Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Creative Real Estate Financing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 11 years ago on .

User Stats

292
Posts
34
Votes
Sean Dezoysa
  • Investor
  • Toledo, OH
34
Votes |
292
Posts

Mobile home: how would you do this deal?

Sean Dezoysa
  • Investor
  • Toledo, OH
Posted

Hello everyone; here's the situation I'm looking at:

Young lady has a husband that split and stopped renovating her mobile home. It doesn't look too bad, one bathroom needs some work, and the electrical needs some work. I estimate $5,000-$10,000 in repairs (I'm being conservative based on what I saw in a quick walk-around).

I asked her sales price, she said she had it listed at 28,000 but took it down. She said she's not expecting that much. I asked her all cash lowest price: $10k

Reason for wanting to sell: doesn't like living in a MHP, wants to rent for a while and then buy a "regular house."

Comparables in the area go for 29-45k according to a realtor. This realtor was listing several homes in the area so her numbers are probably a bit high. She had one comparable listing at 29k that she said was highly motivated to sell because they bought a home already and would take 19k. Based on the couple of other comps I saw, the houses were indeed listing within the realtor's range.

===================

My plan: call the seller tomorrow and find out how much of a monthly payment she wants. Then see if I can attract a non-qualified buyer who can get accepted by the park manager and put down a decent down payment, then sell it it on owner financing with me taking a small finder's fee.

PS: As a new investor I'm doing this mainly for the experience: I'd be content to net even $200 on this deal.