Re: double wide mobiles - Posted by JHyre in Ohioq
Posted by JHyre in Ohioq on May 14, 2000 at 19:30:16:
I HATE Toledo when it comes to selling mobile homes. The brokers/dealers are less honest than their peers elsewhere- which is saying alot given the low standards of integrity among most MH brokers/dealers in Ohio. The ratio of deadbeats- and I mean TOTAL losers- to decent buyers is abnormally high. Competition is very stiff- check out the Sunday Blade, you’ll see what I mean. All of my buyers in Toledo have been “time-intensive”, to put it politely. I have two homes left in Toledo- that I’m moving to the Columbus area, where I’ve had MUCH greater success in selling mobiles. In short, Toledo is a terrible place to sell a mobile home.
It is also a good place to BUY. The mobiles I got up there were DIRT cheap. Lot’s of people are “upside-down”- owing more on the homes than they are worth. There are therefore lots of repos up there (I think we’ll see alot more of that everywhere…the practice of making 15, 20 and 30-year loans on DEPRECIATING assets is crazy…that’s what happens when banks have too much money).
I know of people in Ohio who have made lots of money by putting doubles on land and selling both for very good prices. Two key points:
First: Learn the zoning rules inside and out- and COLD. In this state (except SE), people hate mobiles and try to zone them out- there are some ways around this if the acreage is sufficient.
Second: Research demographics of target locations. Some areas have great stats and lots of buyers (e.g.- Delaware County) while others su*k (e.g.- Marion county is much weaker than Delaware).
I am currently talking to a friend about funding the purchase of a toter. He would then move homes for profit with others and at cost for me. I would LOVE to buy gobs of single-wides in Toledo dirt-friggin-cheap and move them to friendlier markets. I think your idea with doubles & land has merit, though the capital requirements are relatively high compared to classic Lonnie deals. Look me up in Findlay sometime & let me know how it’s going.