New mobile homes investing strategy

[Duriel Taylor]

Hello All, I need all the input as possible. My strategy was to buy duplexes, triplexes, and or fourplexes, then hold them then rent them to tenants. I would buy properties in Miami and broward county. With decent cash flow but it did not give me the "fire my boss" (I still work a 9-5) cash flow. So I start thinking, I do not have the huge funding behind to purchase several at a time; I need a new strategy. Thus I came across mobile home investing. Here in south Florida you see several dozen decent parks. My strategy is as follows: -find a private owner willing to hold the note on a trailer no more than 20k. -I would put down 10% of the 20k then finance the 18k for 5yrs or less. -go into a park that is 650 per month for lot rent -find tenants that will pay 1300-1400 per month, keep them on a month to month. I would have no intention to "get rid"off them but it's added motivation to keep the trailer in its best condition as they live there. -I compensate a relative for getting involved: the relative will borrow me 10k from a lending (online) firm. These payments will be $176 per month for 5 yrs. I will pay that relative $5k for using there credit worthiness in 12 months. -i would 6k out if the 10k on 3 trailers (10% down payment on 20k) -then use the 10k-6k=4K (use the 4k difference to give back immediately to the relative who gave me the personal loan from their credit worthiness loan. -I would duplicate this process 3 times monthly; 3 purchases per month for one full year. So the numbers go as follows: A: 20k (purchase) 2k (Downpayment) 18k. (Finance for 5yr/60 mons) Monthly expenses: -300 owner finance for 5yrs -650 lot rent -55 (2k repayment to the relative for using their 10k credit worthiness; for 12 months) -58 (176 monthly payment from the funding institution) -100 cap x Monthly revenue: -1300 (2nd best case) -1400 (best case) Monthly profits: -137 x 3= 411 -237 x 3= 711 What are your thoughts and or concerns on this strategy? Please be as harsh as possible. Im looking for longevity with this strategy thus I could use the blunt truth. I look forward to hearing from you soon. Thank you in advance. Regards,