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What is the difference between a mobile home and a manufactured home?
A mobile home is a prefabricated structure that rarely is mobile and was built prior to 1977. A manufactured home is similar, with the exception of time built. Built after 1977, manufactured homes must abide by the HUD Housing Standards.
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What is mobile home investing on land vs mobile home investing in parks?
When you buy a mobile home on land, you are buying the real property—that is, the mobile home and the land that the home sits on. When you invest in a mobile home in a park, you do not own the land, only the mobile home.
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Are mobile homes a good real estate investing strategy?
Yes! While mobile homes aren’t considered real estate (technically, they are personal property), they have a similar cash flow opportunity that real estate has. That is, you can create a cash flow by buying the home and reselling it for a profit or seller finance using owner carry back strategies for monthly income.
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How do you make money in mobile home investing?
As we just mentioned, there are various ways to make money in mobile home investing. Buying a single mobile home and flipping it to resell for a profit, purchasing a mobile home and using my “Quick Flip” strategy with little to no repairs at all, buying a mobile home and turning it into a cash flow unit with monthly-note payback income, or, less commonly, buying an entire mobile home park and leasing the land to other mobile home owners.
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Should I have home repair knowledge before I invest in a mobile home?
Absolutely not. While some mobiles home may require some repairs to resell for a profit, doing these repairs yourself isn’t necessary. And most often, the work required to flip the property for a profit is cosmetic in nature, such as painting or carpet replacement.
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Is it a good time to invest in mobile homes?
YES! Affordable housing is a real issue and mobile homes are considered an affordable housing option for many people. There has never been a better time to learn how to invest in mobile homes than now.
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How much money can I make by investing in mobile homes?
I flipped my first 2 bed 2 bath doublewide mobile home for a $4,000 profit using a quick flip strategy that only took 7 days from time of purchase, until sold. The purchase price was $6,000 and resold for $10,000. This strategy of “Quick Flipping” involves pre-selling the property to a database of buyers that you will learn how to generate when you work with MHG Academy. But, in addition to flipping mobile homes for profit, investing in mobile homes for cash flow income using my seller finance strategy is also a way to financial freedom. A good rule of thumb for determining your cash flow is determining the cost of monthly land lease in a mobile home park and knowing the average cost of renting a similar size property (square footage and bed bath comparables). The difference in average rent of a comparable property and the cost of a monthly park lease is your cash flow. Average rent rate–monthly land lease=CASH FLOW! You will learn how to determine these numbers in our Seller Finance Course.
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How do I learn how to invest in mobile homes?
If you are ready to learn how to invest in mobile homes, you’ve come to the right place! Mobile Home Guyz will teach you real estate investing concepts specifically around how to invest in mobile homes so you can be financially free.
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Where do I sign up to learn how to invest in mobile homes?
If you’re ready to jump in with both feet and start learning key concepts right away, sign up for a free webinar about learning how to invest in mobile homes.