Making Money with Mobile Homes

Making Money In Real Estate with Mobile Homes

At Flip University, we focus mainly on brick & mortar homes, homes on a permanent foundation.  But that is not to say that money can't be made on mobile home flips.  In fact, I know several people that do very well in real estate with mobile homes.

One advantage of mobile home investing, is the start up costs are significantly lower than that of traditional homes.  A smaller amount of starting capital can get you into the game with mobile homes.  

At the foreclosure auction, it's important to really pay attention and do your due diligence.  Quite often at a foreclosure auction, the mobile home and the land it sits on will not be sold on the same ticket.  If you have a mobile home on the property and haven't bought the mobile home, you will run into issues.  Namely, the process may take 90 days to complete, and you may be on the hook for $10K-15K in expenses.

One plus factor is vacant property that has or had a mobile home is that municipal services (electricity, water, and sewer) are already on the property.  This makes the property more valuable.  It also would reduce construction costs should you wish to build.

One caveat you really need to be aware of is banks typically do not take the value of the mobile home into consideration.  This means if you bought a lot and mobile home for $50K, the bank may turn around and say it is only worth $30K and you can only borrow against that lower value.

Mobile homes can be a lucrative investment.  Pay attention to the finer details and do your due diligence!  

For more information on real estate investing, please check out our website.

 

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