All Forum Posts by: Deborah Mettler

I manage a MHP and if you came to me and stated what this "so called instructor" told you to say, I would just laugh! Mobile homes are not cheap by any means. If they were purchased outside of the Park, you have expenses in obtaining the permits that are required before you can move a mobile home plus the cost of transporting the mobile. An owner of a mobile is not going to give you a "free" mobile home just because you think it's an eye-sore. Some folks may take that as offensive and that is not your intention to offend someone. Any way you look at this, the owner of the mobile has already invested monies in the mobile. This is a business to make money on the initial investment.

There is also something else you need to consider. MH Parks with management are not going to permit someone to come in and buy a mobile, put a tenant in it, etc. Most Parks have a set of Rules and Regulations. Our's are very strict.

The mobile is going to need repairs more than likely. Will need to be hooked up to the water and sewer lines, if available. If not available you are talking about a large amount of money to have installed plus tap fees. The power will have to be set-in by a licensed electrician to meet county and city codes.

There are many things to determine before purchasing a mobile home. You also should be knowledgeable in how to estimate repairs and know what to look for when you actually go look at the mobile. That's a learning process all by itself.

You should have an exit plan. What are you going to do with the mobile. Do you really want to be a landlord and be responsible for the repairs to the mobile. How about when you get a call in the middle of the night that the water line broke? Do you have repairman lined up that are dependable? Do you have the monies inline for repairs once you have a tenant. Repairs can eat up profit in no time at all.

I would suggest that before you dive in head first that you read as much as possible, ask questions and more questions. There are several good books on mobile home investing on Amazon if this is the niche you want to get into. Of course the forum here on Bigger Pockets is excellent for advice.

There are also a lot of good books on wholesaling to learn from. Don't waste you money on seminars. It's going to take more than a weekend to learn this business. I've been investing for 17 years now, and I still learn new things everyday. Take your time, don't jump in without a paddle.

Good Luck!!

Mobile homes are not real property, they are considered the same as a vehicle...personal property. The only time a mobile home can be considered as real property is if the mobile has been detitled and is attached to land.

We do rent-to-own on our mobiles with $1500 upfront which is non-refundable, 14% interest usually over the time period of 7 years. Some tenants fulfill the term and some do not.

These mobiles are rent ready and the tenant is responsible for any/all repairs to the mobile during the term. We have a tight lease along with an addendum for the rent-to-own.

We actually don't put the language "rent-to-own" in our addendum, we have the wording structured differently. The tenant is still a tenant until the time all payments have been collected.

Same here, our rental agreements state month-to-month tenancy. Either party can give 30-day notice (SC). I always send our 30-Day Notice To Vacate by certified mail with return receipt. If the tenant fails to move out within 30 days from the dated receipt of the notice, I then have to file eviction.

Even though our rental agreement states the security deposit is forfeited if tenant didn't comply with 30-day notice, I still have to deduct all costs from the security deposit, including the amount of rent not paid....within 30 days from the date the unit was vacated along with an itemized letter stating such.

Thanks everyone. Appreciate it!

I've watched all the videos, with skepticism I might add. This isn't a real estate course, the program offers funding from private lenders including rehab monies. He speaks of a National list of Lenders and Buyers that the deals would be submitted to, for residential, multi-family and commercial. I don't believe there's a magic system either. I just like the idea of having a list of private lenders to submit a property for possible funding and to be able to build a relationship with more than one private lender.

Just wondering if anyone has had any dealings with Nate Kennedy or knew about this program. thanks

Has anyone purchased this system? Described in the videos that this system will help investors buy, fund and sell (national lenders and buyers). For myself as I'm sure alot of investors, finding the funds for a deal and then to find an end buyer has become an obstacle these days. Would appreciate any feedback. thanks

Always have everything in writing. When renting, the rental lease agreement is to protect both the landlord and the renter. The Lease should explain exactly what is expected of both the landlord and the renter. Look online at the Landlord/Tenant Act for your state. It's very clear.

The landlord is required by law to make repairs in a reasonable amount of time, meaning approx. within 3-4 days. I would recommend you speak directly with the owner of the property in the future and bypass the H guy. If you don't have a lease, get one to safeguard your interest. Good Luck

Keith..are you new to the mobile home biz? I would recommend buying a singlewide mobile to get your feet wet before ever considering purchasing a mobile home park. Parks can empty out your wallet very, very fast. Assuming the Park has rental units, they generally require quite a few repairs and keep-up. Can get costly, especially when a tenant moves out, repairs will be necessary to become rent ready again.

You would need a commercial loan for a mobile home park. Generally these types of loans are easier to acquire "if" the Park has a monthly profit after all expenses generating at time of purchase. There are so many things to consider when purchasing such a large investment. Would recommend you gather all the info you can about mobile home parks in order to know exactly which Park would be the best investment for you. There
is alot of free information online. One being ...mobile home park store dot com..(not affiliated with it) Just a really good source for info on mobile home parks and they also have listings of parks for sale in every state. Best of Luck

same advice here. Sand, Prime and use a good quality exterior paint.

I've never used that type of calculation. I want real numbers. ie; do a punch list on each property for every single area in the house that needs repairs. If you don't know the cost for replacement, then check out Home Depot or Lowes to get prices of materials. Be sure to include the cost of labor required to make the repairs. I always double check my punch list with material cost and labor to figure the bottom number on a rehab. Something else you should have checked in a rehab house is the plumbing..you repair/replace one part and another plumbing issue appears. If you're possibly going to "flip" a rehab, you need to have the numbers right as you're trying to sell the property to a rehabber. It won't take long to become comfortable in figuring the rehab cost. I've done it for so long, I can just look at the home and come up with an approximate cost before doing the punch list. Just takes practice. Good Luck