Posted by jim on October 13, 2008 at 19:33:54:
Just out of curiosity, I know investing in mobile homes depends where you live. I was wondering how mobile home investing is in PA. Thanks
MH for $5,000 - Posted by Jim
Posted by Jim on October 06, 2008 at 18:33:51:
Hello everyone I purchased Lonnie’s book deals on wheels and I enjoyed it very much. My question is has anyone had any real luck with purchasing mobile homes for $5,000? Most of the MH I’ve seen are going for $20,000 or more plus a lot of the parks are forcing older models to be taken out of the park once it has changed hands so many times. Thanks everyone Jim
My $5,000 home - Posted by Russ Sims
Posted by Russ Sims on October 08, 2008 at 10:37:10:
Got a call from my newspaper ad from someone who was trying to sell their 96 single wide in a family park. This place was immaculate, with a kitchen island and sheetrocked/textured throughout. He’d been trying to sell it for $17,000 but claimed the home had a value of closer to $23,000. After doing research we (partner and I) determined he was probably right. Well, we told him via phone that we were really looking for a fixer that we could get into under $3,000(we only had 5K in our bank account and wanted to buy at least 2 homes with that). We hung up wishing him luck on finding the right buyer. A week later he calls and asks if we’d consider paying $7,000 (lowered from $17,000!). He was preparing to move into his custom built new home on land, and needed the money due to construction cost overruns.We negotiated down to $5,000 (all we had!) and within a week we had blown it out for $12,000 cash. Since we were just starting our company, that $5,000 mobile enabled us to buy 3 more homes (which we are selling on contract) with money left over in the bank.This is a really cool business…
Re: MH for $5,000 - Posted by John Hyre
Posted by John Hyre on October 08, 2008 at 06:18:29:
Recent deals, all being moved to fill lots:
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1981 3BR 14x70 in very good shape, could use new carpet, includes mini-garage, $1,400.
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1991 3BR 14x80 vinyl, solid, needs carpet, paint & some patching, $2,100
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1991 2BR 14x70 in good shape, needs carpet, paint & kitchen counter, $1,600
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1991 3BR 14x80 vinyl, immaculate with wood floors, etc, in contract pending purchase of residence by owners, $5,000
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1984 2BR 14x70, good shape, needs paint & carpet, $500
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1984 2BR 14x60 (for one of our “short” lots), $1500.
We have several more in the hopper once the ones above are moved, including 2 1994-1996 3BR Vinyl/Shingle in good shape for @ $5,000.
John Hyre
Re: MH for $5,000 - Posted by Gary
Posted by Gary on October 07, 2008 at 22:19:39:
I bought a 1996 14x60 2/1 at an auction recently for $210.00. The seller sold it again shortly after the auction and I have hired an attorney to get it if still in same condition or sue for value if not. I am clearly in the right as Ohio investers here know you must have title,all delinquent taxes must be paid($784 in this case) and the relocation sticker purchased. The party that took it had none of the above.
Re: MH for $5,000 - Posted by Sailor
Posted by Sailor on October 07, 2008 at 13:56:41:
Two years ago I bought one that only needed a dishwasher for $1,000, & put it in my park & sold it for $17,995 with 7k down. This year I bought a DW w/permanent foundation on land for the cost of the land (20.5k). Yes, it needed work, but now it is the best house on the block, & it’s going to put the great-grandkids through college.
Yes, there are deals out there. I think most of us who’ve made multiple deals find that we need to re-read Deals on Wheels several times. I’ve probably read my copy 10 times, & I still find myself going back to it for basics.
Remember, there ARE good inexpensive trailers out there–it just takes a bit more reading & dealing. Good luck!
Tye
Re: MH for $5,000 - Posted by Dave (WI)
Posted by Dave (WI) on October 06, 2008 at 20:56:34:
Jim,
If I looked only in the newspaper I would agree that every home out there is $20,000.00, or more. If that’s where you are looking then throw the paper away. That’s where you find your buyers, not your sellers. I’ve bought 5 homes this year for a total of $9,100.00. The most I paid was $3,900.00 ('cause I’m a softy and helped out an old lady who reminded me of my grandma) and the least is $650.00. I sold those homes for $12,000.00 and $5,000.00 respectively after putting about a thousand into each. Remember, we are looking for the folks that have to sell, we don’t have to buy. How did I find these? As it has been said many times here, drive through the parks and look for signs in the windows, talk to the park manager and see what they tell you (it takes time to build a relationship but it is well worth it), read the “free” papers and see what’s in there. I looked at doing Lonnie deals for 2 years before starting mainly because I didn’t think anyone would sell a trailer as cheap as we read about, especially in southern WI. I was wrong and the biggest reason I haven’t done more is because my better half (and much more sensible half) is making sure we don’t get ahead of ourselves. So, in answer to your question, no, I haven’t had any luck purchasing a mobile home for $5,000.00, I’ve never had to spend that much.
Re: My $5,000 home - Posted by John Hyre
Posted by John Hyre on October 13, 2008 at 04:15:12:
Russ,
That’s a pretty darned good start, way to multiply your seed money. Why were you able to sell for cash while the original seller was not?
John Hyre
Re: MH for $5,000 - Posted by John Hyre
Posted by John Hyre on October 09, 2008 at 04:14:55:
Am buying a 1995 3/2 16x80 V/S, needs carpet & paint, from mover, including move, set, block for $6,000.
Another mover called with 3/2 16x80 2002 in allegedly good shape, asking $8,000, not clear as to actual condition or whether move is included, so this one is pretty up in the air for the time being.
Point is, there are deals out there, at least in IN & OH.
John Hyre
Re: MH for $5,000 - Posted by Jim
Posted by Jim on October 07, 2008 at 10:37:35:
Thanks Dave, I’ll take a look into the free newspaper my way. Thanks
Re: My $5,000 home - Posted by Russ Sims
Posted by Russ Sims on October 13, 2008 at 15:17:06:
Hi John. Good question. 2 things: 1) He’d never advertised it below the $17,000 he was initially asking and 2) He needed really quick cash and just didn’t have any more marketing time.Kind of blew us away…
Re: MH for $5,000 - Posted by shawn sisco
Posted by shawn sisco on October 07, 2008 at 18:35:57:
Jim, Lonnie clearly states that the best deals are from the park managers, not from the papers,not from the papers. Get aquainted with park managers.
Re: MH for $5,000 - Posted by jim
Posted by jim on October 08, 2008 at 10:59:55:
Thanks evereyone. Two things I’m going to do is drive through my local parks and re-read deals on wheels.
How far is everyone driving to get these deals done? Thanks everyone