Around my area there are a LOT of REO double wide mobile homes. An improved acre around here retails for $25-$30K. The houses are 2-7 years old and they are asking $35-$40K for the house and 1 acre. They might need $1000-$5000 to put back in livable condition. Fixed up they would retail $80K-$100K. Insurance on them is around $500/yr and taxes would be ~$1500.
Someone around here is buying a lot of them and selling them. I see signs on poles all around my area to buy these houses 0-3% down.
I am trying to figure out how they do it. If I bought one of the REO's I would be out of pocket around $10K. Selling it would only get me about $3K in pocket. How are they doing this and not losing their capital? How do they arrange financing for the buyer at 0-3% down?
I can smell the opportunity but I can't see it.
Someone around here is buying a lot of them and selling them. I see signs on poles all around my area to buy these houses 0-3% down.
I am trying to figure out how they do it. If I bought one of the REO's I would be out of pocket around $10K. Selling it would only get me about $3K in pocket. How are they doing this and not losing their capital? How do they arrange financing for the buyer at 0-3% down?
I can smell the opportunity but I can't see it.
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
