Learning All Areas Of Real Estate
Up until now all I have ever done was rehab off of MLS sheets, that was all I knew. Since I have been working with my coach and glueing myself to this site, I have learned so much more. I am in the process of "assigning" a property and learning about "subject to." I am trying not to have a melt down but I do not want to miss a beat.
I was always told to stay away from mobile homes because they do not sell? Also, I thought they depreciate? Could someone tell me, do you work these the same as every other home?
Thank you for your help 
Mobile Homes...
The only way I will get involved is if the land comes with it... No land.... No Deal!
Now Is the mobile on a slab or not?
If not..FHA will not finance it as real property...
On slab/foundation they will...
these are financing issues that play in your hands when buying....
You buy rock bottom 50% or less....
They are rentals in my book.
They are great for Lease Option properties....Good money flow...Yet higher maint. costs on mobiles, thats why I like to lease purchase so tenant/buyer is repairing , not me.
Turn over is high, but so are the option deposits, $$$$$, When one actually sells, you make a good profit.
It's landlording at it's finest to me!
I'm confused too. I guess I'm seeing where people have a M/H , it's depreciated and can't sell it. The in investor comes in, purchases it to either rent out , L/Option, or just sell out right with seller financing. My question is; how does the investor find buyers if the original seller has such a hard time finding buyers? I'm just starting to read Deals on Wheels... but it just sounds like "easier said than done". Someone please give me some encouraging insite
You buy the unwanted....cheap!
You sell on L/O to those who cannot qualify any other way...for various reasons... You are filling the gap
So DaveREI,
Are you saying that because I'm providing financing (and the original seller is not) the buyers will be there?
If you can provide the financing, yes you have no problem finding buyers.
And Dave FHA goes by state set up requirements, here in Florida no concrete slap.
RK
If you do the math on the right mobile home package with the land, the numbers are very attractive! We are uncovering a HUGE market of families who have rented in basements or poor neighborhoods and are fed up and want out! They have worked for years at the same job, earning a lower wage (partially cash), possess a strong savings, yet have no credit or verifiable income. Who fills this gap in America?
Here is the opportunity: Revolutionize a strategy which has worked for hundreds of years. Turn yourself into the lender, set the lending rules, advertise appropriately and watch the flock of buyers standing at the doorstep with downpayments in hand, qualified through employment history, then encourage them to establish a baseline of credit. (i.e. buy http://www.right.com) Acquire your rental properties through seller financing and contracts which let you control the asset. If you are nervous to hand over the deed right away, structure the deal with a lease option, with a substantial rebate / credit for an outstanding payment history and upkeep of the property.
We would rather build wealth by financing (a note) or refinancing a small amount (lower risk) over 5 – 10 years if someone does not have credit or is working and receiving cash.
We all know about risk, so this is the level which we are comfortable. “Your mileage may vary!”
We will keep you posted on our progress.
Eric & Rosa
[addsig]