All Forum Posts by: Gregory Brooks

MH can be a great start to real estate. As many will tell you, unlike SFH or MFH. Mobile homes typically do not appreciate.

First you want to meet the park manager or owner. Get a feel for them and let them know your intentions (rent, rent to own or contract for deed). Some of the ma and paw parks won’t let you in, from my experience. The parks I’ve worked with are owners who own numerous parks or big time real estate firms.

I just bought two of them recently and working on my third. The two I currently bought needed a little work. I'm currently renting them out on a year lease. The third I'm getting for free from a park. I plan on fixing it up and reselling it for cash or on payments. Find parks in your area that offer lower or average park rent and you can still make a solid ROI.

I got into it watching John Fedro videos. A lot of good information about flipping and financing homes. Along with how to work with parks, buyers and sellers. I would highly recommend him.

Many folks will try turn you away from mobile homes. There is a stigma associated with them. But can be great passive income if you buy them right. 

Good luck!

I see. I’m looking forward to building a relationship with local banks. 

Thank you! I have one rental home in St. Paul. I make a prettt good ammount cash flow per month and ROI is decent.

My family and I are moving out there after the first. Any advice on investor friendly banks in SD?

Hello,

Anyone from or invest in the Aberdeen area? Have had a few friends invest in properties near SDSU and Augustana with success. I was looking at homes near Northern State U. This time of year is hard to look at rental rates in the area for SFH's. Any other websites outside of the main companies (CL, Zillow, rentals.)

Any horror stories or success stories in South Dakota or the Aberdeen area, would be greatly appreciated.

Thank you!

Hello,

I will be locating out of state here in the next month or so. I was hoping to get some names of people/companies that are property management in the MSP area. The background for my home is a 2/1 in St. Paul. Thank you

Is is by Maryland or Phalen Blvd? Certain sections of neighborhoods are decent. A lot of homes are vacant in that area

What area is the home located?

FHA loans can be used for duplexes. But a lot of the duplexes under 200k have some problems getting approved for FHA. FHA guidelines are very picky. They will fail over paint being old.

Craigslist as a lot of homes for sale by owner. Edina Reality is pretty good as well. Edina reality has a nice layout to show comps as well. For rent I use zillow and other websites and price out the area. For estimates I use rentometer and ziply.com. 

I have seen success in the lower part of MPLS, right of 62 and cedar area. It's pricer, but people will pay in the high 1k's to low 2k's it looks like due to being close to the airport, Bloomington, downtown, VA area. St. Paul seems to be on the rise for investors. South side of Maplewood, North St. Paul, have a lot of older homes that need a little work but seem to have higher rents when listed.