All Forum Posts by: Rachel H.

@Liz Lynn For the trailer portion, those are pretty old homes. If the land is separate from the mobile homes, you may be able to see what the county assesses the homes if personal property. 

The value may be more in the land depending how big it is and the location. If utilities are already there on the land, that's where the value comes in. It's very expensive and time consuming to develop raw land. 

As for financing, you may want to look at a couple of different lenders to compare. Check with local banks and small credit unions in the area. Also, if the seller is willing owner financing may be another option too. 

Hope that helps! 

@Andres Gonzalez When it comes to wholesaling (whether real property or personal property), there are two main ways to do it. Either you do a double closing taking title to the home and selling to another buyer simultaneously or doing an assignment of contract where you assign your interest to another buyer for a fee. 

Personally, I started out as a bird dog and wholesaler finding deals for other investors in single-family homes. I used assignments when wholesaling. 

Now as a mobile home investor, when I wholesale mobile homes I also use assignments as well. 

If you have any questions or need any resource on this topic and niche, feel free to DM.

Hope that helps! 

@Joseph Chacko vellukunnel Sounds like a small deal. You may want to bring in a private lender and/or partner in on the deal. 

Another option would be to check with small local banks and credit unions. 

Hope that helps! 

@Sumitro Samaddar You'd probably have to confirm those rents during the due diligence process. 

Also, the rent amount may include the lot rent if these homes are in communities or land/lots where you pay rent for the home to sit there as well. In these types of cases, the lot rent may be quite high depending on the area. 

Hope that helps! 

@Carrie Herring The mobile home is very old, so you'd be looking at the land. Before you make an offer, it's best to figure out your exit strategy. 

I'm not sure if you're planning to buy and hold or fix and flip. If you're planning to buy and hold, then you'll have to check with the city and/or county to see what restrictions (if any) exist for that piece of land. You'll need the legal description and address for them to look it up. 

Sometimes, if you plan to put a newer used mobile home on a piece of land or lot there may be restrictions (i.e. size, age, condition, etc) depending on the city and/or county. Your local zoning department will be able to tell you what you can and cannot do with that piece of land. 

If you're planning to flip the land (with or without the mobile home), then you'll have to figure in the value of it and submit your offer accordingly to make sure there's room for you to make a profit. 

Best of luck with the deal. Hope that helps! 

@Garry Dhaliwal From my experience talking with other investors including others who have done it, it's a lot of time and work to develop mobile home parks from the ground up. They require a lot of capitol as well as cooperation from the local city and/or county. 

Most I know who've done this in the past say it's not worth the time and money. The majority of the advice out there is to work existing parks and/or lots or land with infrastructure in place.

Hope that helps! 

@Sean Hayes Very cool to hear! I've actually heard of families owning dealerships and then buying mobile home parks (instead of the other way around). 

Interesting to hear about your business model! Yes, I have the same question as @Rudolph Shepard Jr . Are you selling new or used homes (or both) through the dealership? 

Thanks for sharing! 

@Andrew Bonavita I think the most important part of this business is to take the time to learn your market. In the beginning, I visited around 200+ mobile homes parks in my area. I met with sellers on a regular basis (both in parks and on land). I really got to know the niche as a local investor. That would be my best advice to you. 

Other than that, it's important to have an exit strategy. Know exactly what you're looking for. If you've done your market research and know the market, when opportunities come your way then you'll already know what to offer and how much work is involved if you have the right team in place to help you fix up the homes. 

Personally, I've been in the mobile home investing business since 2007. It does have its ups and downs like any other niche in real estate. Overall, it's been pretty profitable. With each deal you do, you'll get more experience and knowledge which will help you be successful over time.

If you have any other questions or need any recommended resources, feel free to DM.

Hope that helps! 

@Fiona Brown I've never heard of this group. It might be best to hold off until you hear of other BP members who have experience with them. 

Feel free to keep us updated on your findings here. Thanks for sharing! 

@Dee Mandrekar Yes, definitely check with the zoning department per the advice of others here. You'll need your address and legal description so they can look it up and tell you what you can and cannot do with the land in terms of zoning. 

Hope that helps!