I get involved in buying older homes, at present manage 100 units. Free is not always free. You can run into problems, and they do not resell very fast as most have only 2 bedrooms. I try to keep cost on 1975 and older below $1500.
Posted by richard on February 02, 2002 at 19:01:01:
I have two mobile homes for free if I want them. One is a 1968 12x60 and the other is a 1972 12x63. Both are set up in a very nice park and will need about 2000.00 in rehab each. I know their age and rehab costs are negatives but can I make them happen based on the fact that they are free?
Posted by Karl (Oh) on February 02, 2002 at 23:19:24:
The age, size, and condition of the homes aren’t really what matters. The question is will your market let you sell these and make a profit? In my market, in my nicer parks, I can sell old 12X60 homes that need work for $4k-$6k on a note all day long. Even in two ratty parks I work, I’ve sold older trailers that needed work, just a little tougher finding a worthwhile buyer. But I know other investors who struggle with these, after all an old cheap 12 foot wide attracts a lower end, typically higher maintenance buyer.
Are you required by the park to rehab these homes? What if you hosed them out good, and sold them as is, as handyman specials? That’s worked very well for me on several old homes I got for free.