How different are mobile homes when it comes to Wholesaling?

Question

I am about to send a contract over for $135,000 to a seller. (FL)
MOBILE HOME:
SQ FT: 1,736
LOT SIZE: 40,511
COMPS: $190,000
PP SQFT: $105.11
ARV FOR HOME: $182,240
The land is in her husband's name, the home in her name. It's not on a foundation, they pay taxes so they think it's on record with the county. The deal includes both the land and the mobile home and 2 storage sheds in the backyard.
The repairs can be from $10-15K, if a flipper is buying it (living room has carpet and painting the inside of the home). But other than that it's in great condition, built in 2017.
Is there any specific clause that needs to be in my average wholesaling contract, specifically for mobile homes? What type of buyers are interested in mobile homes?

•

Steve Morris · Answer

Do you own the land?  If so, then you need a deed.

If it's a MH only (ie it has a license plate), you do a bill of sale.

Rachel H. · Answer

@Merari Alfaro It will depend on whether or not you're planning to assign the contract or do a double closing. If you're planning to assign the contract, you'll have to put that into the contract. If doing a double closing, then you won't have to worry about it. Also, that you're buying the home in "as-is" condition.

Be sure you do check to see everything is working in the home and there are no major repairs. Many investors complain about wholesalers who bring them deals but underestimate the repairs on a home. Good that it's a 2017 model, but you do want to double check to see if there are any issues.

Hope that helps. Good luck!