All Forum Posts by: Sheena Prattis

I once had a broker's license to sell mobile homes but let it expire to venture into other real estate options.  In Florida, if an individual buys only ONE mobile home and sells it, they're considered a dealer and must be licensed.  There are mobile homes everywhere but difficult to sell due to this law.  I wish I had a way around it because homes are selling for as little as $500. 

Yes, thanks...not really interested in partnering when it comes to mobile home investing.  I was just curious to know if there were any new techniques to invest in them. 

Yes, I know of several park owners who do not want individuals to rent, they're required to own which places the investor in the position to buy the mobile home and finance it.  I thought about this situation over and over again, trying to find a way to make it work but it just doesn't, especially here in Florida... I think some of the big developers are coming in and buying out the park owners, tearing down the park, and building condos and such so mobile homes may become a thing of the past within the next 10 - 15 years.

There are mobile homes everywhere for sale, particularly in the Tampa Bay area. HOWEVER, there's no strategy to buying and selling for a decent profit, or at least I haven't figured it out.  The biggest issue is the park owners are operating like a monopoly; lot rents are through the roof as many are charging as much as $500+ per month. So, for example, if a tenant is financing the mobile home and paying lot rent, their monthly cost could be anywhere from $700 or more.  With those type of costs, most people would probably prefer a condo or even an apartment (especially in Florida). In addition to that, Florida law states if an individual buys and sells more than one mobile home, they must be licensed. There must be a way to invest in these homes- has anyone heard of or know of anything new? I don't think the Lonnie Scruggs way work anymore.

Mike,

I'm located in St. Petersburg, Florida. I've managed to build a cash buyers list but it's very small right now because I'm just starting out. My business name is SLP Home Investments, LLC. I have several properties I'd like to put under contract but having difficulty because the realtors or asking for a POF bank statement; they're not accepting the POF letter I got from Tailwind. My only option (or so I think) is to use transactional funding from Tailwind to buy the property but having an end buyer in place will be required to qualify for the funds. Do you have any other suggestions? How do you get a property under contract for only $25.00 or is this 'for sale by owner' only properties?

Can someone please explain how to assign a contract? 

The numbers that I'm getting on this particular home is from the county's property appraiser's office. $4,569 is the assessed and market value listed. Other than checking the property appraiser's and tax collector's office, I don't know another way to check the value of the property.

Thank you all for the advice. I haven't contacted the seller yet because I really needed to think about this deal and after much thought, my main concern is possibly not being able to flip the house for the amount similar to the other homes in the area, which sales comparison is listed as mid 30,000's (Prop Appraiser's Office shows home is valued at less than 5k). By purchasing the home for 19k and putting in close to 10k for repairs to bring it up to the sale comparison, I'm looking at approx. 30k spent. Since the home has never sold for more than 15k, I really don't want to pay more than that for the home. I offered the high interest rate because I realize I'm new to this and don't have much money to start off so I figured offering a high interest rate to the seller may work. But, 19k is uncomfortable and as many of you stated, don't give much room to flip for a profit.

I am trying to purchase my first rehab property. I made an offer and the owner, who's an investor himself, basically countered and told me he need to have at least 19k for the house.

My question is- should I respond with another offer that's maybe a little less than 19k or should I accept the price he's wanting? He's willing to do a seller finance deal but stated only if I'm an experienced investor (which I'm not- I'm just starting out).

The home was purchased last November for 10k and my offer was $13,500 with 15% int, $500 down. Currently, it's only valued at $4,600 and the most it ever sold for was $15,000 dating back to April 1993. If I accepted the purchase price of 19k, I may be able to rehab it and have it as a rental for a couple of years, while at the same time, try to sell for about $29,900.

I really need some guidance on which way I should go, what is the best finance option, and should I respond with another offer right below 19k. I would like to respond back to the seller within the next 24 hours...so, HELP!

What is the best way to buy a mobile home and sell it BEFORE having to pay the lot rent?

Is it possible to negotiate a sales agreement with the seller, place a small deposit, and before the final date to purchase, find a buyer? If so, how will I be able to show the home to any potential buyers if I only have a deposit placed on the home- I will not have access to show it.