Mobile Home Purchase to Flip - Basics Everyone Should Read

Mobile homes are super easy so don't get scared.  There are some hidden traps that can get expensive quickly if you don't know where to look, otherwise, every mobile home is pretty much the same.  Kind of like a car, you can glue or screw anything to it and it drives down the road like every other one.  These are in no particular order except for #1 :)

First: Pick a city you want to work in and start learning your comps, this will help you keep your costs in check.  Go check out the market, if you are local to that city, see what it has as far as 55+ sometimes called "age qualified" versus "all ages" family parks.  These two markets vary massively in price for not only the homes and how they are taken care of, but amenities in the parks, and cost of lot rent or "cost of activities / maintenance fee" which is another term for lot rent.  

Second: make sure you have enough money set aside for 3 months of lot rent and utilities just in case. Those holding costs can be expensive in different markets.  If you have a buyer that is looking for you to help them find a cheap place, skip that because they can take over quicker but you have to work that out with them.  Keep the buffer in the bank.

Third: Call the offices at the mobile home parks that you want to purchase / flip in.  Find out if they require you to take a home off the property if you buy it. Some do, some don't. Some really don't want it moved and they will do everything in their power to keep it on site and some can get ugly.  Make sure you are working with the office staff or they will make it very hard to get anything done as they are usually instructed to do that if you are investor and your intentions are to move it off site.   Be transparent with your intentions. If those intentions don't line up with the parks requirements, move on rather than burning a bridge, you may want to work with them later. It happens. 

Fourth: If you have to move properties off site, this is the time to find licensed transpo teams and their rates and what those rates include.  You want someone that includes as much as possible. That can help with the permitting, that can do the tie downs, that can do the set ups and line marrying and hooking up utilities, installing skirting and installing decks/porches.  Its usually more cost effective / time effective in the long run.  Don't have uncle Larry move a mobile home for you on his 5th wheel if he doesn't know what he's doing. There are tear down / move out steps that are critical and set up / tie down steps that are critical. You can break your house and surrounding structures if you mess this up, so get a reputable person to help you.  I can't stress this enough to not get the guy that is pretty sure or always wanted to move a trailer. :)

Next blog: So you've found a place you want to buy.. Now what?