All Forum Posts by: Matt Bonestroo

@Ian Norris

Sorry for the late response! 

Is the home in a park or on private land? What is your exit strategy? What are the comps for a 14 x 70 - 3 beds/2 baths, 2 beds/2 baths? All very important factors before getting into a flip... You might have more wiggle room if the house is on private land (based off of the land value)... 

Do you have any pictures of the place? I might be able to give you a better estimate for repair costs or if it would be a straight PASS.... All of the repairs will vary depending on the degree of damage. 

Roof....

-Pitched Tin -  $300-1000

-Pitched Shingles -$400-1500

-Flat - $200-1000

Windows...

-Replacing just glass $150 w/ labor 

-Replacing whole window $300

Sub flooring (holes/softness)... 

-$400 (not bad)-$1,000++

Any big ticket items.... like A/C, water lines, electric issues, etc.? 

Unfortunately, I have run into a lot of these issues.... Please let me know if you have anymore questions. 

@William W. That is very interesting. Slightly different trend in Phoenix... local investors are buying the mobile home parks to put in apartment complexes and SFH.

As for the lending, there are now three separate lenders that offer affordable housing loans in the Phoenix market - will lend between $5,000 - 50,000. They run the same background checks as the parks, and they work with tenants that get paid with cash. There are also a surprising amount of cash buyers in our market... 

@Patrick McKenna Did you call the WV  Housing Department or just check their website? The AZ Housing Department is very helpful every time I have a question - might be worth a quick call. 

Have you tried any of these ideas....? 

DMV...  Not 100% positive, but I have heard that the DMV might regulate mobile home movers in some states. 

Local Investors/ Licensed Dealers...  There are a lot of investors in my market that specialize in moving mobile homes. Some of the investors own/ partner with moving companies. 

Parks with new homes... If there are any new mobile home lots in the area - they'll have moving people too.

I would be interested to hear if you have any luck!

@William W. out of curiosity... where are you located? Are there family parks or 55+? 

@Lonnie C Ryan Thanks for digging up the thread. I would be interested to hear input from other BP members!

Yes, that might be true in some cities; however, there are still areas in the country where $2000 mobile home deals still exist. I picked up this 2 Bed 2 bath home by paying off a tenants lot rent... 

. 

Hello @Ram B. - What state are you located in? I would recommend reaching out to your local housing department to get the specifics. They will be able to provide you the information about permits, zoning, and etc. 

Matt

Depends.... @Sven McGaha what type of strategy are you trying to perform with mobile homes? Fix and flip? Buy and holds? In parks or on land? 

Hello @Chad Lunsford - Are you looking to buy mobile homes in parks or on land? I would highly recommend reaching out to the California Housing Department to find out the state laws - some states allow 1 or 2 deals before a license is required. I learned mobile home investing from John, and it seems like most of the California investors in the group have a license. Maybe try reaching out to a local mobile home investor for their input? Also, it would be a good opportunity to see if mobile home investing is your cup of tea. 

Hey @Joshua Paul - 

I am a current member of John's mobile home investing program (So please take this post with a grain of salt). One year ago, I was doing the same research about John. I took the leap of faith and could not say enough good things about him and his program. The advice/lessons I have learned from John have provided me with the knowledge to take real estate investing from a hobby to a career. 

The program includes an online course, membership forum (One of the best features in my opinion ; Includes problems/tips/successes in other markets from other members), and daily conversation with John. Yes, there is an initial investment, but the advice from John has saved me a lot of money on properties that I thought were "deals."

I could go on and on about how much John has guided me through the process, but it really comes down to how motivated you are to succeed. Please feel free to shoot me a message and we can setup a time to talk on the phone. 

Matt

Hello @Gary Millar - I have a couple questions for you.... 

- Are the mobile homes in parks or on land? 

-If they are in parks... What are the requirements to live in the park.... ask for lot rent, credit score, and monthly income? Depending on the park requirements, you will get a feel for the type of people that are allowed in the park. If the requirements are too strict, it will really limit your ability to rent the houses. Typically, I will only work in parks that are safe and I would live in. Your analysis will be different for mobile homes on land. 

- Have you considered partnering with someone on the deals? @John Fedro is an expert for mobile homes in Florida. He might be able to point you to a person in the area that would be willing to partner and help you analyze the properties. 

Hello, I have done some deals in parks and have learned/worked with John Fedro. Feel free to reach out to me with any questions. 

Matt