Posted by Tony Colella on March 22, 2006 at 09:58:16:
I live in North Carolina but there are folks here from all over the country doing much the same.
Don’t be too quick to decide that it can’t be done where you live. We often assume that it cannot be done because all we see is the retail listings. Finding the wholesale deals does take work but the money can be made. We are providing affordable housing. Knowing how best to create the property so that it has market appeal as well as appealling to banks to finance is very important.
Our area we see land/home deals retail for $85,000 to $120,000 plus all the time. We do not buy at those prices of course.
We stick to $40,000 - $50,000 (including purchase of the doublewide and land plus all fix up costs). We could retail the homes out for a “flip” sale but personally choose not to (for the many reasons we detail in the book).
The spreads may run a bit lower than what you heard of in CA (but seeing is believing). But there are other factors that come in to play such as exposure to debt service etc.
My experiences are not unique as reading this board will confirm. Welcome to mobile home investing Tracy.