Help on Double Wide mobile home - Posted by Robert

Real Estate Investing Mobile Homes & Mobile Home Parks
1

Posted by Dr. Craig Whisler on February 11, 2004 at 11:20:26:

…most of our deals in this price range involve private sellers and older mobile homes.

I have seen a few $3,000 lender repos over the years. Many have been for newer fixers and seemed like very good deals for someone who chooses to use his hands for something other than signing checks, as God intended.

Regards, doc

2

Help on Double Wide mobile home - Posted by Robert

Posted by Robert on February 10, 2004 at 21:01:20:

Hi,
I would like to get help on a double wide mobile home that this couple wants to sell. Its 3/2 bath built in 1986. They want a buyer to take over their remaining morgage of about $15,000. The park does not allow homes to be rented out. Please advise on what I should do to make some profit and also help them. It’s in very good condition but I don’t know how much its worth.

Thanks,
Robert

3

Trying to discover car before wheel invented. - Posted by Dr. Craig Whisler

Posted by Dr. Craig Whisler on February 11, 2004 at 10:33:47:

To be more specific than the preceedidng answer, depending on where the mobile is located, I think it is probably worth between $1,000-$3,000 at wholesale.

You are looking at a SUPER retail price. You must be able to buy wholesale to make it in this business.

Because of the nature of your question I suspect that you have not yet read Deals On Wheels. It is condidered as a mandatory first read by most of us on this board. This book is available for about $30 on this website. Yes this book WILL teach you how to buy at wholesale prices.

Trying to start off without this basic primer, is like trying to discover the automobile before the wheel has been invented. It is theoretically possible but I think you odds of success would be about the same.

Regards, doc

4

Re: Help on Double Wide mobile home - Posted by Tim

Posted by Tim on February 10, 2004 at 23:43:13:

15k for a 18YO home is making their problem yours. Mayby they could find someone to take over their payments, or speak to their lender about a short sale (accepting a lower payoff). This is a very high retail, at best. To make money you have to buy wholesale…

5

Re: Trying to discover car before wheel invented. - Posted by Robert

Posted by Robert on February 11, 2004 at 11:00:17:

Thanks very much for the help guys. I am new to this MH business and I did actually order Lonnie’s book and I am waiting for it. Is it possible to talk to the lender to accept a short sale in the $1000-3000 range?

Robert