Posted by Mike Leiter (KY) on November 14, 1998 at 23:31:07:
Buy Lonnie’s books. Seriously. For both it’s about $68 with shipping. It is worth it. If you aren’t sure, just get the first one for $34 with shipping. It doesn’t cost any more to order them separately. However, after ordering the first, and getting the second after getting into a few deals, I wish I had gotten them together at once.
It is the best (and least) I have ever paid for an education in a money-making topic that is doable and really works.
In regards to valuation - you could find out some prices by visiting a dealer, who should have some used mobile homes. Incidentally, Deals on Wheels suggests this as a possible way to find cheap used homes - especially if you let the dealer know you are interested in taking their old, used trade-ins off their hands BEFORE they move them off the MH lot into their dealer lot.
On valuations, really the only way to know is to look in the paper, and call on the ads of dealers and others selling with finance. This is a vital point (again, buy DOW, it covers all this stuff!!!), but the CASH price you will be buying for (from motivated sellers, to boot) is very different from the FINANCED price you will be selling for. That’s part of the beauty of this business. Here in Kentucky, I can find homes for $2000-$5000 all day, and they will sell for $5000-$10000 with financing, because people can’t come up with the cash to pay up front, and there aren’t many financial institutions willing to finance used mobile homes. You are filling the void.
Good luck with your venture. Oh, and by the way, after ordering DOW online here, it should arrive in a week or less. I think DOW took 3 days and MMWMH took 4.