OfflineI am just beginning and ran across 2 mobile homes in a 55 plus community in an upscale area of the Phoenix market. The prices in the community run between $30,000 and $75,000. I can get these each for around $9,000 as one is a direct contact with a woman owner that moved to an assisted apartment and the other is in an estate that they just want it sold. So, I figured that even if I found a buyer between $10,000 to $20,000 I could make money. Or if someone wanted to buy them and rent them that would work also as they would rent for $1,200.00 during snow bird season and about $700.00 to $900.00 year round. Here is my fear, mobile homes? Any help would be appreciated.
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Congratulations on taking action and working the numbers on this deal. You may want to confirm with the mobile home park that rentals are okay. I have heard some mobile home parks in the midwest do not allow for rental units. Also, call other mobile home parks near your area and inquire what they are selling for. Once you have an idea of value, you can then better be able to make decisions on how to proceed. Good luck with all your deals! Believe and Achieve!
- Joe
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This park is in the most affluent area of Phoenix. I printed out all of the current prices on the homes for sale in the park of 400 total units. I spoke to a real estate agent who has been buying but the bank took away his line of credit. I drove the park and looked at the condition-looks fine to me. Rentals are ok, just a credit check and park approval. My question is "are mobile homes ok?" I know that there are probably plenty of snow birds that may have interest and especially due to gas prices many are probably getting rid of their motorcoaches but still want to travel to Phoenix. I have that fear of doing this deal and getting stuck somehow.
I may be able to do a joint venture with you on this. Please send me a direct email ASAP and we may be able to work out the details this week.