All Forum Posts by: Kevin Ellis

Well as an update, Im in the process of gutting this one. Fastest way to get to know the strong and weak points of the construction aspect of these things.. Ill make money on it, probably 100%, it's the time frame that has changed. But now I know what to look for when looking for MHes., and the amount of work that would be required to get it to a reasonable state. Not that interested in selling to other investors just yet. Rather sell to retail customers and carry paper for now. The monthly income has always been the problem with SB homes, and I dont want to carry paper for 250K on a house.

Still in the learning process, and expect to be for at least a year. This is a very different game than SB homes :D

Kevin

Yea, Ive been trying to look at it from a perspective buyers point of view.

Upon further investigation, this thing is looking like its gonna be a gut job. Just got done ripping out the kitchen, and the floors are half gone. So I have my answer as how far to take it. I was looking at this one to be a learning experience anyway. Nothing like diving right into the thick of it :D. Probably 2 or 3K in materials, rest is labor, which I can handle on my own for the most part.

Next thing is to get used to crawling around under these things, pretty scarey down there, and being in FLA, lots of nasty critters :D

kevin

Hi thx for the response, helped clear a few things up in my head. I do plan on carrying paper on them or lease to own. If they have cash great, but not expecting it. My interest in MHs is for more cash flow. I have alot of money tied up in 3 stick builts for sale. I see MHs as a way to invest smaller amounts and get a good cash flow from it. How I view them is a bit skewed by my previous experience. Each MH is of course an entity to itself and each will be unique. I would think that the quality of the park it resides in will also play heavy in these decisions.

Thx Again

Kevin

Hi, I'm new to the MH world, but have worked on many stick builts. I am a little lost on MHs as to how to evaluate an improvement and the return that can be expected from it.

I just bought my 1st MH and am in the planning process with it. I only paid 1500 for it, so its basically a guinea pig to practice and learn. But as I investigate the various problems it has, it has become clear that if I were to address all of the issues, I'd end up rebuilding the entire thing.

Most of the remodels Ive seen so far has been just putting lip stick on a pig. I havent seen any yet that have had real structural deficiencies addressed, like the one Im working on now, everything is just patched to last 2 or 3 years.

There is termite damage on the sill plate down one side that was pretty obvious, but no one bothered to fix it. Thats an easy fix, but Im starting to wonder where the cut off point is.

My goal is to sell them, not rent them. I understand I'm working in the bottom end of the market with this one, and probably cant expect to sell for anything above 10K when im done.

So I can probably summarize the question by:

When to Patch and When to Replace/Fix.

Setting aside any of the real structural issues ( I will fix them regardless)

What amenities should one focus on ??

Siding, More Space, Curb Appeal Etc ...

Which ones bring the best return on investment? Coming from the stick built world, I see all of them as tear downs, so Im having a hard time evaluating them.

It seems that the way to make money with MHs is to patch everything and fix only what really has to be fixed.

Any suggestions for a newbie ?

PS. Sorry if i am rambling :D

Kevin