All Forum Posts by: Mike Matthews

Yes, Dustin is it a good idea, I do it myself quite often. Every time a home is paid off I make sure the new owners know I can give them a loan if they want on the mobile home. This way I suck them back in.

In Texas when you file the Title or S.O.L Statement of ownership and location, there is a place to place yourself as the lien holder. So check you local states Mobile Home Title forms.

http://www.tdhca.state.tx.us/mh/docs/1023-applsol.pdf

If you look at section 8 on this form, you can see where you files for the lien.

Good job you are thinking like a pro.

You are correct, the law has changed. Thanks for the input. I guess my buyers will now be investor partners in the homes. How can I make this happen? I will figure it out. It will be easier to take the homes from them if they are percentage partners,

Heck YEA, when I was in Afghanistan I was lending Dealers on short term loans of 60 days for 12 points.

Meaning they burrow $10,000. I made back $1,200.00. They had a maximum of 60 days to perform or I would make a Role Over Payment on the home. They paid me the $1,200.00 and the same loan started again. I made an extra 50 k a year doing this. I wish I would have never bought mobile homes now and just kept repeating this process. I do miss CASH.

I burrow from people with a self directed IRA's. I would Look up Quincy Long and tell him Mobile Mike Matthews Sent you to him. He is the best man I know with info about IRA's.

Just don't believe the #'s he gives you, He has people believe they will be getting 20% return in only 6 months. They can command 12% but no 20% I pay more around the rate of 6%

Hey Brother I see you live in my town of Houston, TX. I am pretty good at this game and if you buy dinner I will fill you in on how I do it. I am not the best by any means but I buy 1 home a month at Home Run prices. I did the math and every year I pocket $48,000 raise over the last year just buying at this rate. 3 more years and I will make 25K a month cash flow.

I use to Lead the Mobile Home Focus Group for R.I.C.H.

Hot-wings and a few beers and I get to talking. :mrgreen:

Mobile Mike [PHONE NUMBER REMOVED]

PS, How many park managers have you spoken 2 lately?

YES, every home I own was from a private lender using a self directed IRA. Honestly thanks to this IRA I have 60k a month I can spend on Mobile Homes. I attend quite a few of these groups yearly and tell EVERYONE in the class what I do, and how I can make them money.

Sorry, I can not give advice about Tampa, I am sure you will figure it out. Just pull the trigger and do not suffer from analysis paralysis.

I place my Mobile Homes In a Trust and the beneficiary of the trust is a LLC. This way I am even more hidden and no one but me knows, who is the beneficiary and the trustee,

I also form an new LLC for each Partnership/ Private Lender that I form/use, as I never spend my money when I buy mobile homes.

Most tenets do not tear up a home more than new carpet and paint will fix. Yes I have had the horror stories, but I sued him after I evicted him. I filed against his credit, Put him as a bad tenant on National Tenant network, sold his lease to a collection agency. You can legally go after him in collections for every month the home is vacant until you put a new tenant in the home.

Now I have a great tenant in the home.

If you are AFRAID of one bad tenant, you do not need to play this game.

How big is your area? I buy all over the state of Texas, but I only bring homes into 2 parks. I just filled the last 2 spaces in one park in Porter, TX.

If these parks are close to you. Yes do it. Just don't try and manage homes to far from your home. I have learned the hard way.

10 to 16 years of age is my market and I often have up to 13K all in one homes in this range.

I am buying a 1993 Redman Flamingo 16 x 76 in a few days for 3.5 K. But it must be moved, installed and setup. So add 3K more. Now I have 3.5 K repairs to add to that and $500.00 in taxes that are due. So It will have $10,500 all in.

I will sell this home with financing for $27,000 at 10% interest over 6 years. So it will be worth it.

As far as Lonnie Scrugs need to update his book and quit feeding people his bs about the prices. Or at least mention that these are the prices where he lives. America is such a darn big place. He must make that distinction. Where you live dictates the price. Sorry, he ticks me off.

Deb, all the park mangers I use do for me is , let me know about homes for sale. If I buy a home they told me about, I pay a fee. Now they can help me find a buyer for that home, and make some more $$$$. A park manager job is very difficult and I would never show such disrespect as to ask her to work for free.

Now as far as getting your cap rate up fast for a mobile home park. Would it be cheaper to pay and investor to bring in their homes. Or would it be cheaper for the park to buy homes?

The fastest way to get the value of the park up is to fill the spaces with homes. That is why they do that. Once the park is 90% full they can refinance the park and pay back their investor partners. If they buy homes now their expense ratio is way out of whack.

Myself and others such as I are the fastest way for a park to grow in actual worth. Not that Pro Forma garbage.