Mobile Homes - Posted by John Estell(Denver)

Posted by John Estell(Denver) on November 30, 1998 at 11:44:17:

Thanks Matt. I’ll go out and do that. I guess it’s a lot different than SFH’s. Continued success to you.

Mobile Homes - Posted by John Estell(Denver)

Posted by John Estell(Denver) on November 30, 1998 at 10:26:42:

If anyone can help, I’d appreciate it. I’ve been looking in the classifieds for mobile homes and don’t understand the asking prices for them. For example: (1)'70 trailer 14x70 good condition,$1800 (2)'71 American 14x70, $13,950 (3)'72 Falcon 14x70 for $9000 (4) '72 $6000/best offer.
Where do you go to find out what they sell for. It’s now like SFH where you know what the homes go for in a particular area. Is there a book like for cars. HELP!!!

Re: Mobile Homes - Posted by Dirk Roach

Posted by Dirk Roach on November 30, 1998 at 17:05:03:

Hi John,
Susan(TX), Matt, and DougO are right on. Just because sam seller wants to move his mobile for 25k doesn’t mean that it’s worth it. I would like to move them for that also. However in the real world(Park) things are just not that way. Scruggs says"when you know your market, you’ll know what to pay for these."
One your above post, items 1, 3, and 4 sound like great prices that they are bringing to the table. Of course I would negotitate them down quite a bit. Maybe not on item number 1. It depends. What is the story. Can they stay, are they owned outright, how much space rent. What is the park like, how many buyers do I have in my file (who’s looking for what)?
So follow their advice learn your market. A newspaper, I think, can be a great lead source, and a great buyer tool(retail), but the best data source are going to be your parks (managers, people in the park etc.)
Good luck to you, and like Doug says, “Have some fun”.
Dirk Roach

Re: Mobile Homes - Posted by Susan (TX)

Posted by Susan (TX) on November 30, 1998 at 15:17:22:

There is a NADA book for mobile home values, but it is complicated and really not necessary for this business. Learning what the local market will bear is really the best way, and of course the essentials: buy LOW for cash, sell high retail with financing. Most people don’t care what they pay if they can afford the down and monthly payments.

Re: Mobile Homes - Posted by Matt B

Posted by Matt B on November 30, 1998 at 11:12:41:

The only way that I have been able to deal with the wild fluctuations in mobile home prices is to get out and look at a ton of them. You will eventually be able to see what the right price for a particular model for a particular area is. It involves a lot of initial leg work, but it will allow you to spot the bargains when they present themselves. I am, however, relatively new to mobile home investing, so someone else may have better input. I would be curious to learn of a better method myself.

Re: Mobile Homes - Posted by DougO(NM)

Posted by DougO(NM) on November 30, 1998 at 13:19:43:

You got it. The best way to know what something is worth is to look at ALOT of them. There is no real short-cut. So…hit the bricks and have FUN !