Manufactured housing - Posted by Vince

Posted by Tony Colella on February 22, 2005 at 07:36:32:

Vince, welcome to the world of mobile home investing.

The first rule in any investment is to make your money when you buy. Buying wholesale in this case is how you protect your investment, shorten your learning curve and allow yourself the most exits (ways to make money and get out of the deal).

Based upon what you have written, this deal appears to be a retail deal. We all get calls for that type of deal because the seller wants someone else on the hook for their mistake of over paying in the first place.

Homeowners often make this mistake because they are retail buyers and since the will be living in the home, they can justify to themselves paying more.

Investors have to make money on the property or they go out of business.

There are a couple of books and courses for sale here for very little money that can teach you a variety of ways to make money with mobile homes.

You may well be on the right track in your area and the knowledge you take from this sites and its material will help you make money and help prevent you from making mistakes many of us already have.


Manufactured housing - Posted by Vince

Posted by Vince on February 22, 2005 at 06:49:03:

I’m relatively new to RE investing, and entirely new when it comes to analyzing a deal involving a double-wide trailer home.

Seller, a carpenter by trade, has reportedly improved the home significantly. He’s willing to deed over the property for $48K, though his lender is apparently willing to concede with a $42K payoff. He paid $52K for the home in 1999, when it was built. 1493 SF, nice lot.

I’m just not sure how different the rules are when dealing with manufactured housing, as opposed to traditional. Any suggestions on what my approach should be, if at all? Any other comments, questions, etc are certainly welcome.

Much obliged!