All Forum Posts by: Yany Rivera

Hi Bernard,

You may want to also take a look at the mobilehomemakesmoney.com site. Its a good program as well.

Take care!

Hi Thomas,

I deal with mobile home flips and would be interested in possibly working with you. Thanks!

Shaun,

One source of rental income you may want to look at after you purchase a mobile home on it's own land is the section 8 housing market. I own a mobile house on its own land that I bought and updated. This is now rented through the state housing authority and making a nice return on my investment. You will have to do your due diligence on screening the tenants but it is a guaranteed payment. Good luck!

Hi Jason,

If you want to start in REI and don't have the capital, you could look into flipping mobile homes. They will give you a starting point with a lot less money to start with and with the same ROI or better. I don't know anything about the market you are in but this is a way to get your feet wet without over-leveraging yourself. You will learn the basics through this process and could use the profits to build up for the purchase of your SFH or Multi-Family Units. There are many people on here on BP that could help you learn about this special niche. Take care and good luck!

This is an impressive thread! Debbie, I'm sorry you lost your money. 

I went to one of the Gurus as well and I "invested" the same amount as you did. I also increased my credit limit and took out new credit cards too. However, I look at it this way, I had zero knowledge of the real estate market as an investor before I did the program. What some of the people responding to your initial thread fail to realize is that we are all not the same. I wanted to find an alternative way to earn some cash flow but had no clue where to turn to. My wife and I had no experience in this field and knew no one who was actually doing this. We were ripe for the picking, enter the Guru's program. 

Was it expensive? Yes. Would I have been able to use the money to flip/buy/renovate a house? Yes. Did I feel ripped off afterwards? YES! Could I have bought a new truck or Harley with the money instead? YES!!!!

I would say that I purchased my Real Estate Investment Master's Degree with my experience. I did not ask for my money back because I signed a contract and just like many in here have said, regardless of what they said, it was my responsibility to go through it. Lesson learned. 

On a positive note I found biggerpockets because of it. I have increased my real estate investing knowledge more through biggerpockets than I did with the program I bought at least a hundred fold. I have also begun my REI career and I'm happy that I'm moving forward.

I did learn one thing. I CAN DO THIS. Good luck to you!

@Jabri Carter, if you want to know about the mobile home park investing or just mobile homes as individual investments, look up John Fedro here on BP. He's based his business on it and it works out for him. You may also look at mobilehomesmakemoney.com, their program focuses on mobile home investing. There are some pitfalls in mobile homes just like there are on stick built homes but it's just like real life, it's what you make of it that counts. Take care and good luck!

Hi William,

I wanted to offer a way you can look up the addresses for the mobile homes within a park. I ran into this while I was conducting some research on a specific mobile home that I was buying. I went to the county assessor's web site and looked for the park's address. All the properties that were part of the park where listed, along with addresses and names of the owners. This may take a while to cut and paste into a workable spreadsheet, but it satisfies your question. 

I would agree that getting with the park managers would be the ideal situation. I met with one who was in a 55+ community who didn't want to deal with investors, regardless I was nice to them and left my phone number. They ended up calling me when a resident passed away and they needed someone to take over that home. I wasn't able to make a deal with that property but I was able to make a deal on a different property that I'm currently remodeling to flip. They have also given me new leads for future deals with them. Its working out so far. We'll see what happens in the next couple of months. Good Luck to you!

Hi Lawrence,

Congratulations on your decision to own an MHP. To answer your question regarding repairs, it just depends on the unit itself. Thats why you would have to inspect the units. 4 things that I would focus in a trailer: 1. Roof, 2. Plumbing, 3. Electrical, 4. Foundation.

Fixing a moblie home is not as expensive as a SFR, but multiply this repair by the number of homes and it adds up quickly. It will also be up to you an how much do you want to spend to fix it up, or bring a newer home in.

I would like to see what you end up doing. Good luck!

@Bill Neves, Thank you for the video! It was a good source of information from a park owner and the type of resources that I'm glad I can tap into through BP! I appreciate your help and insight.

@Charlie Dehart, Thank you for taking the time to write out your experience. It means a lot to us as we are trying to get started. It makes sense and I will make sure I include it in the cost for the budgeting part of it. 

Thank you both for the support!!

Hi everyone,

I'm looking for some advice from mobile home park owners that are out of state owners. I'm considering purchasing some parks that I have found that are located in another state. I live in Washington and they are located in Missouri/Illinois. These parks are in mixed conditions and some require work and some need to be filled with renters to get in the black. I understand these issues and the time commitment that each bring to the table. I would like to get feedback to see what I have not thought about before committing to this investment.

I would like to know what is the biggest challenge besides the distance? 

If you had to do it over, what would you change?

What is something unexpected that you have learned from being an out of state mobile home park owner?

Thanks everyone! I look forward to your help.

Sincerely,

Yany Rivera