The mobile was in a park and thank you for the compliment. My brother and I have been studying this site, among others for the past several months and self-taught ourselves how to combine different strategies to buy & sell real estate using OPM and it worked! Now, we are getting calls from many investors interested in our creative approachs which will further enhance our buying power to success.
As I said, and remind yourself daily,
Be patient. Have faith. Engage. Success will follow.
Michael R. Burke
Creative Real Estate Investors of NOva Scotia CREIONS
How easy is it to flip mobile homes? Say if I make an offer to purchase and then assign the purchase agreement to a buyer that is wanting the home? Or…How easy is it to L/O a mobile home? My area has a lot of sellers just giving away mobile homes. Sellers ads saying “TAKE OVER PAYMENTS” What is the best way to get these and make a lot of money on them? Rent, L/O, owner financing, Flip? Sorry if my questions sound dumb, but I’m a newbie trying to get started and I need all the coaching that anyone is offering.
We recently picked up a mobile home for the balance of the note, $22,500 (wholesale) and lease-optioned the property for the payment ($265 PITI + $200 lot fee = $465) and then sandwich lease-optioned the property to another tenant/buyer for $750/month + utlilities, with a $200/month rent credit - locked in a purchase price of $34,900 (assessed at $29,900). Finally, as if this weren’t enough - we immediatley assigned the contract to another investor for $7,500 cash and walked away; the investor will collect $15,000 inside of 12-18mos while our tenant/buyer qualifies for a mortgage.
The best part about it is that we didn’t use a single penny of our own money…now that’s creative!
Have faith. Be patient. Engage. Success will follow.
Michael R. Burke
Creative Real Estate Investors of Nova Scotia CREIONS
Rod,
Check the archives (last I knew they were working on this board) for “subject to”, “lease option” and any variations you can think of. This has been discussed at length in the past. As Chris said, most times these are “upside down” homes (a phenomenon where the value of the home declines faster than the loan payoff. Best reason not to ever buy a new mobile home) and there is no deal to be had other than maybe buying it as a repo after the buyers bail out.
All the best, Lyal
Posted by Rob Castle on July 13, 2002 at 22:49:28:
HI Rod, I’m from KY also, where do you live in this wonderful state?
By the way I do have Lonnie Scruggs “Deals on Wheels”, it is perhaps worth more than the asking price, I do encourage you to get this book.
I have, and it has enlightened me so very much, it is hard to put back on the table.
Regards
Rob Castle
Posted by Chris (TX) on July 13, 2002 at 16:06:33:
If you are reading ads that say “take over payments” so is everyone else… your buyers included. Most homes offered this way are upside down… very common situation with MH’s. Run…don’t walk from these with high loan balances.
Your best bet is to get Lonnie’s Course (tapes and books) available on this site…second to that… at least get the books, also available on this site.
That will give you all the info you need to get started making money on REAL deals… and keep you from paying too much and getting burned on your first deal!
don’t bee too quick to stear people from these deals. i recently picked one up for 5000. yes that sounds like retail to alot here without even knowing what it is. i did not negotiate with the bank. this old man was selling it in the paper. add said 1000 to assume loan and went on to describe the home. i went and talked to him only to discover that when i asked him what the lot rent was he said that the lot is included in the loan, then he muttered under his breath “didn’t i say that in the paper?”. i signed and he called for payoff which was 4900 the check went out that night. a week later he asked me if it would be alright for him to stay for 5 months while his son was away. then the kicker he said ill pay you 1500 if you will. im half tempted to let him stay indef and just put a few more on the lot with him.(to all that have not had the misery of reading my posts, no i havent learned to spell yet. but i can sign my name and wright cash at the top of my checks.lol)