All Forum Posts by: Ryan Moore

Thanks for the advice Dan, that pretty much sums up the conclusion I'm rapidly coming to. 

I think it might very well be a better idea to go with either mobile homes with land or stick-built properties, problem is I would need to get the financing to get started; which seeing that I'm only 25 and don't really have any credit built up or enough income to convince a bank to give me a loan, it places me in a bit of a quandary.

Finding a partner would also be difficult, I don't really know anyone with money or good credit, no one even in my extended family is very affluent. I have my grandma, who has money (no idea how much, but everyone tells me it's a lot) but I think it would be a hard sell. She likes me, but I don't enough to loan me anything past 4 figures, if even that much. 

I also have my boss, he's a millionaire, but he's also the biggest Scrooge McDuck I've ever met in my life. It's hard enough to get him to pay for a roll of duct tape, so selling him on an investment opportunity would be a hell of a long shot.

That being said, I do have a little over 20k in liquid cash that I've been socking away since I started working, so I have that to work with. Although, I'd rather not invest all of it, because I like having a buffer, just in case.

My area is a bit different, all the parks are located on a body of water, either a lake or the ocean. So the rents (and the average household incomes) are quite high. Most of these parks are 55 and older, so the tenants would probably be desirable. 

However, I'm only 25, and from what I've read, most parks do not allow you to rent. 

So far I haven't yet found any mobile homes w/ land for sale in my area, most are in the next state over (Pennsylvania) and I'm both not sure how out of state investing/landlording would work, and not fully on board with investing outside my area. 

Guess I'll just have to go talk to a bank and see how much I could finance, and look hard for either mobile homes w/ land or cheap multi-families.

Hey guys, I'm new and trying to figure out the best way to get started in the REI game.

I was just reading Lonnie Sruggs' book, the part that deals with the SAFE Act. From what I can tell, the SAFE Act/Dodd-Frank applies to seller financing, but it doesn't apply to renting out the home a.k.a. being a landlord. 

So, if I didn't mind being a landlord, and the park was ok with renting out homes, would simply buying and renting out mobile homes be a good way to go? 

I'm asking because even though I eventually want to get into stick-built REI, right now I doubt I could get financing for it. (I haven't tried to get pre-approved yet, I'm prolly going to try in a month or so, I have a lot of reading/educating myself to do still)

I also don't have the cash to buy a double wide w/ land, and not sure how the financing works with those or if I could even get financing for it. But buying a mobile home in cash for $10,000 or less wouldn't be a problem for me.