Does anyone have experience flipping mobiles, say buying one at a discount and selling it for more on payments? I am thinking about doing this to build up capital for a down payment for a park. What is the best source of homes, repos or for sale by owners?
people on here will tell you the challenges of selling homes due to the SAFE act. Make sure you are not getting into the home rental business as many homes will come back to you due to non payment …
Hey Dean thanks for your response. I am aware of the new regulations. I’m also aware that these deals can still be done as long as you’re in compliance and do it the right way. Any other thoughts would be appreciated.
I think it is a great way to build cash flow. I have been doing it for years. I would suggest buying homes where you are going to sell them. Moving homes in my experience gets to expensive. I do very light rehabs and sell mostly Handy Man Specials.
Tim
Thanks Tim thats what I plan to do buy in parks that allow investors and leave the home in place. So Tim you mostly buy from for sale by owners I assume. If you dont mind me asking whats the average price do you usually pay for a home and average selling price?
Yes, I mostly by from for sale by owners. I have found that any time there’s a realtor involved with me purchasing a home they have completely screwed up the transaction. I actually prefer not to sell a home using a realtor either unless I am desperate to unload the home. I don’t mind paying the commission they just overcomplicate things and tend to screw them up. I operate in the Southern California area and really don’t have an average price. I have paid $500 for a home and I have paid $30,000 for a home. It all really comes down to using my calculator in finding and ROI that I’m comfortable with. If you have not done so already I would read a book called deals on wheels by Lonnie Scruggs. Things have changed a lot since Lonnie wrote the book but the basic fundamentals and concepts are ones that I abide by constantly.
Hey, I’ve got two homes in Nebraska for you to fix up for free!