1980's? 1990's? 2000's?

[Debbie]

We have been noticing that there are more 1980's and older mobile homes for sale that no one seem to be interested. 1990's and older mobile homes are being sold more frequently. Is this pretty common nationwide?

I know there's better ROI for older mobile homes compared to newer ones.

Comments/suggestions/advice before we proceed?

One other question: How are the mobile homes actually affected by the changing RE market?

Thanx.
Debbie

[Dan Auito]

Here in Florida a true Mobile is becoming almost uninsurable against loss, so no loans are made on these old timers as opposed to a newly designed/engineered/manufactured home.

Great way to owner finance at higher rates of return with a lease with option to buy program operation.

And on that note, I'm sure Jimmy Johnson has a few words to say!

[SPIVALAW]

In Savannah
MH are restricted in most areas.
No MH older than 10 years can be moved in.
They limit 1 per 5 ac.

[Debbie]

In Savannah
MH are restricted in most areas.
No MH older than 10 years can be moved in.
They limit 1 per 5 ac.

Wow! Sounds like Savannah citizens wants to maintain the integrity of the city!
As well as beautify the city! :SM014:

[Jim Johnson]

We have been noticing that there are more 1980's and older mobile homes for sale that no one seem to be interested. 1990's and older mobile homes are being sold more frequently. Is this pretty common nationwide?

I know there's better ROI for older mobile homes compared to newer ones.

Comments/suggestions/advice before we proceed?

One other question: How are the mobile homes actually affected by the changing RE market?

Thanx.
Debbie

Debbie,
A real key to doing very well in business is finding a gap in the business model in your market, then filling it. The traditional lenders like Greentree and Vanderbilt do not like to lend on the older homes. So because people can not get financing for them, they just do not sell. This creates a great chain reaction for 'Chase Kaos-Hatten Bank'. You can first off buy the property at a serious discount, because you have cash to spend and no one is buying the older homes. Then you get to sell them and create your own financing. Here is the real kicker the big banks just can not figure out... you will get larger payments for the older homes- making your return on investment HUGE. Because Chase Kaos-Hatten Bank does not care so much about someones credit history they can ask for larger payments and more interest. Because you are looking at this as a long term investment, if it goes bad you will actively resell it, it is OK if you get it back. The big banks freak out at repos and loose their shirts every time one comes along. You get to extend your return and will weep if someone actually pays a home off. It is good to be different...

I saw another point posted by Howard that should be addressed. Some places have a pre HUD rule saying you can not move a home into a community if it was built prior to the HUD date. Most places will allow a post HUD home to stay. These are real opportunities because... you can point this out to the seller saying this home has even less value to you. As the lender on the home the buyer can not move the home without your OK... so just know you will not allow those homes to be moved. They sell as well as any home and your return is even better. Besure the park is friendly to your pre HUD homes and you might want to have a plan just in case you have to move some.

Jeff and Debbie 'Kaos'
founders
Chase KaosHatten Bank
a mobile home lending machine

has a nice ring to it ya know...

[SPIVALAW]

YOu have a bank?

Cool loan me some money!

[Dan Auito]

Howard! Everyone knows your loaded, now put away that tin couple brother!

[Debbie]

Jeff and Debbie 'Kaos'
founders
Chase KaosHatten Bank
a mobile home lending machine

has a nice ring to it ya know...

Actually Jim, I've fallen in love with that name! Jeff hasn't seen this yet so whether he likes it or not, we're keeping it! Excellent name! :icon_bete

Howard, let's add this to the list of things to do (entities).....

Debbie