As an investor, you’re in it to succeed. So you’re eager to find mobile home deals for that perfect flip or for your mobile home park.
There’s a world of opportunity out there. After you’ve scoured the common places looking for your next mobile home buy, how can you be sure you didn’t miss a good deal?
The answer to that lies in finding sources that allow you to catch deals that others have passed over or haven’t noticed. How do you do that, you wonder?
Read on and we’ll delve into online and offline sources that investors can use to catch deals that others haven’t caught.
Finding deals that everyone else missed
Nobody likes to miss out on a good deal.
Let’s look at some different ways to find mobile home deals that everyone else has missed.
Go for a drive and find the hidden gems
Oftentimes, the deal isn’t in plain sight. And by plain sight, we mean in the newspaper or online classifieds — those usual spots for hunting out that stellar deal.
Therefore it’s incumbent upon you as an investor to roll up your sleeves and hit the road. Scope out the unknown good deals by driving through mobile home parks.
Notice any for sale by owner signs? Call up the number and make an offer. Ask around to see if anyone’s selling. To locate mobile home parks in your area, refer to your search engine map and local phonebook.
Befriend the dealerships
Another winning move you can take is that of befriending the mobile home dealerships. If they have a client who wants to sell their old mobile home, you may be able to snag a deal by sparing the dealership the trouble of removing that mobile home to their own lot. Instead, you could buy it and take care of moving it through your own means — saving the dealership a step in the process.
Connect with the mobile home movers
Here’s a partnership that could work well for you — connect with mobile home movers. Sometimes they’re offered old mobile homes for free. They may be able to set you up with a good deal. It certainly doesn’t hurt to reach out and let them know you’re in the business of buying mobile homes.
Mobile home park managers
Get to know your local mobile home park managers. They’ll be in tune with who’s looking to sell quickly. Offering them a commission or a referral fee of sorts may prove to be a winning strategy, if appropriate.
Beware of three factors as you shop
In shopping around for a deal on a used mobile home, there are a few factors to consider. We’ll talk about three.
Is the mobile home moving or staying?
First of all, is the mobile home moving from where it sits? Or is it staying? This will help you determine any costs that may be incurred. If it’s staying on the mobile home park lot, would you be paying rent for the lot once you buy the home? How much will that cost you? Are you ready to pay that rent for as long as it will take to repair and flip the home?
On the other hand, you may know that you plan to move the mobile home from where it sits. And that brings us to our next question.
Where is the mobile home located?
Where is the mobile home located? Note that if you’re moving the mobile home to another location, it will cost you to move it. The farther out it is from the location you want to move it to, the costlier the moving expense. Count the cost.
Is it truly a deal?
Now this is the real question. Is it truly a deal? When it’s all said and done, are the repairs worth the investment — whether you choose to sell or rent it out? Inspect the interior and exterior for telltale signs of a money pit. The last thing you want on your hands is a home that turns into a sinkhole for your hard-earned funds. We suggest shopping with a checklist of deal breakers in mind.
Find the killer deals hiding in plain sight
Did you notice a trend in our ideas for finding mobile home deals that everyone else missed? Just about every idea entailed getting yourself out there and networking. Be friendly. Get to know others in the mobile home-related business communities.
As an investor, you’ll find that such efforts do pay off.
To learn more about buying a mobile home for investment purposes, see our article Buying A Used Mobile Home. We talk about pricing, depreciation, and more!