All Forum Posts by: Bill Neves

@Luis Bravo

Pretty good depending on the area. Where I live in the Pacific Northwest, it is very strong. 

Although they technically depreciate in value, we are seeing prices go up pretty fast. People are looking for affordable housing. If you work with mobiles on land you're competing with stick built real estate.

We see finished prices over $100k. Some at $200+k. In your area things are busy... Since there are a lot of parks, seasonal residents (Snowbirds) and cheaper prices, you can do well, just have to do more deals.

Good luck and happy hunting.

Yes. Vancouver, WA.

@Sean Ade

Instead of making an offer, ask - If I could write you a check for cash, what's the least you can take?

2nd question - Is that the best you can do?

@Sean Ade I look at a LOT of potentials to find one.

A high price area is good. You know people are buying. Just gotta find one low enough to make a profit. That's the game.

It's a sifting and sorting game. Obviously, not every ad or FSBO ends in a deal. Numbers game like most businesses. Gotta throw a lot of offers out there to get one.

If I feel comfortable making an offer, I'm offering too much. 

AND... I don't actually 'make an offer', I ask what THEY want and negotiate from there. When I used to make an offer I insulted people and got kicked out a couple times. Haha!

1999 - First stick built as an investor was a 7 unit and 4 unit apartment building combo, from a tired realtor/investor. No money down. Assumed payments. Repaired and sold 12 months later for $60k combined net.

2013 - First mobile home deal was off a Craigslist ad asking $6500. Got it for $4k, Sold a week later for $9900 and took off with mobile homes.

@James Connor

I used to ONLY do stick built. Never would touch a 'trailer'. Tried one and haven't done any stick built for investing since then.

I've bought, fixed and sold many mobile homes. I don't rent them but will finance which works similar. Cash flow.

Learn the business, since there are many differences.

Good luck and have fun!
Bill

Hi Nancy

Net from deal, minus business expenses (incl mileage, business overhead, education, travel to 'find' more business, etc) = taxable income.

Get an investor friendly CPA/tax person to instruct on all your write-offs, and take them. There are over 500 totally legal deductions that businesses can use to your advantage. 

I'm in WA too. What area are you in?

Yell if you have questions. Happy to answer them.

Have fun!
Bill

@Nikki Thurston First off, I have a daughter, Nicole, who spells her name Nikki, so awesome name.

Title transfer in WA is currently $86 (if purchase price is over $10k) to be mailed in 4-6 weeks. If you plan to sell it right away, you'll want the title immediately. They'll do it on the spot, for $50 more. Just have to ask.

You pay the tax at the assessor's office first. They give you a receipt. Take that receipt and the signed title from the seller to DOL Dept of Licensing (same office as cars licensing) and they'll take care of the title transfer. Some counties have both offices in the same building. Some don't.

Good luck!

@Jabriel Porter @Brian H.

Jabriel - Park rent is relative. We are competing with apartment rentals. Average 1 bedroom in a building nationwide is $1200/mo. So a $450-500/mo space rent is a deal. Plus the residents have their own 4 walls, ceiling, private parking, yard for the kids and can have 3 to 4 bedrooms for a low monthly cost.

Brian - We usually have them turned pretty quickly. But if we have rent for a few months, we just figure it into our overhead.

@John M.

You can contact the local investor club, realtors or look on Craigslist and see what they are going for.

DO NOT go by Zillow Zestimates. They are always VERY high on mobile home values.

Talk to mobile home movers, park managers, local dealers. Ask what the value might be.

If $10k, you could run an ad for "$10k must move" and go down from there.

Good luck!