Repossessed Mobile Home Offers

Buying into mobile homes have made real estate investors millions of dollars. Just because it may seem that the class of renters/buyers you would be working with are lower class and thus more trouble, you may be wrong. Most of the folks that would rent or buy a mobile home do not make a lot of money, however often they are less demanding than a middle class savvy home buyer. The mobile home buyer/renter is looking almost exclusively at price, and thus, if you can fit their budget, it becomes an easy sale.

For example, I purchased a double wide mobile home with the land in an outlying area of the town I live in. It was a HUD repossessed mobile home, and I purchased it for $26,500. It is a 2002 Palm Harbor 3 bedroom, 2 bathroom home about 1,150 square feet. I found the property on bidselect.com, and made my offer. We lived in the home for close to a year, and bought into another property in town. My total PITI on the property is roughly $350 per month.

After moving out, I was able to rent the property for $600 per month. Not a bad deal at all, considering that the mortgage is only for 10 years, and I only had to put up about $6,000-7,000 up front to close the property, and to build a nice shed for storage. So in a nutshell, buying into mobile homes, especially repossessed mobile homes, can be very profitable, with a limited amount of risk.

But let me give you a couple of websites you can use to find deals on repossessed mobile homes:

  1. bidselect.com (my favorite for all residential types of properties)
  2. vmfrepos.com
  3. 21strepos.com

These are just three sources to browse available mobile homes in your area. But not only for real estate investing, but just for finding a low priced dwelling in your area.

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