Thanks for the tips
Thanks for the reply! I was kind of aiming that question at you anyway. You seem to be one of the most active investors in this forum. Actually the lender is in the same State, about 120 miles away. The home is in great shape(like new really) so I can't do a lot there. I will see if I can find out about the lot rent. In my only conversation wiht the lender he said if he had it there he could get a lot more than the asking price out or it. What has been your best source for MHs. I want to ad some visits from the mailman to my portfolio. I have visited serveral parks (thats how I found this one) the individual owners want too much! In the same park as the repo there is a couple who wants almost as much for a MH 5 years older and another who wants 12000 for one over 20 years old. I am checking the local parks as I put out my bandit signs and flyers for my "sub to " investing. What methods do you use to locate MHs. I have followed your posts over the last several weeks and you seem to be doing well. I check ads and drive thru the parks but except for one deal(MH and land) I'm considering doing a "Sub to " on I haven't had much luck.
Thank You first of all for the comments.
ANwya, the best advise I can give is to learn your market. Now I know thats a term that gets thrown around a lot but, its a truthful statement.
Let me give an example of how it really applies.
A mobile here might be worth lets say 1000 to 2000.... but your markets value might place on the same mobile 2 to 3000.
I have seen that happen within 100 mile area so different states can really make a difference.
I have noticed I can buy MH's here in GA for what I can get them in Oklahoma.
Is there a difference...yes, the market for them in Oklahoma is stronger, mainly because there are less restrictions.
Some counties in GA will not allow anything over 10 years old to be brought in, unless you have a park or land that has been grandfathered in.
However in Oklahoma they do not have those restrictions. So more mobiles then can enter the market than in some states.
So it pays to know your market, this can be easly found out by talking with local MH investors or talk to Park managers and such like they will fill you in. Also Dealers, that is some dealers... some dont talk to much or well actually the talk plenty just dont share much lol.
Test your market too, by placing ads in the paper ... ads like; I buy and Sell Mobile Homes.....
or 2 and 3 Bdr Mobile Homes For sale
Will Finance with Small Down
Call Mark 478 555 -1212
I get a lot of calls on that last one.
Well I home this is of help and feel free to ask anyquestions as be glad to help if I can.
Mark