Selling Old Mobile Homes
If the manufactured home you’re trying to sell was built prior to the establishment of the code it will be difficult to any conventional financing. But this should NOT stop you from selling and making an excellent profit. I have purchased, renovated and resold dozens of pre-code homes. Because of the lack of regular financing you can find homes that were well built and have been maintained that are in great condition. You can often be purchase them for very low cash offers. The key to making great profits is buying well below market price and owner financing.
In the early 90's I operated the largest MH repo and referb business in Florida. At that time we were the recovery agents for the Federal agency that led the bail out of the Savings & Loan Industry. We had over a hundred government owned repos consigned to our lot. This made us willing to take just about anything in trade to assist in clearing that massive volume of homes. As a result we took about a dozen pre-code homes in trade. We lined them up in the back of the sales lot. Then we came to the realization, that we were vested in homes that were unfinancable by conventional lenders.
We placed an ad in the local newspaper that read "12 Homes Owner Financing - $99 Down $99/month". These homes were all in rough condition. We had not done any renovation work, so had no real money invested. We thought that we would probably never see any payments. BUT it would be a good way to remove our inventory headache. In those days, prior to states adapting mobile home installer licensing, it was very inexpensive to transport a mobile home and to block and anchor it yourself.
Over 2 week-ends we sold all of those old homes. As they went down the road one by one I felt like Huck Finn, having collected almost a hundred dollars on each home, for someone else to remove our junk. To my happy surprise on the first of the next month every one of those buyers came to our office and plunked down another $99. Over 90 percent of them continued this 'till they paid off the finance contracts they have signed with us!
Over the next few years we collected almost six thousand dollars, pure profit, for each of those homes. In those days we were selling brand new mobile homes for as little as eight thousand and were very happy when we could make a thousand dollar profit. This opened my eyes to why banks had marble pillars and stairways while I had a wood deck.
To get a better handle on this incredible way to build income and wealth read these free articles from Lonnie Scruggs. Lonnie has been called the "Father" of the used manufactured home business. Lonnie shares his many years of experience and shows you how to make fantastic profits in one of the least recognized, yet best money making business in the country.
How to Make Money While You Sleep http://mfdhousing.com/portal/stories.php3?nid=326
An Old Mobile Home or Money in Disguise? http://mfdhousing.com/portal/stories.php3?nid=2907
How to Create Cash Flow with Older Mobile Homes http://mfdhousing.com/portal/stories.php3?nid=1385
For a less then a tank of gas you can purchase Lonnie's classic book Deals on Wheels Now also available for only $19.95 as an E-Book for instant download https://ssl.xpr.com/mfdhousing/mfdcart/showitem.php3?cat=E-Books&pid=118
If you want additional strategies for marketing mobile homes visit www.ManufacturedHousingBookStore.com
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