wholesaling banged up mobile home?

Question

I got access to 3 mobile homes which the owner is offering to me for super super cheap, they are all in pretty bad condition and need to be moved from the land lets say i offered all 3 for 3-10K to an investor, would this be something worthwhile for me and the investor's money? Or is it a waste of time.

John Teachout · Answer

The thing to look for is water damage. That's the nemesis of mobiles. Leaky roofs rot out roofing structure, around window frames and flooring around the wall area. Could you do the work yourself? If so, it may be worth a shot. If you have to pay someone, not so much.

Muazzaz Choudhury · Answer

I wasn't able to see the property in person yet and the seller is hard to get back in contact with, they look like they could potentially be fixed up ill put some pics below. I also notice rehabbed mobile homes in my market which have been rehabbed and put in a park going for 50k-80k so there could be potential profit especially because I am getting the 3 homes for free but I am not 100% sure, it seems a little good to be true.

John Teachout · Answer

Mobile homes in poor condition can be worth less than nothing. ie, it may cost you more to move them than what they're worth. So by giving them away and having someone else pay to move them, the owner may be coming out better than if he had to pay to have them removed.

This may be a really sweet deal for you but make sure to see if they have any value (repairable)

Scrap metal prices are really low right now so if they can't be fixed, there's nothing there...

Jason Ray Richardson · Answer

If the investor or you are interested in selling these homes back out on payments once fixed up. Depends on how much work needs to be done, does the market support that. Are they on land or are they in a park?

Muazzaz Choudhury · Answer

It's hard to believe and I didn't want to mention it initially but the seller is offering all 3 for free! Crazy right, but surely there has to be some loophole? The seller just says he needs all 3 moved from the land and they are in pretty bad condition so it's probably too much of a hassle for him. Yes I specifically target SFR's and this is my first mobile home deal so I am not too sure how to proceed upon it because I don't know the mobile home market too much and what I could potentially sell it to an investor for. I did some research and 10k is a pretty good steal especially for 3, but then there are also transporting costs, etc.