Posted by Gavin Wilkinson on May 08, 2004 at 20:22:02:
Deals on Wheels by Lonnie Scruggs.
You can find it on this site or E-bay. Buy it and read it several times!
I both rent and sell mobile homes. My problem with renting has been finding tenants that don’t trash the homes. If you figure in rehabbing the home to the tune of $1000 or so every year, then your profit margin does not look so good. Selling is better because the person is more likely to take care of the home.
Buy the book and read it. Its worth every cent.
Cash flowing on mobile homes - Posted by David
Posted by David on May 05, 2004 at 21:05:40:
Im college student interested in real estate. Ive been looking to buy mobile homes to rent for posative cash flow as a way to get into the game. I actually purchased one in Jan but it is still vacant and I’m eating the lot rent ($150/month). Whats the best way to ensure that you wont get stuck vacant? Is it best to buy in a park? Do owners finance often?
Re: Cash flowing on mobile homes - Posted by Gavin Wilkinson
Posted by Gavin Wilkinson on May 06, 2004 at 12:10:55:
Buy Lonnie Scrugg’s Book for info.
To ensure that you won’t get stuck vacant, you have to know your market. Some markets are slow and some are expensive. You have to know what price you should be able to buy mobiles at, what price they will sell at, and what monthly payments you can charge and get customers. To start out, I would advise trying to buy homes in parks that don’t have to be moved. You should be able to find an owner financed unit if that is your plan.
If you purchaased in January and it is still empty, you are doing something wrong. What price did you pay, and what are you asking? How are you marketing it?
Re: Cash flowing on mobile homes - Posted by Clint S. Miller
Posted by Clint S. Miller on May 06, 2004 at 05:59:31:
Spend $30 on Deals on Wheels, it answers all of your questions,yes owners finance, and make a nice profit doing so… Spend the $30 you will be glad you did.
Re: Cash flowing on mobile homes - Posted by David
Posted by David on May 07, 2004 at 17:38:09:
Thanks for the comments, I spent $7,500 and got 15 year financing through a institutional lender. My payments are about $100 a month for P&I taxes and insurance, and the lot rent is $150 Its a two bed one bath, and i was asking between $375 AND $400 for rent and there is a 2% vacantcy rate on mobile homes. Should I change managers and risk the summer vacancy or sell and cut my losses? Im already down about $1500. Is that a book you are telling me to buy? whats it called?