Posted by Michael Tetris on April 17, 2003 at 23:38:17:
I am glad to be of help.
If you are interested in Mobile Homes, get the book or course by Lonnie Scruggs called Deals on Wheels. “Wheel Estate” ain’t glamorous but it can be profitable! But if you are in a state like VT then I imagine mobile homes and parks are scarce, from my memory that is not much of a MH state. Come to KY and I will show you some trailer houses, and alot of them!
Double Wides??? - Posted by Joe(VT)
Posted by Joe(VT) on April 15, 2003 at 23:07:31:
I am meeting with a couple tomorrow that have been trying to sell their home for the last year. They already have another place lined up(mothers house) and are very anxious to sell this place. Their problem has been the interested buyers could not get financing. It is a 3 year old double wide on leased land, well a mobile home park. I am looking at doing a lease option to solve this problem.
I am concerned about two things. Do these things apreciate or depreciate and will I be able to get my tenant/buyer a mortgage down the road. (I am assuming the previous, interested buyers did not try hard enough but just want to be sure)
Thanks
Joe
Double Wides??? - Posted by John Adams
Posted by John Adams on July 31, 2003 at 07:32:49:
My wife and I have a couple of acres and are looking at building a house or buying a new double wide and putting it on a permanent foundation. My question: do double wides appreciate or depreciate in value compared to a house? Any help would be appreciated.
PASS ON THIS DEAL - Posted by Michael Tetris
Posted by Michael Tetris on April 16, 2003 at 09:03:35:
I am very experienced in the MH Industry and I think if you take a drive thru this park or any other you will find dozens of mobile homes for sale. They are a dime a dozen. I think the real money is to be made doing the Lonnie type deals on cheap houses whereby you can recoup a good portion of your investment up front in the way of down payment from the new buyers. After they make payments for 12-24 months you will likely have all your money back and the rest is gravy.
Take a pass on the current deal however, as you would be assuming huge debt on a depreciating asset worth far less than the debt owed on it and its located on leased property that also requires payments.
Re: Double Wides??? - Posted by Ronald * Starr(in No CA)
Posted by Ronald * Starr(in No CA) on April 16, 2003 at 06:42:05:
Joe–(VT)-------------
Please understand that I do not do mobiles. But I have read the mobile home forum a lot. Here is my perspective.
I would think you don’t want to get involved with this one.
Just because people are eager to sell does not mean there is a good deal in the offering. DO NOT take on other people’s problems.
I suspect you have not read Lonnie Scruggs “Deals on Wheels” book. I recommend you pass on this offering and buy the book so you will know what to look for in the future. It costs only about $25-$30.
This house is too new. It probably has a huge loan on it. Yes, they depreciate. And rapidly when they are this age. They probably owe a lot more on the loan than the property is worth.
You can probably find out asking prices of similar properties on realtor dot com for that zip code. Just restrict the search to mobile homes.
The time on market hints that there is no shortage of housing available in the area.
Good Investing*******Ron Starr**************
Re: Double Wides??? - Posted by phil fernandez
Posted by phil fernandez on April 16, 2003 at 06:07:27:
If it’s in a park, you will find it near impossible to get financing. Unless it’s on it’s own piece of land and has a slab. The two big financing companies that used to finance these are gone. Canseco is in bankruptcy and I’m hearing that they aren’t doing any new financing and CIT has stopped financing them also. Now that’s what I’m hearing. Verify this information yourself.
So if no one is willing to provide financing for the mobiles in parks, this creates a great opportunity to buy low and sell through you holding the note, high. Your typical Lonnie Deal.
But don’t go into this deal thinking you’ll cashout. Also very few note buyers will be interested in your note if it’s in a park. And if you find one that will buy your mobile paper, it will be at a very steep discount.
Re: Double Wides??? - Posted by RichV(FL)
Posted by RichV(FL) on April 16, 2003 at 05:46:39:
Hey Joe…
Try the mobile home section of this web site.
I’m sure you’ll find some help there.
Good luck to you…
RichV(FL)
Thanks - Posted by Joe(VT)
Posted by Joe(VT) on April 16, 2003 at 11:39:21:
I took another drive through that park and just as you said, found nearly 9 homes for sale. There is only 35 units in the park. Thanks for the insight, it really helped to open my eyes and see the obvious…
Good Post nt. - Posted by phil fernandez
Posted by phil fernandez on April 16, 2003 at 09:20:30:
nt.
You were right on, thanks again… - Posted by Joe(VT)
Posted by Joe(VT) on April 16, 2003 at 08:31:48:
I just checked out their records and found they owe nearly 70K on it, and it is 10 years old! Next…