investing in mobile homes

[KAYNE]

I knew you'd be the first to reply, i don't know how i knew it but i did.

LMFAO!!!

 

[Robert Jan]

if they dont pay, walk up to them looking exactly like this

http://www.wannabebigforums.com/attachment.php?s=&postid=389445

 

[trimtan1]

Actually, it's a very good idea, if you can get credible and decent renters. That's the tough part, as already stated. When I was in college, my math teacher made around 10K/month doing exactly that. Although he had made the initial investment, and had several trailers, and lots to put them on. Plus, if you were in his class, and not doing so well.........as long as you could come up with the rent, he would pass you. LOL

 

[vixenbabe]

Insurance on yourself for liability and property,trash removal,renter's calling you at all hours cuz the roof is leaking and the pipes are frozen,snow removal costs in winter, collecting rent each month...etc.

Sounds like a pain in my ass to be honest!

 

[godson]

take advice from someone that has actually done it

I do not know what the climate is like in your area for mobile homes, but money can be made investing in mobile homes. Sure ther is risk in it, there is risk in everything you do of value in life. Only talk to people that have actually done it and seek books on the subject matter. One great book is "DEals on Wheels" by lonnie Scruggs. Mobile homes provide a good profit if you approach it right and know what to look for. I only began investing in real estate 1yr ago and I have a frien that invest strictly on mobile homes, he structured a mobile home deal I had found(while not looking), we flipped it and made 7 grand with only doing minor repairs up front. There are many ways to make money in mobile homes, but you have to surround yourself with resources from people that are actually doing it.

 

[ZenMachine]

Godson recommends a great book in the area of mobile homes. I think Scruggs recommends a system where you buy the mobile home from a motivated seller at a discount and in return sell it to someone and carry the note. You make money on the front end by selling it for more than you paid and money on the back end by carrying the note

There are some problems with renting them out to individuals. Some parks don't allow you to do that. It is in the lease for the space. The only parks that allow it around where I am are the lower rent, low quality parks. Harder to get decent rents.

I would also check out the following web site. It has a lot of information about the real estate market including a moblie home message board moderated by Scruggs.

www.creonline.com

Zen

 

[WODIN]

Buy 25 acres near an interstate, if you can. Build a set of storage units, then its peanut butter n jelly time!

 

[madmatt]

I think the parks do that for you, i'd just be buying someone elses home, then renting it out to another person.

Good luck! Most landlords will not allow other landlords on their property. Too many legality issues. You do have a big money making idea, but the work is cut out for you. I have looked into doing the same. Make sure you buy low value mobile homes. If you do not the depreciation will kick your ass. 5K is good because they hold their value well and even gain value if you play your cards right. Keep us posted if you make a move!

 

[Pamela]

I like Wodin's idea..

Most service type businesss
doesn't like working on Mobile Homes. I think it may be a pain in the A--.
And most people who can afford to rent will be a lower income
family.

Why Not buy a duplex?

 

[Big Mac Attack]

Dont forget about the tornado's. They will get you every time.