If you’re buying and selling mobile homes for profit and don’t know where to begin, look no further. Our aim in this article is to propel you forward in this endeavor — or help you realize it’s not for you.
If buying and selling mobile homes isn’t your thing after reading this, no need to feel “defeated.” When you know you’re not supposed to do something, it’s liberating to know you can move on to the next thing. You’ll find what you’re cut out for sooner than later.
But if flipping these homes happens to be your thing, you can count on the EZ Homes blog to help you get started on this exciting business venture.
Buying and selling mobile homes for profit
You’re not the first to think about turning a profit on used mobile homes. Others have built successful ventures, providing for their families and giving back to the community. You can too if you put your mind to it!
How to get started
So if you’re thinking about buying and selling mobiles for profit, where do you begin? For one, you don’t begin by buying the first used mobile home that looks like a steal of a deal. You’re better than that. You research the life out of mobile home investing and then you hit the ground running.
Educate yourself
First, you need to educate yourself. Know all you can know about mobile home investing. There are great podcasts and blogs (such as ours) out there. Leverage the power of the internet — scour these articles, videos, forums, and empower yourself with knowledge.
Through these resources, you can learn from the good, the bad, and the ugly of mobile home investing. We hope it will help you evade some big pitfalls. The poor decisions of others can make you a bit more wise if you keep them in mind.
Look for a mobile home to flip
In most cases, your best bet will be finding a mobile home up for sale that’s in need of care. But don’t just jump on any low-cost mobile home. We’ll explain why in the next section.
For now, look up homes online resale sites, the newspaper, and your online social media community groups. You could even advertise that you’re looking to buy mobile homes.
Calculate before you invest
Once you’ve found a mobile home that catches your interest, crunch some numbers. How much money will you have to sink into that home before you can flip it?
If they’re easy fixes like moulding repairs, flooring installs, and painting —- no big deal. But if you’re having the gut the mobile home and fix electrical and plumbing, you may wish to reconsider.
You don’t want to buy a home with the intention of flipping and then lose money. You could easily lose money on a home that will cost you far more to repair than expected.
What do you need to get going?
After you’ve walked around the home and made note of all that needs repairing, it’s time to consider your materials.
To move forward onto the next phase, you need to take inventory of what you’ll need to succeed. Research the best materials that would work for your mobile home renovation efforts. This is where the mobile home forums will come in handy.
Oh and don’t forget to make note of the tools you’ll need to get the job done!
Roll up your sleeves
You’ve done the math. You’ve collected the materials. Time to give that mobile home a facelift and increase its value. Someone out there is prowling around for a good home to buy and you can give them that good home!
In renovating your home, you may want to outsource some of the tasks. But hopefully you can do it on your own; otherwise, you’ll have to count that cost into how much of a return you make.
Flip it and reinvest
Now that you’ve done the above, you’re ready to get that home on the market! Get in touch with mobile home parks and see if they’ll let you put the home on their lot and rent it out. You could also put the home up for sale online and in your local paper.
Buying and selling mobiles for profit is not an easy thing. If you want to succeed, you need to work hard. But that doesn’t mean you should stay away from such an endeavor. There is certainly a reward in flipping mobile homes for profit. Just know what you’re getting into and then jump in with both feet.
About Dan Paton
