I purchased a mobile home for myself when I was around 22 or 23. I lived there a few years and moved out of state and rented it out to another girl. The owner of the park FREAKED out because renting in her park is strictly prohibited. Do you usually get that information from the real estate person you work with or reach out to the owner of the park before buying or how should that be handled before you actually make the purchase??
Easier said than done. There was an ole Mobile Home Investor sometime ago who came up with the book, "Making Money with Mobile Homes" by Lonnie Scruggs. These days, the majority of the owners of the Mobile Home Parks (MHP) don't allow Private MH Investors to Re-Sell Homes that they bought. In other words, the owners want to keep all the profits. Your best bet is to buy Mobile Home Parks.
banks don't touch them they aren't fixed assets, i just got a property .55 acres of land with a mobile house . for 80000, but it took 2 months to wrangle a bank to finance me ... a pain in the arse...
to be honest this is only good in certain parts of this country far as mobile homes. I am assuming this guy lives in florida or California. I don't see where they clear this 30,000 bucks. here in the Midwest your lucky if you can sell one for 10,000 bucks.
+johnlvs2run it was 35k in equity ..so the seller had a mortgage on the land and the home ..but the proprty was worth 35k more than what was owed on the mortgage ..and the seller was selling just the mortgage .. so this guy took the mortgage over..sold the prperty ..for full value ..what was owed on the mortgage plus 35 k
J-Fed! The man!
His personality reminds me of the Investment Joy TH-camr so much.
It's be great to have future episodes where you go back and follow up with previous guests and see where they are now
How do you find the cash buyers for the mobile homes, how do you market it?
Great info on Mobile Home Investing here. Thanks Josh and John!
I purchased a mobile home for myself when I was around 22 or 23. I lived there a few years and moved out of state and rented it out to another girl.
The owner of the park FREAKED out because renting in her park is strictly prohibited.
Do you usually get that information from the real estate person you work with or reach out to the owner of the park before buying or how should that be handled before you actually make the purchase??
You have to make sure you invest in a mobile home park that lets you rent. Probably just email the owner of the park to verify.
Easier said than done. There was an ole Mobile Home Investor sometime ago who came up with the book, "Making Money with Mobile Homes" by Lonnie Scruggs. These days, the majority of the owners of the Mobile Home Parks (MHP) don't allow Private MH Investors to Re-Sell Homes that they bought. In other words, the owners want to keep all the profits. Your best bet is to buy Mobile Home Parks.
I am interested in investing in kit homes in the Houston area. Any tips on finding lenders outside of the builder?
he is in austin
According to Dan Pena's mentee, Beryl Crump - the real money is in owning the whole damn park.
banks don't touch them they aren't fixed assets, i just got a property .55 acres of land with a mobile house . for 80000, but it took 2 months to wrangle a bank to finance me ... a pain in the arse...
Do you still have it? Have you rented it out?
Fantastic share from John.
to be honest this is only good in certain parts of this country far as mobile homes. I am assuming this guy lives in florida or California. I don't see where they clear this 30,000 bucks. here in the Midwest your lucky if you can sell one for 10,000 bucks.
He said it was attached to land, so that will be more money than if in a park.
I would call many mobile home parks outside your area and try and ask those people how they started.
I don't get how he bought the mobile home for 35,000, sold it for 35,000, and made 35,000 profit.
+johnlvs2run it was 35k in equity ..so the seller had a mortgage on the land and the home ..but the proprty was worth 35k more than what was owed on the mortgage ..and the seller was selling just the mortgage .. so this guy took the mortgage over..sold the prperty ..for full value ..what was owed on the mortgage plus 35 k
Awesome!