All Forum Posts by: Rick Fagan

Hi.  Do you have mobile homes for housing in Dubai?  

I would suggest mobile homes.  I currently pay 18% to my partners who want to invest in mobile homes.   With other investors, I/we have bought over 65 homes in the last 15 years.  Please contact me if would like to have more information.  

Hi Chad.  I live in the Knoxville, TN area.  Have you considered investing in mobile homes? I currently buy, repair, and lease option mobile homes in my area.  My typical purchase is $12K for mobile home only and $30K for land and mobile home.  I currently pay 18% and the pay back is 3-4 years for mobile home only and a little longer for land and home.  If this interest you please contact me.  

I really liked Curt's comments.  My used homes without land I try to buy between $8K and $12K.  The land and home packages are averaging around $25K and $30K.  Curt Smith's comments are on point and a good gauge for you.  1984 is an old home but it still might work.  The monthly rent of $500 doesnt sound like it would be enough.  I net $400 a month for homes without land and my land and home rent is about $750 to $800.  Good luck.

Yes, I think you are missing something.  In my area you could take $60K and buy 5 very nice mobile homes and net $400 per month each.  But, you would have to like the mobile home business and you probably couldnt get a loan against the mobile homes like you can with your duplex.  I might be a little biased when it comes to investing in mobile homes. :)

I have been evaluating parks lately.  Most of the ones I looked at will owner finance most of the sales price.   Having said that I still need to find $200k approximately  in cash to give to the owner while the owner takes back a note.  The most recent park was already receiving $940K at 8% for 30 years (24 years left).  The estimated cash flow was $8K net per month. The last park in my area had 45 homes and sold for $500K which was very cheap in my opinion.

I would rather buy nice used homes if possible and not purchase them for $20 or more.  Either way, once you are finished with your income from the mobile homes sell the wholesale and moved off the property.  In my area I can buy very nice used homes for $10-$14K.  You may not be that fortunate in your area.

Hi Curt Smith.  Can you explain why Dodd Frank has outlawed owner financing mobile homes?