Posted by Chris Reuman (Maine) on May 09, 2005 at 21:15:42:
Call up some movers in your area. They will give you a price. Ask about a discount for volume. The key is to have them sold before you buy. If you can sell 25 or so to other investors, and make $1,000 on each, that would be a quick $25000. Otherwise, you will need to have a lot of money to finance the deal, pay the mover, cover holding costs, set-up, repairs, etc… Due to the numbers, this deal is very complicated. I’m not saying this is not a good deal, you just need to have the liquidity to cover all the cost, until they start selling. I would look for a mobile home park owner that needs 33 spaces filled and will give you free lot rent until they are sold.
Best investing, Chris
33 Mobile Homes - Posted by Saul Duga
Posted by Saul Duga on May 07, 2005 at 12:20:52:
This my first post and will be my first deal. I have found reading your posts
interesting and informative over the past 2 months. I have the chance to buy 33
mobile homes and need advice. They are 2 bedroom 2 bath homes. Besides
general advice, I need information on how many homes will fit on an acre.
Advice on making an offer. Seller is trying to move them 1 at a time but offers
financing on 10 or more with credit approval. I would be responsible for moving
them to another site. Seller is asking $9500.00 each. Any help would be
appreciated.
Re: 33 Mobile Homes - Posted by Chris Reuman (Maine)
Posted by Chris Reuman (Maine) on May 07, 2005 at 21:14:27:
What is the age of these homes? Unless they are newer, 1995 or newer, you don’t have a deal. You want to at least double your money. People usually don’t pay $20,000 unless it is a newer home.
Best investing, Chris
Re: 33 Mobile Homes - Posted by Lyal
Posted by Lyal on May 07, 2005 at 15:55:12:
Saul,
Gotta work backwards here. You need to have established an accurate resale value. This is NOT taking the word of a dealer, realtor or anyone else. You need to be sure of this.
After that you need to know what it costs to move them, and set them up. Your question “how many homes will fit on an acre” leads me to believe you are planning to move them to raw land. Are there any zoning requirements that you’ll have to meet? What will it cost to develop the site (roads, utilities, drainage, concrete pads…)?
If you are borrowing money for these, it may be several months before your income stream starts so you’ll need to factor the holding costs into your deal.
After you get the info on what it will cost, you can work backwards to a purchase price (hint, something less than half the per unit cost…)
Lyal
Re: 33 Mobile Homes - Posted by Saul Duga
Posted by Saul Duga on May 08, 2005 at 14:15:44:
- Would I have a deal if a lower offer, say $3000-$4000, were
acceptable to the owner? If I do get them cheap what should I expect to
pay for moving costs. Owner financing was also offered for 10 or more
units. What should I ask for by way of terms?