It seems like there is a shortage of used mobile homes to move? We have looked into purchasing a new home to move in; however I believe it is too expensive for our markets as most single family home are selling for $100-120k? Thoughts?
You should evaluate a new home purchase against your lot rent. I think the most accepted metric is lot rent times 100 = the ceiling for a home purchase. In any event, you may also try these strategies to get used homes:
- Purchase a list of people who own mobile homes in your county and send out a mailer.
- Send direct mail to mobile home owners in parks that are much weaker than yours.
- Subscribe to the prominent private sales publication in your market
We had a park tied up a few months ago in a small town in VA that we dropped. While we were in diligence, I signed up for their local “yard sale” page on Facebook. In the last three months, I’ve seen 3 homes come up for sale on that page. All were motivated sellers who wanted the home moved off of a private lot. Last one was a 1998 16x80 in good condition for $7,500.
Craigslist and Facebook for sale sites. Check whether taxes and lot rent are current and low ball with cash available immediately.