All Forum Posts by: Scott Merritt

Thank you MH Gurl, it does. I have had to violate Lonnie rules in terms of age of MH to get numbers right in CA. My gut is going older on homes makes more sense than moving up on price, but I'll be testing both strategies over time. I look forward to communicating with you more when I have a few more deals under my belt and can speak more intelligently. Also have had to violate the rule of sticking close to home, since I live in a high cost of living area where even the owners of 30 year old 10X50s think they should get $10,000. So I am driving an hour each way, which I know will be cumbersome.

Reply to Joshua's question of 1/10 asking me what drove me to look at mobile homes. Sorry for late response, somehow missed that question.

I knew a couple folks who have done mobile home deals, and the margins were quite high due to the stigma that mobile home parks are "just a bunch of crack addicts and meth labs". It looks like a good way to generate some cash flow, and at the same time learn a lot more about repairs, the escrow process (yes, in California you do have to be a dealer and dealers do have to sell through escrow when selling their personal inventory), and the art of dealmaking. I do not intend to make it my sole real estate focus, as I am more interested in capital growth than short term cash flow.

Scott

I know a private money lender named Scott Oeschlin of ARC Capital Investments in Santa Rosa. He has a couple debt investors who may be interested in good Stockton deals. His e-mail is [email protected]. Coincidentally, I just talked to him today to and recommended this site to him. I also know that there is a Group on this site called Hard Money Investors.

Scott

Scott

Thank you for the response, Richard. Lonnie deals (buy cheap for cash, sell for profit and finance) initially, may buy pads in the future. No interest in landlording in mobile homes at this point. Primary concern is asset protection, although I perhaps naively don't anticipate that my exposure will be onerous if I am holding for 1 to 60 days and have no tenants. Also looking to do SFHs in Las Vegas, your town, although perhaps separate entity. But that's a separate conversation.

I am getting conflicting advice about whether to form an LLC, S, or to be mobile hom edealer as an individual. Any advice, particularly in CA?

I don't invest in the city itself, so not right on top of it. But I talk regularly with many who are active in the city. It hasn't been hit like other areas because housing is very tight. One developer friend is strongly encouraging me to do a project in the city. He is an expert at gaming the zoning laws, however, and I am not. One thought I have: Office space vacancy has hit 2 million square feet in SF, I am told by an Industrial broker I know. How long can residential stay strong if all the jobs are leaving the city?

I am a new member, Scott Merritt. I have dabbled in RE, 8 income properties & 1 flip over the years. Looking to become active in two areas: mobile home investing in NorCal and single family homes/duplexes in depressed cities: Las Vegas and Stockton. You are all smarter than me but I will provide insight/experience where I can. I am strong on the finance/deal making side of things, so will be responding to those types of questions when I see them. I wil be starting a Nevada Group today. I look forward to chatting with many of you. Scott

You've probably gotten your answer from some of the ensuing forums, but Wheels on Deals is great, detailed, and practical. The second book, Making Money with Mobile Homes is more focused on examples of deals and is aimed at people who need more help understanding the financial side of "Lonnie deals". If you understand real estate transactions, stick with the first book and you won't be disappointed, I believe.

Thank you. I realized the errors of my way and reposted in the correct forum as well. I'm a newbie to forums.

Mobile Home Queen: If DMV doesn't issue title in CA, do you know who does? Also, I asked a question under "New Topic" but being blog newbie I guess I didn't get it into the Mobile Home Forum: What is foreclosure/reposession process in CA? It is such a tenant-friendly state, I wondered if you or others out there have had experience with repossessing in CA. Thanks to any who respond. Scott