Myles I heard we can’t wholesale in sc anymore. There’s no title companies that do it here anymore @Myles Berrio

What formula do you guys use to lock up wholesaling deals? And what market are you in?

Remember that mobile homes are not considered real property (real estate), they are considered personal property (like a vehicle). Therefore, you cannot complete mobile home transactions the way you would a home. For example, there isn’t a “title search” involved before a “closing” with a “closing attorney or title company”. Usually, there is just the owner having a proper “title in hand” that shows their ownership and information on the mobile home, then there’s a “sale” where you would generally meet in person to exchange money for the title and then there is bringing that title to your local “DMV”, not a real estate attorney or title company. If you plan on wholesaling a mobile home, be prepared to either have to buy the mobile home with cash before reselling to an end buyer, or having the end buyer included in the transaction with you and the seller, disclosing the wholesale or assignment fee amount. Mobile homes being sold 8 out of 10, will not be sold with the land included. Most sellers know the value in keeping the land and having the mobile home removed. You will need to factor that in to either your overall cost or the end buyers cost if it needs to be moved. If the mobile home needs to be moved, you must check the title on what year it was manufactured (or ask the owner for a quick idea), because there is a maximum age limit on when a mobile home can legally be transported. Mobile homes built before 1976 generally are not able to be transported legally by HUD (U.S. Department of Housing and Urban Development) standards.

What's up yall! This deal happened over the weekend and I felt the need to share it along with give @Myles Berrio some props! A wholesaler (Let's call him Mike), reached out to me two weeks ago and asking if I'd be interested in this fire damaged house in Anderson for $30k. I went to look at it, had a contractor quote the repair work and I decided the deal was just too thin and risky for me. I told him I'd probably be at $15k I'd probably just turn it around and list it on the MLS. I didn't know at the time that Mike had it under contract for $16k. He told me it wouldn't work so I offered to partner with him and bring in some of my buyers for a 50/50 split and he agreed. Here's the numbers. Mike locked it up for $16k. I got together with someone I knew who said they'd be a buyer at $20k. I called Mike and told him since it was so thin, I'd just connect my buyer to him and told him to forget about splitting the fee 50/50 since it was so thin. He called me back and told me after some thought, he'd rather just do the deal with me. We agreed on a number and instead of closing, then listing on the MLS, Myles suggested I throw it up on FB marketplace to see if anyone would take it now as opposed to waiting on closing. About 24 hours later, I had a contract signed to an end buyer and I plan to double close by the end of the month. This deal required one drive to Anderson, some back and forth negotiating and one post on FB. This resulted in a 15k assignment fee. Thanks to Myles for recommending this instead of closing then flat fee listing on the MLS!