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All Forum Posts by: Account Closed

Account Closed has started 22 posts and replied 163 times.

Post: Mobile home investors where are you

Account ClosedPosted
  • Investor
  • Broomfield, CO
  • Posts 187
  • Votes 54

I've bought manufactured homes in manufactured home communities (mobile home parks) as well as on their own land. You can make quite a bit of money on the homes in parks, but the holding costs can eat you alive (lot rent, etc.). I no longer buy manufactured homes in manufactured home communities because lot rent is nearing $1,000 a month in Colorado. I primarily buy manufactured homes with land via the MLS, direct mail, and digital marketing. I get my marketing lists from the counties and/or ListSource. If you have any other questions, feel free to reach out to me.

Post: New investor from Pfafftown Nc

Account ClosedPosted
  • Investor
  • Broomfield, CO
  • Posts 187
  • Votes 54

Welcome Brandon! Let me know if you're ever interested in being my boots on the ground in NC. I'm always looking for someone to assist me.

Post: mobile home cash flow targets

Account ClosedPosted
  • Investor
  • Broomfield, CO
  • Posts 187
  • Votes 54

I would look for a minimum of $350 per month in monthly cash flow.

Post: Single Family Mobile home

Account ClosedPosted
  • Investor
  • Broomfield, CO
  • Posts 187
  • Votes 54

I'm not sure I understand your question. If the property owner owns both the land and the home, reach out to them. I like manufactured homes with land over single family homes for many reasons. Overall though, they are virtually recession proof with a better price to rent ratio.

Post: Single Family Mobile home

Account ClosedPosted
  • Investor
  • Broomfield, CO
  • Posts 187
  • Votes 54

@Michael Bangsal I primarily buy and rent manufactured homes with land. They usually rent for about $50-100 less than similar single-family (stick-built) homes.

Post: Manufactured Homes in Alabama Tax Lien Question

Account ClosedPosted
  • Investor
  • Broomfield, CO
  • Posts 187
  • Votes 54

@Robert Sims I would try to get the home too if I were you, depending on the year. The cost to move it off your land usually would compel the owner to just give it to you or sell it to you for a low amount.

Post: Manufactured Homes in Alabama Tax Lien Question

Account ClosedPosted
  • Investor
  • Broomfield, CO
  • Posts 187
  • Votes 54

It depends on if the manufactured home title was purged to the land or not. If it wasn't and the home is treated as personal property, you only have the land.

Post: Manufactured Homes looking for short term finance

Account ClosedPosted
  • Investor
  • Broomfield, CO
  • Posts 187
  • Votes 54

Who is financing the sale to your end buyer? Most banks won't finance a manufactured home that was not moved straight from the factory to the private lot.

Post: Rural Mobile Homes (Not in Mobile Home Park)

Account ClosedPosted
  • Investor
  • Broomfield, CO
  • Posts 187
  • Votes 54

@David Sussman Reach out to me. I buy manufactured homes with land. @Tom Scott - Personally, cash flow is more important to me than appreciation. I want to have as little into an investment and pump as much money out of it as possible. @Aaron Kinney buys manufactured homes with land and offers them on a rent-to-own plan. I primarily rent them as I eventually want to have a large portfolio of them that are producing a health income each month.

Please feel free to reach out to me if you'd like to chat further about this investment strategy.

Post: Tax Deed with Unattached Mobile Home

Account ClosedPosted
  • Investor
  • Broomfield, CO
  • Posts 187
  • Votes 54

@Sonnett Peterson - I've been involved with a similar situation. I obtained a manufactured home through a tax lien sale in Colorado that wasn't purged to the land. The owner of the home also owned the land. I first tried to reach out to the homeowner to purchase the land from them, but she was quite wishy washy. Once she went dark, I purchased the tax lien on the land that she was delinquent upon. Then, I pushed forward with applying for the treasurer's deed to it. A week prior to me getting the treasurer's deed, she borrowed money from a friend and paid off the tax lien. I was so ticked. Then, I reached out to the HOA association and found out that she was delinquent. Thus, I purchased the HOA lien from the HOA and started the foreclosure process on the land. Once she received the letter from my attorney, she decided to come to her senses and agreed to take a much smaller sum of money in exchange for selling me the land. It was a long, long ordeal, BUT I now own a manufactured home with land that is worth around $115K that cost me $35K (including acquisition cost, repairs, etc.) that is bringing in $1,050 a month in rent.

If they leave the home, I would offer them cash for keys because it may be faster than bonding for title to the home. You'll just need to make sure you get them to provide you a limited power of attorney to transfer the title into your name (or company name). Then, if you want to get rid of the home, I would contact a couple local manufactured home dealers to see if they are willing to buy it from you. However, I would give them a timeline to move the home off your land and then if they don't move it by that date, you'll assess them a high daily fee (like $250 per day). In addition, see if you can get them to provide you the funds right away vs. after they move it off your land. This way, you'll have money their money and they will have incentive to move it asap.