Real Estate Investor · Asheville, NC · Member since 2011 · 12 posts · 3 votes
I currently invest in Mobile Homes. I have 8 that I have purchased in a family park in the last 4 years. I don't think that is bad but I seem to be slowing down on my available funds. I have purchased 2 homes in the last 6 months and I have a 4 month old baby and new mortgage. The family park requires some more expensive homes. I pay and avg of $12-14K each. I have found a park or 2 to let me invest their but I find that adding an additional $2000 moving cost isn't great. I want to try and stay with mobiles homes because that is waht I know. Is there any other ideas that I may not be thinking about or should I sit tight until my cash flow builds back up my account? Any other ideas or thoughts would be great.
I have picked up several private investors and now have enough coming in monthly to pretty quickly fund the next deal. Take this down time to start learning about private investors and start marketing toward them. Once you get over this hump you will be surprised how quickly things can start to roll.
@Annette, You probably already know this but advertising that you have some money to invest and not much knowledge will probably get you a lot of request over the next couple of days. Be very careful. Search out some trustworthy people on this site in Texas. This board has some great people and I am sure you wont have any trouble finding someone to help guide you.
It's too bad you don't live in my area because I have a little bit of money to invest and I want to get into mobiles, but don't have experience and I'm feeling a bit timid. Find someone like me in Asheville and partner up!
I have picked up several private investors and now have enough coming in monthly to pretty quickly fund the next deal. Take this down time to start learning about private investors and start marketing toward them. Once you get over this hump you will be surprised how quickly things can start to roll.
@Annette, You probably already know this but advertising that you have some money to invest and not much knowledge will probably get you a lot of request over the next couple of days. Be very careful. Search out some trustworthy people on this site in Texas. This board has some great people and I am sure you wont have any trouble finding someone to help guide you.
Annette,
Thanks for the advice. Can you give me an idea of what you are looking to get as a return on your investment? Sorry not trying to get to personal but I also don't want to get burned by someone with my limited knowledge to private investors.
Chris,
I see that you live pretty close to me. Do you invest in Mobiles? If so, what avenue are you taking renting, rent to own, financing, or reselling for cash? I have actually been looking down in your next of the woods for a 16x76 home since we are finally allowed to have 16 wides in NC now.
Lee,
About how much per month are you getting per home you sell?
You could try to sell some of your notes, or just sell partials of your notes - for instance - a years worth of payments.
Perhaps you could work harder to find some lower priced homes to buy. That should help cash flow a lot.
Leslie,
I am currently getting an average of $300/mo each for 10 years. I know this may sounds decent but with a new baby and mortgage, that has cut into this money. I have put a lot of thought into the less expensive homes. The only thing that I run into is parks that have the cheapers homes want them moved. I have run my numbers and it seems like I would still be close to 8k. I have been actively talking to park owners/managers to find some of these deals but haven't had much luck. This is a good idea and has been at the top of the list as far as ideas go for my situation. If I can find some and cut out the moving expense I should have better luck. Thanks
@Lee I do invest in mobile homes. I primarily buy and resell with owner financing. I own a MH park and do a little note investing. If you would like to discus the local market PM me and we can set up a phone call.
It's late so I'll be quick, sorry! I would never buy the homes. There's too much to fix that eats up profit quickly. Owning the parks themselves is much, much smarter and much better business model. No one ever got rich doing the Lonnie model, according to two of the largest investors in MHPs, Dave Reynolds and Frank Rolfe. (Google them.) They've even told Lonnie they'd pay some large amount of cash -- I forget how much -- if he can produce just one person who became a millionaire doing Lonnie deals.
But, you gotta do what you gotta do, so if that's what you wanna do, best of luck to you. But I'm telling you, I could take that same money you spent, put it down on a MHP that you can quickly add value to (meaning increase its profits), and you all will make a LOT more money, and never touch a toilet. Just at least look into it, okay? Frank and Dave have a terrific course which is the only good one I've ever taken as an investor. I think you can also just buy the course materials, but the 3 day course is worth the time and money.
Congrats on the new baby and the mortgage! That's very exciting! My kids are now teens and they're still worth it! LOL I hope your real estate business really takes off!
I'm not really working with the knowledge base a lot of the people who have replied are. That being said...
Have you approached your local REI club? Networking really seems like it would be the thing that would push you over the hump, injecting some needed capital to spur on cash flow. You need money to make money, right? Well, generally.
Find some passive investors, those who after being provided a solid business plan and after vetting the numbers, would provide needed capital. Maybe rather than asking what they want, work your numbers and see what you can offer? I may be way off base, but people with money are always looking for opportunities, bring it to them!
First of all, in Lonnie Deals, there should be little to no fixing up; buy as is and sell as is.
Secondly, does one need to be a Millionaire in order to be "rich" or at least very well off? I'm not disputing anything you say about MHPs, but assuming a REI has more than one venue, making $100k or more with Lonnie Deals isn't exactly too "shabby!" that's one of Lonnie's favorite words. LOnnie Deals are a great way to start and make some serious dough, but any intelligent investor won't just do that.