I’ve been watching every one of your videos for the last 3yrs multiple times too and read both of your books. Thank you 🙏 for all of the knowledge!! I’ve saved 25k and ready to find that deal!!!
A mobile home is the original tiny house. Been thinking about getting a trailer and renovating it to a more modern style and this video inspired me to take action.
You are right. Got one on its own land 4 years ago, doubled in price. No hoa my payment is cheaper than a furnished room.Best thing i did. No high payments & can do whatever I want.
Phil, you're the best! I dove into REI about 2014 and much of my success I owe to you. I've read and absorbed a lot of content over the years, but none as informative as yours. Thanks so much!
The HUD code is what shut down the Safeway manufacturing in my small town of Claresholm, AB. We had the Safeway mobile home plant at our airport and it went into receivership twice around 1976 & this HUD is probably what closed it down. The plant used the airport hangers from WWII -- it was a training facility for Harvard and other pilots. Thank you, I learn so much from your videos!!!
About dang time !!! Been looking for an expert to cover the mobile home arena... tons of deals in South Texas but banks and credit unions wont touch (finance) mobile homes... Good shot...
Have your Realtor friend watch this video so that he/she can get educated on which mobile homes can get conventional or government-backed mortgages, and which ones can't.
That is one of the best built ovens! It also does not heat up your house like stand alone ovens. How about my house as a foreclosure and it had that same oven in the walls and my first thought was gross! But I wouldn't trade it now.
Thank you for the info. I've been looking at a mobile built in 1975 though. In good shape on 1/4 owned land. Was thinking of rental income. Seller asking little to much and would be difficult to finance. What would you suggest best was to go? Or walk away since it's 1975 mobile. Prices are extremely high here in the Pacific Northwest and rentals are rediculously high. Is there a option for purchase and make it a rental?
You can buy a mobile home in a park but it is rarely a good investment because the lot rent typically removed much of the cash flow AND it is not real property so it loses value.
@@freedom_mentor thanks for your help 👍🙏 .it is amazing 👏 . I'm not buying the mobile home for me to live in but it's to flip. The property prices is very good and is no cost for renovation.
Are you speaking from the perspective of a mobile home that you own, that is situated in a mobile home park, that you want to sell on rent to own? The problem is that there are very few lenders for mobile homes. Vanderbilt Mortgage being one of the few. Again, I am not a big fan of that business model because the mobile home itself depreciates over time.
@@mph5896 The retiring of a mobile home titles didn't become law in Florida until 2003, long after when that book was written in 1992. Plus, it spends a good portion of its pages discussing the concept of buying mobile homes in parks and selling on owner financing. Either own the mobile home park itself or apply the formula shared in this video.
Sure. As well as buying an older mobile home in a park and then moving it onto its own parcel of land. The problem with both of those examples is that you lose the rich profit margins of the formula described in this video.
@@freedom_mentor Let me put my question another way, if I find a mobile home I want to flip but the title is already retired, is that a problem? Thanks for the great information, really enjoyed the video!
If you do away with the saloon doors, I'll take em. Lol. My sister's house has saloon doors dividing the shower/vanity area from the water closet in her master bath, and I get a kick out of it every time I visit. 🤠
New Hampshire does not require title retirement. It says a mobile home attached to utilities is real property already. Hmmm that kind of takes away my position of strength doesn't it?
Perhaps. But you will need to find out from a mortgage broker how a Conventional or FHA underwriter determines if the mobile home is a permanent structure that they will lend on.
If it's on its own land, you can use normal MLS comps. If not, if instead you're trying to value just the mobile home, that is far more difficult. Getting access to those comps is not easy nor is it published. My short cut is to connect with the major mobile home buyers and sellers in the area to find out what they know.
Find a cheap mobile home ..check Current owner wants it moved ,no repairs on there land. Now your out 2-4k for moving expenses Where can you move it for repairs? I've been calling mobile home parks " can't flip any homes in this park " Can someone be real about mobile hone flipping?
This video describes how to convert a Mobile Home into a Manufactured Home. A modular home is a manufactured home, by definition, so there is nothing that has to be converted.
@@pamcombs8986 It depends on the requirements of conversion. If you have to provide a permanent foundation with concrete block piers to retire the title and make it eligible for conventional financing, then that's what you have to do.
@@pamcombs8986 You wouldn't put it on a slab; you'd put piers underneath it to support it. Skirting is a different subject and is something that is typically preferred by Buyers. But skirting is primarily a cosmetic thing; not a requirement.
Here is the link to the resources mentioned in the video: www.freedommentor.com/mobile-home-flipping-formula/
This was great 👍
I’ve been watching every one of your videos for the last 3yrs multiple times too and read both of your books. Thank you 🙏 for all of the knowledge!! I’ve saved 25k and ready to find that deal!!!
A mobile home is the original tiny house. Been thinking about getting a trailer and renovating it to a more modern style and this video inspired me to take action.
You are right. Got one on its own land 4 years ago, doubled in price. No hoa my payment is cheaper than a furnished room.Best thing i did. No high payments & can do whatever I want.
Do you mind suggesting where we can find one?
Phil, you're the best! I dove into REI about 2014 and much of my success I owe to you. I've read and absorbed a lot of content over the years, but none as informative as yours. Thanks so much!
The HUD code is what shut down the Safeway manufacturing in my small town of Claresholm, AB. We had the Safeway mobile home plant at our airport and it went into receivership twice around 1976 & this HUD is probably what closed it down. The plant used the airport hangers from WWII -- it was a training facility for Harvard and other pilots. Thank you, I learn so much from your videos!!!
Fascinating! Thanks for sharing
The MAN himself! Great to see you back, Phil!
About dang time !!!
Been looking for an expert to cover the mobile home arena... tons of deals in South Texas but banks and credit unions wont touch (finance) mobile homes...
Good shot...
Can you owner finance the properties? There is a real need for affordable housing.
Thanks Phil. Been watching you since the beginning 5 years ago
Great invest I remember 20 yrs ago in Orlando there was mobile home parks making over 400k a yr
Phil you out did yourself on this video! I like it! Can we see the finished rehab on this property?
Phil, been following you for years! This is a great video!
Good answers to some of my questions. Thank you. ☺️
I would love to see the finished project of this mobil home.
What the heck Phil... did you read my mind? Lol I just put in an offer on a mobile home. It got denied but I'll try again.
Our realtor in punta gorda florida said you can't get a mortgage on mobile homes
Have your Realtor friend watch this video so that he/she can get educated on which mobile homes can get conventional or government-backed mortgages, and which ones can't.
Mr Phil thanks for uploading this great video. Regards
Another Great Video Phil keep it up Brother
Wow another gem. Thank you Phil.
That is one of the best built ovens! It also does not heat up your house like stand alone ovens. How about my house as a foreclosure and it had that same oven in the walls and my first thought was gross! But I wouldn't trade it now.
I like your teaching methods.
Great in theory, but good luck finding one that fits all 4 criteria.
Omg 😍 you are an Angel!!!!!! Thank you for you content!!!
Thank you for the info. I've been looking at a mobile built in 1975 though. In good shape on 1/4 owned land. Was thinking of rental income. Seller asking little to much and would be difficult to finance. What would you suggest best was to go? Or walk away since it's 1975 mobile. Prices are extremely high here in the Pacific Northwest and rentals are rediculously high. Is there a option for purchase and make it a rental?
Flipping awesome stuff!! 💥💥👍🏻👍🏻 (see what I did there? 🤣😆 as I used to tell my wife - sometimes the power is frightening 😂😅)
Lots of great info. Thanks!
Hi Phil. 👋is wonderful learning about mobile home. Can I buy mobile in a park ? but is a new mobile home 🏡🤔 .should I buy?
You can buy a mobile home in a park but it is rarely a good investment because the lot rent typically removed much of the cash flow AND it is not real property so it loses value.
@@freedom_mentor thanks for your help 👍🙏 .it is amazing 👏 . I'm not buying the mobile home for me to live in but it's to flip. The property prices is very good and is no cost for renovation.
Thank you so much.
Great Video!
Awesome! Glad you enjoyed it.
I enjoy your videos when you go on site like this one. Phil have you ever heard of lease to own in a mobile home park???
Are you speaking from the perspective of a mobile home that you own, that is situated in a mobile home park, that you want to sell on rent to own? The problem is that there are very few lenders for mobile homes. Vanderbilt Mortgage being one of the few. Again, I am not a big fan of that business model because the mobile home itself depreciates over time.
“Deals on wheels” Lonnie Scruggs wrote the book on it 20+ years ago
@@mph5896 The retiring of a mobile home titles didn't become law in Florida until 2003, long after when that book was written in 1992. Plus, it spends a good portion of its pages discussing the concept of buying mobile homes in parks and selling on owner financing. Either own the mobile home park itself or apply the formula shared in this video.
Thank you Phil.
Foundation inspection
during the Gold Rush, the smart people Mined the Miners
Very informative thank you
You're welcome!
Great video man
Appreciate it! Thanks for all the comments on the channel.
Very nice.
Creative renovations
Think you Phil !!!!
Thank you.
Nice!!!!
Thanks
We are in an area were mobile homes are very expensive 300k or more an old single wides made in the 60s all rotted out are going for 150k
Truth 💯
Great stuff as always! I've been a fan for years. I would say that I much prefer your whiteboard format. This new format, for me, was distracting.
So would this strategy work if the mobile home is brand spanking new (with all the other requirements of course) ?
Sure. As well as buying an older mobile home in a park and then moving it onto its own parcel of land. The problem with both of those examples is that you lose the rich profit margins of the formula described in this video.
What does Mobile Home Title Retired mean?
It’s not a movable home anymore. It is now a home on a foundation.
What's the difference if the title is already retired rather than doing yourself ?
You can either retire the title yourself or you may be able to hire a company to do it for you. It produces the same result.
@@freedom_mentor Let me put my question another way, if I find a mobile home I want to flip but the title is already retired, is that a problem?
Thanks for the great information, really enjoyed the video!
That makes it easier, although you may not be able to buy it at such a steep discount
@@freedom_mentor I get it, thanks Phil
what do you do if mobile home abandoned on your property for 10 years and you have no title????
If you do away with the saloon doors, I'll take em. Lol. My sister's house has saloon doors dividing the shower/vanity area from the water closet in her master bath, and I get a kick out of it every time I visit. 🤠
New Hampshire does not require title retirement. It says a mobile home attached to utilities is real property already. Hmmm that kind of takes away my position of strength doesn't it?
Perhaps. But you will need to find out from a mortgage broker how a Conventional or FHA underwriter determines if the mobile home is a permanent structure that they will lend on.
Appraiser and recorder
I need one to live in
I still don't get number 1 retired tittle
Hey there he is. Been a while.
My video guy got COVID. This should have been posted several weeks ago but ran into unavoidable delays.
@@freedom_mentor I hope your friend is better now.
What if I buy a new manufacturerd home. I don't have to retired the pinkslip the tittle
Don't buy a mobile home with particle board floors. The particle board turns to mush when it gets wet. Built to fail
So how do I find the ARV of a mobile home?
If it's on its own land, you can use normal MLS comps. If not, if instead you're trying to value just the mobile home, that is far more difficult. Getting access to those comps is not easy nor is it published. My short cut is to connect with the major mobile home buyers and sellers in the area to find out what they know.
@@freedom_mentor thank you my good sir
Find a cheap mobile home ..check
Current owner wants it moved ,no repairs on there land. Now your out 2-4k for moving expenses
Where can you move it for repairs?
I've been calling mobile home parks " can't flip any homes in this park "
Can someone be real about mobile hone flipping?
You need land in which to move the mobile home onto. Don't move it into a Park.
How do you convert to a modular?
This video describes how to convert a Mobile Home into a Manufactured Home. A modular home is a manufactured home, by definition, so there is nothing that has to be converted.
@@freedom_mentor Would you take the wheels off, a out onto a concrete slab?
To confirm: if I buy a mobile and want to make it look like a manufactured home, can it be put into a slab? No skirting
@@pamcombs8986 It depends on the requirements of conversion. If you have to provide a permanent foundation with concrete block piers to retire the title and make it eligible for conventional financing, then that's what you have to do.
@@pamcombs8986 You wouldn't put it on a slab; you'd put piers underneath it to support it. Skirting is a different subject and is something that is typically preferred by Buyers. But skirting is primarily a cosmetic thing; not a requirement.
Background music is annoying !
I agree. I kept having my video editor tone it down and eventually gave up because it had been a week of requesting background music changes :)
Don’t worry about the background music. I was so interested in the content I barely noticed the music.
i scrolled down to see if anyone else had said it. was gonna say the same. i hate background music especially when it's too loud and distracting
@@freedom_mentor fire your editor 👍
.
Hey you! What are you doing out there filming? Get off my lawn!!
😆