Being a good shopper is a virtue. But, to get a good price, you have to look through a lot of inventory to find that one great deal. When we say “cheap”, we are talking about buying it for less than its actual value, not buying a home of poor condition. So how do you find enough cheap mobile homes for sale to find that diamond in the rough? Here are some suggestions.
Understand that price is not the only factor
Before you begin your quest, you must first realize that there is more to buying a cheap mobile home than price alone. If you buy a mobile home for $5,000, and then have to put another $5,000 into renovations, it’s not really cheap, right? You have got to be looking at the condition of the home as part of that overall purchase price.
Find a deal, not a nightmare
There is no shortage of sellers that want to mislead you on the home’s condition, and to unload on you their home that is a total lemon. So again, you have to be proactively on your guard against the potential threat of being taken to the cleaners. Don’t get so excited about that $2,000 mobile home that you overlook the fact that it has no title, or that the frame is broken. Don’t get carried away by low price alone.
Drive through mobile home parks
One great source of cheap mobile homes is simply getting in your car and driving through mobile home parks, looking for signs in yards and windows that say “For Sale”. Make a giant list and then starting calling the owners and seeing what they are asking. And don’t take their initial claims of asking price as the true story of what they will take for the home. Many a mobile home has been purchased from the owner for 50% or less of asking price. These people are not mobile home dealers, and they just want to get it out the door – more like a garage sale than shopping in a store.
Consult the advertisements in the local newspaper under “mobile homes for sale”. Again, you should find at least 10 to 100 homes at any one time in this manner. And these are just like the homes you found while driving through the parks; they are very willing sellers and highly negotiable. Some of the best deals have been things like sellers who are trying to settle an estate, or have to move immediately to take a new job. When you find a motivated seller, put on your best negotiating personality and see how low you can go.
Just like a newspaper, Craigslist offers a list of mobile homes for sale that you can call and try to negotiate good price on. Remember that the key to any search for a cheap home is volume – the more deals you look at, the better your odds.
MHBay and other websites
The internet revolution has ushered in the ability to look at hundreds of mobile homes simultaneously. Go to www.MHBay.com and other websites to find potentially cheap mobile homes. On MHBay, you will also find a list of “repo” newer homes that are now in the possession of the banks, such as 21st Century Mortgage and Vanderbilt. If you are looking for a cheap newer home, these lists are essential. The only drawback to repo homes are that the sellers are not normally as aggressive at price cutting – but there are still plenty of really great deals to be found.
When you mine for gold, one of the most important factors is moving as much dirt through your sorter as you can, to increase the odds of finding that nugget of gold. The same is true with trying to find cheap mobile homes. If you follow these suggestions, you will have no trouble literally hundreds of mobile homes are sale immediately, and finding the ideal cheap home will not be difficult.
Frank Rolfe is a mobile home park investor and owns over 100 parks with his partner Dave Reynolds. Frank also leads regular Mobile Home Park Investing Bootcamps through www.MobileHomeUniversity.com.