot less so the payments are very reasonable.
San Antonio, TX · Member since 2009 · 3k+ posts · 1k+ votes
6y
@Kenesha Lewis Here are a few questions to start off with:
Where is the home located (i.e. in a mobile home park, on a lot, on a piece of land, etc)?
Why are you selling?
What is your timeframe for selling?
Do you own the home and have the title?
How long have you owned the home?
How many bedrooms and bathrooms?
What year is the home?
Is it a singlewide mobile home or a doublewide mobile home?
What type of fix-up work is needed for the home (i.e. floor work, plumbing heating and air conditioning, roof repair, etc)?
What is the lot rent (if any)?
Are you current on lot rent?
How much are you selling the mobile home for?
Do you want cash or are you willing to owner finance?
Are you flexible on price and/or terms?
These are just a few questions to ask. If you're looking into doing a JV partnership with another investor, you may want to seek out those who specialize in these types of deals in your area. Then see if they are willing to partner with you if you're able to find leads and put them together. This will involve getting their criteria and seeing what areas of town they like working in and what types of mobile homes they're willing to buy.