All Forum Posts by: Dustin M.

With only two thousand dollars in the bank why not try getting in mobile home investing. It is a low cost option. I'm sure you could find a few mobile homes that you could buy from someone desperate enough to sell for under $2000.

Here is quote from one of the bigger pockets posters on another thread.

Here is a link to the thread http://www.biggerpockets.com/forums/61/topics/49717-owner-finance-

I hope that Don is correct that it will still be possible to do owner financing. I guess I'll just have to charge the person buying the mobile home an up front fee to pay off the mortgage initiator who did the paper work.

Hi Jon,

To calculate this correctly does this mean I should take
2250 / 4,300 (which is how much is about left on each loan) to get a discount of 52%?

Thanks for all the tips guys.

I have already talked to one of the trailer owners who's note I would be buying from the park owner. He said that he is paying lot rent of $210 (so the owner didn't give out any free lot rent). He and his wife get money from the government for disability so it sounds like they shouldn't have much of a problem coming up with money for the trailer. The other family I still need to talk to but the park owner said that it is a boyfriend / girlfriend and they work in a restaurant as a cook and a waitress. I still want to talk to them to see what is up before I purchase the note from the park owner.

I told the park owner that if everything goes well I would like to work out a deal where I would be buying a note or an existing trailer each month inside of the park. He seemed pretty excited about that. It sounds like he has a few other notes that he would be willing to sell to me (which would work out to the same yield that locatelli worked out for me).

Hi guys,

Can you please evaluate this deal for me. I think it is a winner but I want to make sure that I'm not missing something. This will be my first note purchase so I hope it goes well.

I have been looking to get into mobile home investing for a while now. Today I talked to a park owner who was very helpful. He said he had a few mobile homes that he would be willing to sell to me cheap. He also told me he had a few notes that he would be willing to sell me. Here is the note that he gave told me about.

Mobile Home 1: 77 Fairmont Sold for $4,649 at 12% interest rate for 30 months.

On this the buyer needs to make 28 more payments of $154.99.

Mobile Home 2: 1983 Patriot sold for $4,635.32 at 10% interest for 28 months

On this the buyer needs to make 27 more payments of $189.18.

The park owner is willing to sell me both for $4,500 cash. I'm thinking that it might be worth buying but I just wanted to run it buy everyone in case I'm overlooking something. If I add up all the payments I would receive if the buyers pay each month it comes up to $9447.58. Does this mean I'm buying the note at
47% percent (4500 / 9447.58)?

Hi,

Does anyone have any strategies in place for mobile home investing after June 1st when the HUD Safe Act starts which will eliminate almost all seller financing? I was really hoping to try mobile home investing this summer but now I don't know what to do :cry:

All the homes so far have been SFR. We picked up the homes cheap at the auction I guess everyone else was busy watching a sports game instead of going to the auctions lol. As for the HUD homes we bid around 80 - 85% of their listing price and were able to get them quick.

Right now I'm trying to flip homes either selling them outright or selling them contract for deed with myself acting as the bank. We (my mom and I) will probably try to sell these HUD homes outright so we will have more cash to purchase more deals.

Hi guys,

I have had a great first six months to my real estate investment career. So far I've successfully bought and flipped two homes that I purchased from estate auctions and just this past week I was able to purchase two homes from HUD at 55% ARV with minimal repairs to both ($2000 or less). I hope to have the HUD homes sold within the next two months.

Thanks for all the replies guys, I really appreciated it.

I've decided to pass on this property for now. I'll let it sit on the market maybe the owner will drop the price to $60,000 or less. At this price I might offer $20,000 to 30,000 or so and be able to steal the property.