flipping\selling a mobile home

rabb11d

rabb11d

Well-Known Member
Joined
Nov 14, 2009
Location
Statesville,NC
I am looking a buying a 2000 model double wide as a flip.
I don't have many concerns other than what hoops a buyer would have to jump through to get a mortgage on it?
Any thing specific I need to look out for on this?
Brick under pinning?
 
There are some nice double wides, but unless you get it for a steal (i.e. given to you), it will likely never be an "investment".
 
Finally....

Something I know about! I live in a fine, mo-bile home.

I'm assuming it's attached to a piece of land and not being moved? If so, is it on a "permanent foundation" ? Brick or block underpinning, basically. If it isn't, you or the next buyer will likely be required to retrofit one and they'll probably want the pillars to be mudded to "hold them together"...or some crap like that. Honesty, none of it makes sense to me. You can still move it, it justs cost more now.

If it's in good shape otherwise, it might be a decent flip, but I'd determine beforehand if it needs a new "foundation". A buddy of mine had to have that done and it cost him around 8,000 bucks. Other than that...normal house stuff. HVAC, roof, etc. I'd definitely crawl under it and check out the insulation and check the floors for soft spots though. Oh, and the vapor barrier on the ground.

Mine is a 2014 model and they're drastically different from just 10 years prior. It's got 5/8 Advantech flooring, architectural shingles, finished drywall, flat ceilings, normal sized appliances, fixtures, windows, and doors.
 
I like Van Halen, not Van Hagar. I'm fancy like that.

No Camaro, but a mullet...maybe. I'd definitely rock an El Camino.
 
Croatan_Kid said:
Finally....

Something I know about! I live in a fine, mo-bile home.

I'm assuming it's attached to a piece of land and not being moved? If so, is it on a "permanent foundation" ? Brick or block underpinning, basically. If it isn't, you or the next buyer will likely be required to retrofit one and they'll probably want the pillars to be mudded to "hold them together"...or some crap like that. Honesty, none of it makes sense to me. You can still move it, it justs cost more now.

If it's in good shape otherwise, it might be a decent flip, but I'd determine beforehand if it needs a new "foundation". A buddy of mine had to have that done and it cost him around 8,000 bucks. Other than that...normal house stuff. HVAC, roof, etc. I'd definitely crawl under it and check out the insulation and check the floors for soft spots though. Oh, and the vapor barrier on the ground.

Mine is a 2014 model and they're drastically different from just 10 years prior. It's got 5/8 Advantech flooring, architectural shingles, finished drywall, flat ceilings, normal sized appliances, fixtures, windows, and doors.
Click to expand...
It is a 4 bed 2 bath on an acre that belongs to a guy I work with.
He bought it 6 years ago to fix up while living in. He isn't done and his wife if over it.
HVAC is new this week. Roof is shot. From what I have seen in a few min of searching looks like it could go for 100 to 130(fixed up). I may be able to buy it for half that..
So on paper it seems possible to make some money on it.
 
For buying at half price, you could still update the foundation, if needed, and still make some good money.

Well, maybe.

I guess that depends on how much a roof would cost. I'd definitely check on the foundation thing. Having it on a permanent really helps sell it and makes lenders much more at ease when someone is trying to do a mortgage on one.

Oh, check the appliances too. They're all about the age where, if they haven't yet, it won't be long before they shit the bed.
 
The challenge will probably be you obtaining financing to purchase it in disrepair. Unless you can cash buy.
Transactional funding may be an option - but itd make your deal tight.

On an acre with a foundation fixed up - it will appraise and buyer can obtain traditional financing.
 
Ron said:
The challenge will probably be you obtaining financing to purchase it in disrepair. Unless you can cash buy.
Transactional funding may be an option - but itd make your deal tight.

On an acre with a foundation fixed up - it will appraise and buyer can obtain traditional financing.
Click to expand...
I plan to buy cash.

Thanks everyone for the info. This is my first attempt at messing with real estate, which I hope to do more of. Just don't want the first shot to be a huge turd...
At some point I want to have some rentals, but with this being a double wide and it's location I feel better flipping. Also with the market as it is I would hope it will sell fast.
 
rabb11d said:
I plan to buy cash.

Thanks everyone for the info. This is my first attempt at messing with real estate, which I hope to do more of. Just don't want the first shot to be a huge turd...
At some point I want to have some rentals, but with this being a double wide and it's location I feel better flipping. Also with the market as it is I would hope it will sell fast.
Click to expand...
Do yourself a favor and do a thorough walk thru and check all aspects of the house before making an offer. Check HVAC, check electrical, check plumbing, check foundation and blocks for top coat cement to lock them together all before making an offer. Come in low enough for the Oh shit situation and still be able to profit. IMO if the market is at $100 k fixed up I’d want to be $40-50k purchase to make it worth fooling with to me.
 
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