To MarkB or Repo MH buyers
Typically how much discount can you get by buying wholesale? Some people say 20-30 cents on the dollar. Most of the prices are listed on the repo lists. Should I just bid 20-30% of that price. Thanks.
Sorrry I hadnt replied sooner. I have been extremely busy purchasing homes for my buyers.
Anyway, Yes you can get homes for 30 cents on the dollar. Yes you can bid that see what happens, but I will tell you that if you arent purchasing in bulk you will not always get 30 cents.
But to answer your question it can be done.
Mark
Can you give me some info on buying mobiles wholesale?? May be a dumb question but are these through a current mobile home park or dealer or some other avenue??
I have been gone for sometime so forgive this very late reply to your question.
Repo Homes are not Generally owned by Park Owners though I am sure some Park Owners have Homes they have repoed.
I deal direct with the Lenders such as Green Tree
You can get repo list from them sent directly to you and then bid on them. If you are looking to steal them note, the climate in which one can buy these units from them has changed and they arfe looking for a serious bid.
Meaning you may have a Home for instance as an example I will use one I purchased lately.
I bought a 1999 24x52 not unlike the one on my web site now for $7200.00 that was my accepted bid.
This unit had some minor issues but enough to get me a great price but let me tell you I have paid as high as $14,000 for the same size unit that was in much better shape.
So you will need to take you list and go inspect the units. I am training people in my area how to do that as they work for me as inspectors of whcih I pay them $300 per unit they inspect that I buy from the field.
An inspection will determine wether or not the unit is worth buying or not. Beleive me when I say I have walked away from many over the years but for the most part its just a matter of some cleaning or carpet replacement to make them very marketable.
For instance the unit I payed $7200 for I sold a week or so later for $15,000
Good Luck
Let me know if you ever have any questions or feel free to email pictures of a unit should you want assistance in determining its value.
My Wife sugested I should make a video of how to buy MHs that would include how to inspect a home and how estimate repair cost for a MH. Also, how to make repairs not so costly so proffits arent ate away.
But, the idea of me in front of a camera well, hehe, dont nobody hold your breath not sure I have the confidence to do that.
My fun is in buying and selling and collecting checks or my favorite is cash of which I just did the other day in the most unusual spot where I collected over $20,000 in cash in a Waffle House parking lot
Hey, it was fun.
MarkB[ Edited by MarkB on Date 04/19/2005 ]