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I Have done some work anlyizing my market and I have noticed that you need to foine parks that are investor friendly. Building a relationship with a owner who will welcome investors helps you in many ways.
I have seen some owners try to recoupe delinquent lot rent apply for a personal loan online from the new owner. Build a relationship with the lot owner so you can metigate problems with lot rent or problem tenants. In the end you are responsible for the lot rent And your unit. The other aspect is the price point for your renters and buyers you want to find a motivated seller where you get the unit in such a good price that you can cash flow and make your cash Of purchase back in a short period. You want to be able to make money right off the back and just like a house, people have or want to move in a short period of time cash today loan so give them a solution that benifits the both of you. It come to the park so you have to know the addresses on the units. This makes a good relationship with a cash today loan park owner more important. On renting and selling you have to make sure the rent or purchase price is more competice than the other appartment sand homes in your market.
This all depends on the deal you get when you purchase. I hope it helps or opens your mind to other aspects of the niche.
Cash Flow is key here because they will not appreciate much. Look for a small local lender in your area and then hit the ground running. If you can get well-priced mobiles on land, you avoid the latter problem.
Yes, they do let us know when more units come up for sale.
When it came time to show our rehabbed mobiles, I was concerned about whether the "trailer trash" stigma would scare off good tenants. Then I did some intense affirmations and prayers, and attracted some fabulous tenants. They usually need to be MUCH cheaper in rent than the same size apartments in the area.. People would much rather rent a SF home than a mobile home. It would seem to me that mobile home tenants are much more transient than SFH tenants. This is all my opinion based on that research in several states. Lots of great comments already from folks in the business.
Owning the land (with the mobile) is key to better cashflow, resell and other benefits, if you wish to rent or flip.
Less expense up-front (purchase and repair), even with minimal rent areas, can lead to a decent cashflow. The more parks you work in, the more product you can deal with.
You might find some hot deals and some you barely make it. Markets in retirement states (Fl, AZ, CA) can be a great place for longer term strategy. Availability of assets are easy to find and very little money to own, compared to other properties. Though, resell market is tough, for those same reasons. Typically, mobile homes are strictly a cash flow play, which misses the point for a lot of us. While it payday loan in las vegas is possible to create equity in mobile parks, though much more dicey than apartments and such, single mobile homes are not conducive. I also believe many large mobile home parks prohibit this behavior, instead requiring owner occupancy as part of the rental agreement from the park.
The best bet for MH is to own the park and collect rent on the land, not on the trailer. Let individuals move their own trailers in and pay the rent - except for an occasional screw up, most people american cash advance who pay to move their trailer to your park and hook it up are never going to miss paying the rent. Downsides: having a trashy park unless you are extremely vigilant about managing it absorbing obscene utility bills, unless you get lucky and find a municipality that allows individual metering of each trailer wherein they take responsibility for collecting utility payments. If not, one or two bad leak trailers can wreck your cash flow in a hurry on a master meter. Finding anyone to use them as an asset for loans for people with no credit refinancing or other cash flow issues is challenging.
Cash Flow is key here because they will not appreciate much. Look for a small local lender in your area and then hit the ground running.
Anything you go after in life will throw up barriers. Put together a great plan, do a ton of research, just like you are doing by asking this question, and when the time is right, execute your plan.
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Moble home investing is for cash flow and cash flow is great place to start your career. I was recently searching for an investment property. I came across a very nice 3 family that was updated. The owner had listed with an agent and had no real offers for over 2 months. The selling agent immediately told us that there were "4 offers near asking" and to come with cash today loan best and last. I immediately thought that this is highly unlikely since we saw the house one day after the price reduction and put our bid in immediately following. Since as most of you know, it is fairly tough to prove that a selling agent is lying.
Since this agent owned his own agency, he also was the owner calling the shots with no large organization having oversight. The first time we had seen the property the owner had been there and showed us the house (The selling agent was too lazy to show guaranteed loans no guarantor the property). I hoped this would be the case the second time around, and it was. My agent and I asked the owner if he had been shown our offer and if he was considering any other offers. Not only had he not been shown our offer, he compare bad credit loans was not aware of any other offers. So all unscrupulous agents you have been put on notice. We could have easily also dropped by unannounced if clever agents are thinking that the buyers will never meet the sellers. Now unfortunately, since all communication was verbal there is not that much recourse to report this agent, but it did save me thousands of dollars in extra costs. In the end, we were outbid by another investor, but I was happy not to have to overbid on the property. I hate this classic ploy by listing agents to drive up prices for their clients and commissions for themselves. If you sense either agent is lying, feel free to use this method to call BS. I know I always wonder if they really have multiple offers, but like you said it is difficult to prove that sometimes, like on vacant houses. I put an offer on a homepath home for a personal residence. I was told that there were multiple offers and to put in my highest and best offer. Then I received a counter offer, after I just have my highest and best. In a multiple offer situation you gather all the offers and present them together.
An agent wants the property sold so they can get a commission. They do not want to scare away potential offers if there are none. Usually you can ask to see the next highest bid in this case. If you have this doc you could always contact the person making the offer to see if they are a real person with a real bid.
I see no real incentive for real estate agents to lie to prospective buyers. On the contrary, the buyer could turn out to be a future customer for the agent. I put in my offer on Monday and the time I saw the seller the second time was Friday. Then the following Monday we were told our offer was rejected. The selling agent likely used the same line, or stalled and used our bid to get a higher offer. This is a very hot market in NJ and agents know that for good properties, that if they wait they will likely get an offer near or above asking. I just find it very hard to believe that there were 4 offers near asking one day (first Monday) after the price dropped (no offers in 2 months) , and that a week later the seller had not heard about one offer when no fax payday loans online I asked him directly. Could it be possible that the selling agent was holding all these offers for over a week? Especially if the seller is older, lacks technology, etc.
The agent was most likely going to meet with the seller in person to go over the offers, explain things etc. The 40k reduction may have also been the spread between what the agent single parent loans wanted to list it at and what he was told it at.
Sellers (and buyers) can sometimes have unrealistic opinions of worth. I believe he was doing his duty to collect "highest and cash today loan best" before a prescribed date and present them together during a single sit-down with the client. The seller is obviously going to act in their own self-interest, which may include a soft fib here or there to avoid an uncomfortable situation with you walking through their home. I asked a RE agent I frequently work with for a blank copy of the single counter offer form.
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