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Repossessed Mobile Homes Mcallen TX

This page provides useful content and local businesses that can help with your search for Repossessed Mobile Homes. You will find helpful, informative articles about Repossessed Mobile Homes, including "BUYING REPOSSESSED MOBILE HOMES". You will also find local businesses that provide the products or services that you are looking for. Please scroll down to find the local resources in Mcallen, TX that will answer all of your questions about Repossessed Mobile Homes.

Gooding RV Center
(956) 585-4481
1601 E. Expressway 83
Mission, TX
 
Re/Max Hacienda
(956) 782-9222
2201 N Sugar Rd
Pharr, TX
 
Re/Max Elite Ii
(956) 583-2100
208 E Griffin Pkwy
Mission, TX
 
RGV Realty
(956) 587-9393
1101 East Dallas Ave
McAllen, TX
 
South Texas Staging
(956) 432-4677
246 San Jacinto
McAllen, TX
 
Re/Max 1St Choice Of Mcallen
(956) 668-8555
612 NolanaSuite #220
McAllen, TX
 
Re/Max Elite
(956) 583-2100
2508 E Griffin Parkway
Mission, TX
 
Re/Max In The Valley
(956) 683-8600
3202 W Alberta
Edinburg, TX
 
Davis Real Estate
(956) 207-7361
2400 N 10th street, Suite B
Mcallen, TX
Office Hours
All day
Prices and/or Promotions
Free

Pharr Realty
(956) 702-7301
1400 S Cage Blvd
Pharr, TX

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BUYING REPOSSESSED MOBILE HOMES



BUYING REPOSSESSED MOBILE HOMES
Mon 06/15/09 09:43:51 pm
by Corey Donaldson

Cory One way to increase your occupancy and cash flow is to buy repossessed homes so that you can fill up your park. Many mobile homes have been repossessed over the last three to four years due to the lenient mortgage practices of the late 1990s. Many of these homes are being sold now at 30 to 40 cents on a dollar of the actual loan balance. Many states in the U.S. have a plentiful supply of mobile homes, such as the Midwest and Southwest. In the Southeast and Florida, repos are still available but harder to find due to the hurricanes. Still, nationally there is currently a plentiful supply of repossessed mobile homes.   When you purchase repossessed homes from the bank, you purchase them "as is". The two largest banks selling the lion's share of repossessed mobile homes are Vanderbilt and Greentree/Conseco. There are many smaller banks selling mobile homes however Greentree and Vanderbilt are the largest. "As is" means that you purchase that home in whatever condition that you find the home and that you are also responsible to pay any back taxes and any overdue lot rent.   It is important to make sure that you buy a mobile home that is in good shape and that you're not buying something that needs so much work that it becomes cost prohibitive. Buying repos that are in bad shape can be very costly. When I first started buying repos I was dealing directly with the banks and was basically just buying on price. However, I realized very quickly that it would cost me more to rehab a badly damaged home than to buy a repossessed home in good shape. But more importantly, the holding time was very costly. Some of these homes took us two to three months to get them prepared and completely rehabbed. Whereas if we had just bought one that was in really good shape and only needed cleaning, we could've probably had the home on the market within about seven days.   In the beginning, I was buying repos off of the internet from 2,000 miles away. The banks provide pictures and details of the home within their website. However, I found very quickly that a lot of times the pictures look really good or sometimes even better than the actual condition of the mobile home. I realized that it is critical to have somebody go out and complete a physical inspection.   We have found a mobile home dealer who we pay $500 per home to find mobile homes for purchase. He completes all the physical inspections and determines what the back taxes and lot rent due. He also ensures that the home is in good shape. He will provide us pictures and inspection report so that we can decide whether to buy the home or not. We have found that the $500 is money well spent because it has saved us a lot of time purchasing homes, doing the physical inspection, determining back taxes and lot rents, and all of the other time-consuming parts of investigating/buying repos...

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