All Forum Posts by: Dustin M.

Sorry I didn't take pictures of the homes. I have a camera so next time I should take some before / after photos.

Dustin

My last two months have went very well. Hopefully this will give individuals motivation to continue looking for deals.

Five mobile homes purchase price and repairs = $13,500.

Sold them in less than sixty days contract for deed for $7,500, $8,000, $11,000, $12,000, $13,500 collecting $3600 in down payments. The terms are at 13.5% for an average of 3 years.

N I PMT FV
36 13.5 1642.47 48400
N I PMT FV
36 198.28 1642.47 9900

Which ends up being a rate of return of 198%! Deals are out there so keep looking for them.

Dustin

Thanks for the quick reply.

I'm not sure if I could get the owners to sign off on a long term option to purchase the mobile home park. I've expressed interest in purchasing the park some day in the future but I told them that it is going to be many years before I would have enough saved to purchase the park (it will sell for around 1,000,000). So I'm not sure if the park owners would be interested in something like this.

In addition if I did do a long term lease option payment what happens if at the end of the long term lease I don't have enough money saved up to purchase the park(or can't get a bank loan to purchase it).

Lets say the owners do agree to a long term lease option to purchase the park, is there a way I can structure the contract so my monthly payments eventually give me partial ownership of the park if for some reason I can't purchase the entire park say six years from now?

Dustin

Hi,

In one of the parks I'm doing Lonnie Deals, the park is at 40% vacancy.

I'm thinking of asking the park owner if he wants to owner finance empty pads in his park. I would be responsible for finding a home to put on the pad and once this is done the lot rent would go to me for the spot (I would likely do a Lonnie Deal on the pad so I would get two income streams here).

Anyone have any advice going into something like this? I was thinking of asking him if I could purchase one empty pad at a time and after a home is put onto it have him owner finance another empty pad to me until he is out of pads that are empty. Hopefully by the time I had all the empty spots filled I would have enough cash saved up to purchase the mobile home park from him.

Lot rent in the park is $250. I was thinking of asking him to owner finance 10K per pad with no money down at 5% with payments around 150 a month for six and a half years.

My other concern is factoring in how much I should pay in monthly expenses to keep the park running. If I do end up purchasing pads in the park I don't want the current owner to take advantage of me. I thought it would be fair to pay a percentage of the total spots I owned even if I haven't moved a home onto the pad yet. So if I owned 2% of the total pads in the park I would be responsible for 2% of the monthly bills for the park.

What do you guys think of my plan?

Dustin

AnI liked the old forum so far. I don't see where the mobile home investing sub forum is at now :(

In addition, if I don't have a person in the home by November I need to start paying lot rent which is $250 a month.

Hi,

I have a mobile home that is for sale. I have around five people who are interested in purchasing it contract for deed for $13,500. I am not 100% sure who I should sell the home too. Four of the individuals want the home only after it is completely repaired (carpet laid, walls put back up in the bathroom, etc). One of the individuals is willing to purchase it without the carpet being laid which will save me around $800 because carpet needs to be laid across the entire home. If they were to purchase the home they would want to lay their own laminate flooring throughout the home.They are willing to pay the asking price of $13,500.

Out of the individuals who want the home completely rehabbed before purchasing the home the best candidate says they can put down $500 to the park owner for lot rent, $2,000 down for me and pay $450 a month to me. I think it is going to take me till the middle of November before the repairs are finished on the home so the earliest they could move in would be December.

The individual who is willing to purchase the home without carpet only has $500 at the moment. So he could only afford to pay the $500 down to the park owner. Essentially he would be moving in with no money down to me. He has stated that he would like to have a $400 a month payment to me. I could probably have this home finished in time for him to move in by November 1st.

Out of these two individuals who do you think would be the best person to sell a mobile home contract for deed too?

Thanks,

Dustin

Hi Mike,

Were you able to find the insurance company you've used in the past for mobile homes.

Thanks,

Dustin

Hi,

I own seven mobile homes at the moment. Three of them are sold (fixing the other four at the moment). I have basic liability insurance thru Foremost and it is very expensive. What companies are you guys going thru to get liability insurance on mobile homes. All of the homes are between 20 to 35 years old.

I make the people purchasing my homes pay for the insurance and I'm sure any money I could save them would help them out tremendously.

Hi,

I am struggling with deciding on how much in repairs I should complete before selling my mobile home. On my last home I fixed all the floor damage and re-carpeted the floors in three rooms. I spent around $800 doing this. I had a bunch of people wanting to purchase the home so I felt that I could of gotten away with doing less.

I plan that half or more of the people I sell the home too will move out before the CFD completes so I want to make the small repairs now that will prevent the MH from suffering expensive repairs if ignored.

I think from now on I am going to focus on fixing floors where there are holes and soft spots, use killz and cheaply re-seal the roof to prevent leaks, and make sure that the plumbing doesn't leak. Does this sound like a good plan or am I missing other repairs that I should do too.

What do you guys do in repairs before trying to sell the mobile home?