All Forum Posts by: Wesley Oaks

Thanks guys, I appreciate the replies. It was between going down this route or a franchise I'm interested in. After reading your comments and all the additional research I'm leaning more towards the franchise.

I've come across several sources suggesting that purchasing an established Mobile Home Park (MHP) might be a more advantageous approach than constructing a new one. However, my investable funds range between $100,000 and $150,000. From my research, this budget appears to be insufficient for acquiring most MHPs currently on the market. Moreover, due to my irregular income, obtaining financing isn't a viable option for me.

Considering the above constraints, my plan involves a different strategy tailored to a specific area in Alabama. This region is well-suited for MHPs and offers unrestricted land. My idea is to start small by purchasing between 2 to 5 acres of land. I intend to gradually develop the park by acquiring used mobile homes for around $10,000 each, relocating them to the site, and performing minor renovations.

To make the venture sustainable, I'm considering implementing a rent-to-own model, with the ultimate goal of transitioning to a Tenant Owned Homes (TOHs) setup with $300 lot rent. This endeavor would mark my first foray into this type of investment.

What pitfalls should I be aware of?

A lot of great advice here. I appreciate everyone that's responded.

I think I will move into a new house and rent the mobile home to start.

@Adam Bartling Do you only work within TX?

Hi! I'm new to real estate investing and BP (though I've lurked around before).

My question is if now is a bad time to get started with the current market, and what might be the best route for me to take with my situation?

Here are the bullet points:

* Currently living in a 2018 mobile home that's paid for.

* Self-employed, internet business. Periods of $0 monthly income but cash out six figures from time to time.

* Recently cashed out an internet deal for $250,000 (after taxes) that I'm looking to use to get started in real estate.

I'm a complete beginner with real estate. Zero deals under my belt.

Would you recommend I get an FHA loan on a new home while renting out the mobile home, or maybe stay and start looking for deals in my area (Clanton, AL)? Any advice is welcome and appreciated.

Thank you.

I was informed by the Health Department in my area that an engineer has to draw up a plan for the septic tank layout in my future MHP.

If anyone else has been through this are you able to then develop each lot one at a time while sticking to the approved plan or are you required to install every unit at once?

Thanks :)

Hello, everyone!

My name's Wesley I'm 27 years old and I'm just now getting going with real estate in my hometown of Clanton, AL.

I'm currently a self-employed in the website authority space. Before that, I was a self-employed game server operator for the game Minecraft. I'm sure some of you probably have kids who play the game.

My goal within real estate is to be successful within the mobile home park niche.

I decided to join the BP forums after watching several of the podcasts on YouTube for the last week or so. I started doing more research on mobile home parks after I purchased 12.5 acres of land with one double wide and current tenant that's renting to own the mobile home.

I look forward to meeting whoever I can. Hopefully, as I continue to get educated on this topic I can become a helpful resource as well.

Thanks!