All Forum Posts by: Braden Coleman

@Kendra Ellis in a reply of yours to someone else's comment you said "That's a great price for eviction, ours was a little pricey because it was a foreclosure since we owner financed it, lesson learned... Never again on a mobile home!!" 

Do you mind expounding what you did while owner financing that you'll never do again and that made the eviction so much harder/costlier etc.?

@Kendra Ellis oh interesting. So do you know what would've happened had someone else been there to buy it? Would they have essentially been buying it from you as you held the mortgage? 

Sounds like the entire eviction process only cost you about $1,000? If so that's not too bad at all.

@Kendra Ellis how did you go about foreclosing on the first buyers?

I'm about ready to seller finance mobile homes as well but I'm not sure how to best go about this.

@Christian Loya I don't know myself but I'd imagine TitleOne does it as they seem to have a pretty big operation there in the area

@John Hall what area are you in?

www.tinyhousemovement.co is also another site that a few friends of mine have started

@LaMont Washington check your local FB marketplace and craig's list to find deals that might or might not need work. I prefer to buy ones like that which usually need very little money to buy the entire home and have it ready for sale. You do have to wait a little longer for a good deal to come up but it is so worth it. 

I'd go walk through a few that are for sale to get yourself comfortable with what a good one looks like and what a trashed mobile home looks like. That way you know what's a good deal and what you feel comfortable with.

Now an issue, most parks don't allow renting so you'll need to call the park and ask. Usually they'll allow you to buy the home, fix it up if needed and resell it but don't bank on it, always introduce yourself and find out first before you buy.

Check out @John Fedro here on BP, YouTube, his podcasts etc., very helpful breakdowns 

Congrats to the space @Hector Castillon!

@John Fedro has tons of info here on BP, on YouTube, his podcasts and on his website - mobilehomeinvesting.net.

Also if you do a search here on BP for "mobile homes" and set your alerts for similar terms, you'll have more info than you can handle. 

@Kyle Goodman oh wow, yeah you definitely have lots of wiggle room with ARV's like that. That makes it pretty easy to go forward with confidence and that's a big price jump for just the repairs you mentioned above. Makes sense why lot rent is what it is for you.

I would definitely do all of the repairs you're mentioning above and definitely a good learning experience. 

Although one thing I just thought of, at that price point you'd have to have someone with a loan or have them make payments to you for quite awhile, which isn't bad at all. From what I've learned it's really hard for people to get approved for a mobile home loan, I especially think the year of your home is going to make it even harder.... 

Did the realtor mention anything about this? I'd be really curious to see what they say as I've never been in this particular situation.

@Kyle Goodman I'm sorry to hear about your mother's passing.

As for the mobile home, it all just depends on the neighborhood. The lot rent of $700 is quite high, at least for my area. I'm sure this is normal for others. What area is it in? And what year is the home? 

As was previously suggested, definitely look around and ask the park manager or others and see what previous homes sold for and try to figure out their condition at the time of sale. 

For my area I don't usually update counter tops but flooring and paint are obvious quick fixes. I think everything else makes sense, depending on if you can recoup your investment in the sale price. Very rarely do people have $6,000+ cash laying around to buy something so if you sold it on contract you'd open up yourself to a lot more potential buyers. I realize that opens up another level of complexity so I'd just look at your situation and go from there.

Usually as long as the floors and roof are good and the rest of the house is in decent, clean, livable shape, you won't have too much problem selling it. Just depends on how much you want to put in, in hopes that you'll get more back out. I like to pay it safe in the beginning to allow me to learn and then increase from there.