Mobile home, buyer, and park are almost lined up!

[Steven J.]

@John Fedro and other mobile home investors - I might be moving on my first mobile home deal! About an hour ago I as going to ask a simple question in regards to how might getting approved in parks works. I presume that many times I need approval first and then my end buyer needs approval too to live in the park.

Well, lucky me. I got a call from a buyer who wants a specific home but doesn't have the money for it. I explained how I can help out and he told me who to call about the home so I can purchase the home and finance it back to him. For whatever reason I didn't have the realization I'm his private money lender without either one of us using that term. 

I'll be meeting with the park owner in half an hour to discuss how this situation would work. I'll be the guy that offers up the money and seller finance it back. Might not be a huge cash flowing deal but at least its an open door at the moment!

[Leslie A.]

Steven,

I think you may be misunderstanding how MH investing is done.  You would find and purchase a MH for cash for a very low price - much lower than market.  Think several thousand dollars to possibly up to 12 or 13 thousand max. 

Then you would finance that home for at least double what you paid for it, and preferably more.  Double is what Lonnie Scruggs did in his book "Deals on Wheels".  But also read up on John Fedro's blog and Rachel H.'s blog.  They mark up more than that. 

Also, be sure to read up on the SAFE act and Dodd Frank rules in your state.