Wanting To Buy Mobile Home To Fix Up
I am interested in taking an older mobile home distressed or just older and fixing it into an updated, asset to a mobile home community. I have the ability to do good quality attractive rehabbing. The problem with buying these homes, older, cheap, is that mobile home parks all want the older homes moved. There are few in the area (Milwaukee, WI) that accept older homes. Any suggestions? Have limited upfront finances and want to start investing in ourselves rather than just paying big money to the landlords.
I do this form of investing as well.
I would first contact every MHP in your area to see how many accept older MH and if there is any space.
After you get this done you will be able to determine if you will have a good market when placing a MH in a park.
You may have to focus on buying land and placing the MH on it.
Keep in mind that rehabbing a MH is no big deal but the moving of it can cost you!
Also check your state laws as some states treat MH just like vehicles and will only allow you to sell a few every year.
[addsig]
Just found out there are many of these homes for free or little $ to purchase. However, just as you mentioned the cost to move can be pricey. I was quoted a price of $2000 to move a home to an adjoining park. Less than a city block away just pull it out and onto the street and around and back into the other park. I have since found out that one of the manufactured home retailers gets a price of $900 to do the same thing. Got to have the connections. It seems where the big money is in the parks themselves. I believe there is a need for economical housing in todays market and these homes are it. There are few parks in this area and most here are overcrowded, way beyond tacky, dirty, etc. You get the picture. They live up to the negative mobile home stereotype. At this point I have contacted all but one last park and there are no sites available for "older" homes. The one we were working with has code violations and he is not allowed to bring any more trailers in although he has 7 empty lots. It frustrates me knowing there are trailers out there for free (some not in bad shape, plus a little fixing and tasteful improvements) and no where to take them because money could be made on this. I need someone to partner with who has land in the heart of the congested se WI area...aha
Or you need a partner in the house trailer moving business. Perhaps the answer is to move the trailers someplace they are more acceptable. But if you pay "full boat" to do that its not economically viable. But surely trailer movers have "down time" when they would be willing to move a trailer cheaper if you were willing to accomidate and work around their schedule.
Alternatively if moving the trailers is so expensive you might want to see whats involved in getting the appropriate license to do that part yourself-- and pick up the occasional purchase deal on the side.
Have you got "Deals on Wheels" yet?
If not, strongly suggest you get & read it & NOT get into moving ANY MH !
Far, far easier to find cheap but livable MH in MHP, buy for little cash, then turn it for significantly higher price and finance it for new buyer.
Way too many cheap MHs in MHPs to move any of them.
Never move an older MH. Buy one in an existing MH Park and put as little money into repairs.
Never pay over $1,500 and never put over $500 into repairs .
Use the Lonnie Scruggs Formula.
Get a good down payment ($1 to 2,000)
with easy payments at reasonable interest rate (6 to 10%).
AND you will learn the business, not get hurt and make $$$.
I've been doing this for years using Lonnie's Recipe.
Good Luck, Herb
PS Buy Lonnie"s Books and make a point of cathing Lonnie at a Seminar
you need cdl plus permits to move mh.and in some states an escort .and lets not forget the truck
to move it with.and pay for the 2.00 a gal fuel.you dont want to go this route beleive me,i drive for my living.you would be better buying mh already in park.