Working on multiple lonnie deals at a time.

[Dustin M.]

Hi,

I am still fairly new to mobile home investing (only have two mobile home notes at the moment). I recently flipped (my 3rd so far) a HUD foreclosure so I'm ready to invest the money I made out of the deal. I am going to use some of the money to invest in another SFR and the rest will go towards mobile homes.

I contacted the park owner that I worked with before and it sounds like he has 7 vacant homes in his park that he wants sold immediately. I have a list of thirty people looking to purchase mobile homes. The park owner has told me that he would give me two months free lot rent on any homes I purchase in his park. Do you think I should offer to buy all of the vacant mobile homes if I can get a good enough deal on them? I'm pretty sure I could negotiate a deal where I would get a few extra months of lot rent in case I can't sell them all quickly enough.

I work full time and am doing real estate investing part time. I have a list of handy men that could work on the homes while I'm at work. Do you think I should go for it and take the plunge or slow down and work on 1 or 2 mobile homes at a time?

FYI Lot rent is $240 a month purchase prices of the homes will be around $1000 to $3000 a piece and they could be resold for $5,000 to $12,000 a piece.

[Bill Gulley]

Hi, are you familiar with the new lending restrictions, for seller financed non-owner residential properties? How did you intend on selling them?

If you have buyers and labor lined up, and you trust the labor force, I don't see why you wouldn't take the leap and take them all, just don't get in over your head, I don't know what you can handle

How big is that park? if there are 14 homes there you may have a problem! If the park has 80, I can see 7 being vacant. There is a reason there are 7 vacant in that park, what's the reason? If it's poor management, the park owner may make his money selling the homes and running off tenant/buyers! Know the park! Good luck, Bill