Posted by Steve-WA on April 30, 2007 at 09:14:33:
2500 to demo and rremove, or 3500 to move and setup elsewhere, plus porches and skirting and electrical and repairs.
If there are CCRs restricting age, then within that. Otherwise, its what I can get that is as new as possible, and as nice as possible. 1190, 5K, plus or minus.
Lots generally are in areas where there are other MHs - zoning is the issue, not the neighborhood.
land/home question - Posted by john
Posted by john on April 29, 2007 at 01:46:45:
I was thinking about buying land, developing it, and putting on a doublewide on it. Then turn around and sell it. this seems much easier than taking the time to Build a spec home. They take a while to build and are more expensive. MH’s would be cheaper and go in much quicker since they are already put together so less holding expense. And they go for quite a bit in my area. Is this something that is a good idea? Am I missing something here?And finally what is the best course/book on this subject? I have deals on wheels but it ofcourse does not deal with this specifically. Thanks!
Re: land/home question - Posted by Tony Colella
Posted by Tony Colella on April 29, 2007 at 10:07:15:
Steve is correct, our book “Investing in Mobile Homes with Land” talks about developing lots and much more. We also created a 2 CD with a DVD course solely on Developing Mobile Homes with Land that we also have for sale here.
You are correct that there are a variety of reasons why developing for a doublewide may be better for the investor not least of which is the amount of cash it costs vs stick built.
I think you will find that additional opportunities present themselves when you find what we call Semi-development deals as well. These are properties that may have an existing single wide mh on it that with some work you can upgrade to a accomodate a doublewide and get rid of the singlewide. We run the numbers in the book on these type of deals.
The video and cd’s get into more detail about developing and even show you some of the phsyical challenges and solutions we have come up with when moving the homes in etc.
You are onto an idea that has proven very profitable for many of us here.
Tony
you’re missing something - Posted by Steve-WA
Posted by Steve-WA on April 29, 2007 at 04:57:09:
You’re missing the fact that so many people say it can’t be done.
But we do it all the time. I agree with you; stick-builts can net more cash profit, but the ease and lower stress and time of developing and inserting a doublewide makes it more worth my while. There is less - WAAAAY less - competition for these kinds of deals as well.
Additionally, many find a plus in buying parcels with a burnout, or a singlewide - the utilities are already in, and makes development a lot easier. I am buying two singlewide/quarter-acre packages right now, septic and water and power on the site, that with a DW replacement, will increase value on the parcel by tens of thousands.
However, rather than selling, consider hold and rent these, and pull cash out by way of a refinance; you get a lump sum tax-free, still own the property, still get the tax benefits from depreciation, still get the benefits of property appreciation, and even with a mortgage, the property cashflows.
The only book I know of that teaches any of what you describe is Tony & Scott’s Investing In Mobile Homes
With Land, available on the books & courses section of this site.
You likely will also benefit from attending the boot camp in Asheville NC in August, so heavily advertised here. Not only curriculum on the subject, but networking wth others doing it too, and the potential of developing partnerships!
Re: land/home question - Posted by john08
Posted by john08 on April 30, 2007 at 08:17:31:
Are these the 2 courses you were refering to?
Make Money Developing Mobile Homes with Land
Investing in Mobile Homes with Land
Are there any differnces between “Investing in Mobile Homes with Land Seminar” and “Investing in Mobile Homes with Land”.
Re: you’re missing something - Posted by john
Posted by john on April 30, 2007 at 01:02:56:
How much is it costing you to take off the sw and put on a dw? Are these newer dw’d you use or oldero ones? And are these lots in park or just areas where there are a lot of mh’s.
Re: land/home question - Posted by Tony Colella
Posted by Tony Colella on April 30, 2007 at 18:16:42:
Yes those are the ones I was referring to and yes, the seminar is different from the developing audio cd’s and dvd. That course is specific to all that we get involved in and how we approach developement and semi-development deals with various exit strategies and financing in mind.
Tony