Newbee spoke to first mobile home manager!

[Ted Clayton]

I just came back from a mobile home park and the manager said he doesn't allow investors to have homes on his park because "he loses control". I asked him what he meant and he said having investors can cause the park to be in disarray because people renting often leave and trash the place. Lonnie said to find managers that will work with you so I'll keep looking. Has anyone had this experience? Any thoughts on what you would do. Also, he told me the lot rents in this area ranged anywhere from $250-$320 a month depending on the size.

[Terry Drake]

Ted, while I was reading Lonnie's and Zalman's books I was also looking at craigslist daily to see what was out there and how much it was selling for. If there were multiple ads for a particular home I would look to see what his original list price/date was, how much he dropped it and how long before the ad disappeared or sold.

This helped me familiarize myself with the market as well as look for the MH that was suitable for my first deal.

I don't know if you've read them or not but I started a couple threads that are like a 'walk through' of my first few deals and have a ton of great input for others here at BP.

First Lonnie deal.. on the right track?
http://www.biggerpockets.com/forums/30/topics/45339-first-lonnie-deal-on-the-right-track-

Journey through the next (2nd Lonnie) deal
http://www.biggerpockets.com/forums/30/topics/49257-journey-through-the-next-lonnie-deal-

There you will see purchase price, repair cost, selling price, and before/after pictures.