All Forum Posts by: Ben Naught

Investment Info:

Mobile home buy & hold investment in Roseburg.

Purchase price: $1
Cash invested: $1
Sale price: $68,000

This is a project I'm currently working on I own this home and will relocate it to a private lot. From there I will sell the home on owner finance and lease the lot out to the buyer for the foreseeable future. If and when the buyer is ready to move they can take the home with them ( if paid off) or they could forfeit the home back if they do not want to transport it off of the lot.

I'm currently searching for partners with capitol to invest.

Here's the plan. I currently own multiple mobile homes that can be moved. I'm going to purchase affordable land and improve it with water power and sewer if not already installed , then place a mobile home on it.

However I do not plan to sell the land with the home. I will sell just the home on owner finance and lease the land out monthly. Once the home is sold the land will continue to cash flow for ever.

Breakdown of a typical deal like this.

The numbers vary from deal to deal. My typical lay out of a move like this is.

land acquisition: $15-$25k

Mobile Home for lot: $10k or less- I own several to get us started but typically I stay under 10k for the home purchase and usually get a screaming deal on them as they have to be moved.

Transportation of the home: $5-$15k - this varys widely based on distance traveled and company hired.

Land Improvements: $10-$12k - I try to find land that is cheap and in a good location and this often equals out to there not being utilities on site yet but close by. Septic typically runs $4k . May be on city sewer, Power is around $2500 if its at the road and water is typically city water and runs around $4k to install. If a well is required it could range from $3k -$10k.
If I find land that is available with utilities already on it and it pencils out to be a fare deal without having to put the work into it I will also purchase land like that but it usually a way better deal to get the raw land and improve it.

Renovation (if needed) Running and set up: $5k or less.

Running cost include Gas , Propane, Materials for Reno and any fees that may come up for permitting and taxes on the land.

I May be able to get the land on owner finance and just sandwich the payments. that will help keep costs down. also i already own several very nice mobile homes so we save there as well.

My team and I can handle all of the renovations and set up we have experience in this.

Lets all get wealthy together!

What made you interested in investing in this type of deal?

I have been investing in mobile homes inside of parks with great success. I'm gearing towards this model because I want more control over the deal. Not owning the land that my current homes are on is all fine and dandy but I just got to thinking why don't I just own the land and lease it out to the tenant buyer of the home.

This way the buyer pays for the home and the land. After which the land will continue to cashflow forever.

Brilliant!

How did you find this deal and how did you negotiate it?

I found this deal from a facebook add that we found in the local page. The old owner was wanting 6k for the home and we transport it. I informed them that I simply couldn't pay for the home if I was footing the bill for moving. After a week of them trying to sell they called me back and sold the house to me for $1.00

Its a beautiful 2 bed 2 bath all redone inside and out! what a deal! Now to get it moved to a private lot and get it sold!

How did you finance this deal?

I got this home for just $1.00 and plan to find a partner with capitol to invest in the land , transportation and set up of the home splitting the down payment 50/50 as well as the monthly payments on the house and land.

this is truly a win win win deal and using creative real estate to the MAX

How did you add value to the deal?

I will add value to this deal by relocating this home to a plot of land that it can be sold and lived in. I also will be buying raw land adding value to it by installing utilities and placing a home on it. The investor that partners on this deal will have a very nice return indeed and monthly cash flow for the rest of time as I don't ever plan to sell the land but if I do half of that profit will go to the partner as well.

What was the outcome?

The deal is still under way but I'm positive it will be very lucrative for all parties involved.

Lessons learned? Challenges?

Lesson learned is to reach out to more people because there are great folks out there looking for opportunities like this that are in a very cash strong position and looking for creative ways to invest it. This is just one of the many I plan to set up.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Not yet but I will soon have a partner that will be investing the capitol for this venture and I will be sure to recommend them in the future.

Hello there bp, I'm seeking a JV on mobile home investing projects.

Here's the plan. I currently own multiple mobile homes that can be moved. I'm going to purchase affordable land and improve it with water power and sewer if not already installed , then place a mobile home on it.

However I do not plan to sell the land with the home. I will sell just the home on owner finance and lease the land out monthly. Once the home is sold the land will continue to cash flow for ever.

Breakdown of a typical deal like this.

The numbers vary from deal to deal buy my typical lay out of a move like this is.

land acquisition: $15-$25k

Mobile Home for lot: $10k or less- I own several to get us started but typically I stay under 10k for the home purchase and usually get a screaming deal on them as they have to be moved.

Transportation of the home: $5-$15k - this varys widely based on distance traveled and company hired.

Land Improvements: $10-$12k - I try to find land that is cheap and in a good location and this often equals out to there not being utilities on site yet but close by. Septic typically runs $4k . Power is around $2500 if its at the road and water for is typically city water and runs around $4k to install. If a well is required it could range from $3k -$10k

Renovation (if needed) Running and set up: $5k or less.

Running cost include Gas , Propane, Materials for Reno and any fees that may come up for permitting and taxes on the land.

I May be able to get the land on owner finance and just sandwich the payments. that will help keep costs down. also i already own several very nice mobile homes so we save there as well.

My team and I can handle all of the renovations and set up we have experience in this.

Attached is a photo of one of my homes I plan to move to a private lot. 

Lets all get wealthy together!

@Karen Collell I sent you a P.M. thanks to everyone for reaching out. Unfortunately the park is just asking to much for the homes at this time. I do have ongoing projects though that I buy rehab and resell if any one is interested in partnering up on something like this I would love to talk shop.  

Hello everyone, My apologies for the delays on info for this deal. Unfortunately the park is asking to much money for the homes as they sit they are wanting 10K / house and after consulting with other investors we just don't feel that it is in our best interest to purchase at that price. 

However I am doing lots of other deals about one every other month if any of you are interested in a JV Partnership on those deals I'd be happy to go into detail with you on those.

Hello BP. I'm going to be purchasing land soon for a development project. There is 58 acres in Winston Oregon that I am doing due diligence on to develop infrastructure for a manufactured housing community. I have experience in locating renovation placement and set up of manufactured homes. If your interested in partnering or funding a development project of this size connect with me here and let's get started. Thanks so much.

Hello BP, I have been playing Robert T. Kiyosaki online at richdad.com/classic

If anyone wants to play a game get ahold of me here and lets play 

@William Kelly It's very simple just visit Richdad.com/classic and register then check your email and log in. If you message me on here we can go on at the same time and play. You can also play solo and practice. Its much more difficult then I thought it would be. The challenge is welcome. 

Hello, I've been playing the Robert T. Kiyosaki cash flow game online at ( richdad.com/classic ) 

Is anyone else interested in playing this online? ( I've also purchased the board game to play at a local meet up I'm planning to host in Roseburg Oregon area soon!   

Hello west coast BP Members! I'm Ben and I'd like to start a meet up the location is subject to change as time goes on. For this first meet-up I'd just like to meet other investors in the area that may be involved with bigger pockets to discuss what there success and fails have taught them. 

I personally invest in mobile homes and am looking to purchase many more as well as purchase a mobile home park in the near future. 

Hoping that we can all learn some things from our fellow investors experiences. This meeting is at the Abbys pizza in Winston OR. 

If at all possible could you please shoot me a message saying if you plan to attend to get a head count. 

Thanks all for the kind words of encouragement, @John Fedro The way that I structured this deal is as follows: Tenant buyer put $2000 move-in fee and $725/month for 96 months. Lot rent is at $425 for this park so $300/ month cash flow for 96 months. I'm excited about moving forward. In the future I will try to purchase deals on land and in parks that do not have to be moved. Moving the home requires re-certification and is quite tasking.