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All Forum Posts by: Mike Matthews

Mike Matthews has started 15 posts and replied 194 times.

Post: MY GIFT TO BIGGER POCKETS MH INVESTORS

Mike MatthewsPosted
  • Investor
  • Houston, TX
  • Posts 257
  • Votes 58

I have been getting a few e-mails for requests on buying Mobile Homes. This one chapter and the laws within have brought me many mobile homes. I hope this answers some of the questions asked.

Happy Wobbly Box Hunting.

Post: How many of you SUCCESSFUL investors..

Mike MatthewsPosted
  • Investor
  • Houston, TX
  • Posts 257
  • Votes 58

By Successful I assume you mean that I make more money then I could working a job. If that is true.

I have No college. I would never waste my time with it. I do not see it as a degree of superior intelligence at all. You waste more than half of your time studying worthless topics that do not even closely relate to what you have an interest in. I will put a good mentor at the top of a list to lead to success. If you can find an honest mentor that does more than sell his darn CD’ in the hopes of building an army of working ants that will find homes and be too afraid to pull the trigger so they send the home to him as a referral. Then you can find great success. Just remember law # 1. NEVER OUTSHINE THE MASTER.

I believe I am successful. I do know as well that I am not afraid of 16 hours days. So I may not make much at all if I divide it up by the hours.

Post: Starting Out Investing In Mobile Homes. Good Or Bad Idea?

Mike MatthewsPosted
  • Investor
  • Houston, TX
  • Posts 257
  • Votes 58
Originally posted 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!!

There are MANY mobile home parks, if the park is not Investor friendly. I simply find another. If the park does not want to work with me. It is there loss not mine, as there actuals drop. They need me, I do not need them.

Any park that does not allow investors to rent in them is becuase they are trying to buy all the homes for themselves. At least that is true in the Houston, TX area.

In this aream there are parks that will pay for the move on the mobile home into there park 100%. They know odds are once it is there it will never leave.

Post: What things have you found in foreclosed/abandoned houses?

Mike MatthewsPosted
  • Investor
  • Houston, TX
  • Posts 257
  • Votes 58

Hot tubs, Blow up dolls, Sex toys, Drugs, You name it. A lot of good beer steins etc. I see a lot of these as I do evictions for the banks and regular investors like us.

Post: Starting Out Investing In Mobile Homes. Good Or Bad Idea?

Mike MatthewsPosted
  • Investor
  • Houston, TX
  • Posts 257
  • Votes 58
Originally posted by William W.:
Anthony Ferguson If you're starting with little money, it's hard to beat the returns on buying cheap mobile homes.

As described in your OP, you have the right idea. The only thing I have never seen is a mobile home that was free that didn't come with so many headaches it wasn't worth it. I usually look for homes that are liveable but really cheap ($3-5k for my area), have a bit of expenses for lot rent or trash removal and sell on terms for three times as much as purchase price.

From what I have heard, mobile homes should be much cheaper in Michigan than Austin, where I live.

I have had several free homes that worked out well. I remember 2 double wide homes I got for free and slo in under 1 week for 7k profit.

I need one of those again to pay for my hot tub!!!

Post: Starting Out Investing In Mobile Homes. Good Or Bad Idea?

Mike MatthewsPosted
  • Investor
  • Houston, TX
  • Posts 257
  • Votes 58
Originally posted by Anthony Ferguson:
Thanks Jim and Mike for the responses. So are you guys saying i should wholesale mobile homes instead of SFH/Multi units?

I do not think there is enough money in wholesaling mobile homes. I would wholesale sticks and bricks homes. Take the money an buy yourself a MH investment.

Post: Need Tenant Advice

Mike MatthewsPosted
  • Investor
  • Houston, TX
  • Posts 257
  • Votes 58

Don't worry about what people, say worry about what they do. Did you break the lease agreement when you moved out? Of was the lease expired?

Did you leave the home in broom clean condition?

Post: When to Start Eviction Process

Mike MatthewsPosted
  • Investor
  • Houston, TX
  • Posts 257
  • Votes 58
Originally posted by Christian Malesic:
Originally posted by Adam Anderson:
Originally posted by Tony D'Anzica, Esq.:
I would send it to the tenant by first class mail and by certified mail.


You mean just one letter sent 1st class and certified mail not two letters correct?

Both. Two Letters. Most attorneys would recommend this for all official documents. One is to sign for receipt (certified) the other is to prove that it is a real address and they are still receiving mail there (regular mail). IOW, if you get the certified mail piece back that only means it is a bad address if YOU ALSO get the regular mail piece back. That is the legal thinking.

Christian is 100% correct. all letter need to be sent Regular Mail and Then Certified mail. What is the property code for you state?

In Texas. Texas property code

Sec. 24.005. NOTICE TO VACATE PRIOR TO FILING EVICTION SUIT

"The notice to vacate shall be given in person or by mail at the premises in question. Notice in person may be by personal delivery to the tenant or any person residing at the premises who is 16 years of age or older or personal delivery to the premises and affixing the notice to the inside of the main entry door. Notice by mail may be by regular mail, by registered mail, or by certified mail, return receipt requested, to the premises in question. If the dwelling has no mailbox and has a keyless bolting device, alarm system, or dangerous animal that prevents the landlord from entering the premises to leave the notice to vacate on the inside of the main entry door, the landlord may securely affix the notice on the outside of the main entry door"

Post: First Eviction

Mike MatthewsPosted
  • Investor
  • Houston, TX
  • Posts 257
  • Votes 58

Excellent, Your first of many victories. I love throwing out dead beat tenants. I see them as thieves and nothing more. I have 7 properties I have to file against tomorrow. $900 in courts fees gone. Oh well I know I will win in the end.

Thanks god I live n Texas. Or property code is quite different. I would have him out in 5 days if he appealed. Or if I was luck a forceable eviction. My favorite the writ of possession.

God bless Texas