While details are often important in investing, sometimes it’s helpful to get some big-picture perspective too. That’s why today’s article will offer you a bird’s eye view of buying mobile homes and flipping them. We’ll walk you through the process of finding a house, determining if it’s worth buying, discovering how to make an offer, and more. Of course, we’ll also walk you through rehabbing the home and getting it up on the market.
Are you ready to roll? Let’s learn about mobile home flipping.
Mobile home flipping 101
So where do we start with Mobile Home Flipping 101? In this short guide, let’s begin with finding the home itself.
Finding a mobile home to flip
First of all, you need capital to buy a mobile home. If you don’t have capital, go ahead and start there – by discovering how to acquire the money you’ll need to finance your investment.
Today though, we’ll assume you have the funds you need to get started.
So how do you find a mobile home to flip? There are many ways to go about this. You can search advertisements in local publications, look up online listings, and put out signs or advertisements explaining what you’re looking for. That perfect fixer-upper may also be found by driving through mobile home parks and making note of “for sale” signs. Don’t forget to connect with the management behind the parks in your area. Let them know you’re in the market for fixer-uppers. They may give you a call when they get wind of a home going up for sale.
Determining if a home is worth buying
Remember, you’re looking to purchase a home that will give you a good return on your investment. So calculate how much it would cost you to tackle the necessary repairs and compare that figure to how much you could sell the home for. Consider what the market will bear.
An ideal flip would consist of predominantly cosmetic fixes.
You’ll find that some homes are damaged beyond cost-effective repairs for reselling. In that case, it’s best to walk away and look for another potential sale.
Making an offer
Now that you’ve found a home to flip and you’ve determined it will provide a good return on your investment, it’s time to make an offer. Go into your offer knowing what your limit is lest you find yourself walking away with little or nothing once the home is flipped. Consider the after repair value and aim for the 70% rule. The 70% rule will help you calculate your offer.
Rehabbing the mobile home
If you have a mobile home on your hands, congratulations. It’s time to rehab it.
The rehab process can look different depending on the deal. But remember that you can’t go wrong with updating outdated fixtures and switch or outlet plates for a more modern look. A fresh coat of paint is another cheap way to bring new life into a mobile home.
Take care that your home meets code — reach out to your local county or municipal office to see if any inspections are required.
Be prepared to vet contractors if certain fixes are beyond your abilities.
Getting it on the market
Your mobile home is fixed and you’re ready to see it sell! That’s great news. We’re glad to hear it. Let’s discuss what it takes to get it on the market.
To get your mobile home on the market, you’ll want to advertise in the newspaper, put up a “for sale” sign, and post in online real estate listings. Reach out to your local mobile home parks and see if they know someone who could use a new home.
This is where networking can pay off when it comes to mobile home investing. Those you’ve connected with in real estate and in mobile home park operations may be able to refer a buyer to you.
Once you have a buyer, you can sign off on the paperwork and walk away with your well-earned money.
After you’ve made it this far, feel at ease to celebrate your accomplishment! Congratulations. We hope the winnings spur you on to seek out more excellent investments.
Is mobile home investing is right for you?
Mobile home flipping can be a rewarding experience. There’s a thrill that comes with hunting for a deal and seeing potential in a home that could use some love and care. Mobile home flipping is rewarding as you invest your capital into something that will turn a profit and benefit someone else at the same time.
Now that you have a brief introduction to mobile home flipping, let’s look at the pros and cons of buying mobile homes. If you’re still unsure about mobile home investing, we hope the information on our blog will help you come to a decision that’s right for you.