Posted by Elizabeth (WA) on February 19, 2006 at 13:32:59:
Someone make the mail go faster grin
Thanks Steve!
Got $$$ - Ready to Jump In! (Washington State) - Posted by Elizabeth A
Posted by Elizabeth A on February 18, 2006 at 14:57:44:
Hi Guys!
I?m new to the board, can?t wait to get started! I?m excited to see that good cash flow management (as Rich Dad might say) can pay off for the small-investor, by providing the liquidity in a market where your typical buyer can barely get $1000 together unless it?s tax refund time!
I?m just a young waitress but I?ve managed to get together about $3,000 to do a deal, and have another $10,000 low interest (under 12%) credit line on plastic. Since I don?t use credit cards for any bad debt month to month I would have never thought to expand my credit line and negotiate low interest until I educated myself on finances by a number of good books and places like this forum. There is a better use for plastic than depreciating junk? especially when banks don?t lend on old mobiles, and Capital One doesn?t care one way or the other whether I?m purchasing an investment or a stereo. I hope to use my good credit and cash on hand as an asset by providing what the potential mobile home owner does not have.
Now I?m ready to put it all into action and learn a lot from my first mobile home deal!
I would love to have lunch with some of you in Washington State that have done these deals already and learn from your experience ? I live on the east side, so I?m thinking about investing North of me, such as Bothell or Everett.
My email is alexsilverfire@hotmail.com ? I?m ready, let?s do some deals! =)
-Elizabeth A
Re: Got $$$ - Ready to Jump In! - Posted by Don Wilson (OK)
Posted by Don Wilson (OK) on February 20, 2006 at 10:03:07:
“If I had eight hours to chop down a tree, I’d spend six hours sharpening my ax”
- Abraham Lincoln
Small Update ? A Newbie Investor?s Progress - Posted by Elizabeth (WA)
Posted by Elizabeth (WA) on February 19, 2006 at 24:06:33:
Okay, here are the first steps I?ve taken, since deciding to jump in with both feet.
1.) Of course I?ve ordered ?Deals On Wheels? and am anxiously awaiting the mail?
2.) I?ve compiled a list of every (listed) mobile home park within a one hour drive of my home, what city they?re in, the address, the phone number, how far away that is from me and in what direction.
3.) I?ve sought out the wisdom of those who?ve gone before me via this message board =)
4.) I?m in the process of reading every previous thread on this message board, taking notes on things I think could help me
5.) I?ve evaluated and researched the pros and cons of doing a mobile + land deal vs a mobile at the mobile park deal, and for now the land deal is out of my price range. I would spend about $6,000 just on county and/or city fees and moving costs ? not to mention professional services like plot maps, water taps, possible septic installation ? big can of worms there for the under funded newbie! Oh yah? and the cost of the land 
I guess next I will read the ?Deals On Wheels? course, start touring all the mobile home parks in my area (62 of them!) and search for the diamonds in the rough.
If there is anything else I can do at this stage, perhaps something I haven?t thought of with my research please let me know?
naaah - it don’t work here - Posted by Steve-WA
Posted by Steve-WA on February 18, 2006 at 17:37:44:
;-)3
Re: Got $$$ - Ready - Posted by Todd (AZ)
Posted by Todd (AZ) on February 18, 2006 at 15:12:21:
Hi Elizabeth,
Welcome to the boards. First and probably most important question is: Have you purchased the book “Deals on Wheels” by Lonnie Scruggs? If not, run…don’t walk, and order it. It’s a must read if you are going to enter this field. And, at only $30, it’s the best bargain around. Todd (AZ)
Re: Got $$$ - Ready to Jump In! - Posted by Elizabeth (WA)
Posted by Elizabeth (WA) on February 20, 2006 at 20:38:44:
Yes, I love that quote =)
Re: Small Update ? A Newbie Investor?s Progress - Posted by Tony Colella
Posted by Tony Colella on February 19, 2006 at 09:19:37:
I believe everyone interested in the mobile home investment arena, be it lonnie deals, land/home deals, mobile home parks should begin with atleast 4 Lonnie deals.
The experience and exposure you gain with this niche, its target market and its rules is invaluable and the deals, if done to the letter of the book, make a great cash flow.
But as posted below, your assumption that you have to build a land/home property from raw land up is a worse case scenario. There are much faster, less cash intensive methods for creating wealth and income with land/home deals.
Keep us posted.
Tony
Re: Small Update ? A Newbie Investor?s Progress - Posted by Ryan (NC)
Posted by Ryan (NC) on February 19, 2006 at 08:55:22:
Sound’s like you’ve got a good start on your education but there is one minor detail missing as I see it, you don’t know your market… Grab a copy of today?s paper and go look at every home priced under 10k so that you can get a good idea of asking prices in your area! At this point it’s just window shopping and I don’t recommend buying a trailer til you’ve read DOW and “looked” at least 10+ homes FSBO so that you get an idea of what retail prices are in your area.
Best wishes,
Ryan Needler
Re: naaah - it don’t work here - Posted by Elizabeth A
Posted by Elizabeth A on February 18, 2006 at 23:46:44:
Hi there Steve! Suuure? I believe you. I believe you?re the one I should be talking to that is!
I?m sure one state can be big enough for the two of us? Would you like cities A-N? =)
Re: Got $$$ - Ready - Posted by Elizabeth (WA)
Posted by Elizabeth (WA) on February 18, 2006 at 23:56:25:
Hi Todd! Thanks, it?s good to be here!
You better believe it, I ordered the book as fast as my little fingers could type out credit card numbers. Unfortunately, I have to wait for the weekend to be over, and President?s day, for the mail to arrive? wish there was an instant download version!
Other than purchasing the book, do you have any other suggestions for a first deal? I?m wondering if I should purchase a mobile in a 55+ or family style park, or does it matter? Also, is there an age at which the mobile is just too old? Does it matter if it?s pre or post 1980 for HUD guidelines? What else should I be on the lookout for when trying to decide which mobile to make an offer on? (Other than getting a huge discount for paying all cash to a motivated seller.)
Thanks!
-Elizabeth
big enough for both of us - Posted by Steve-WA
Posted by Steve-WA on February 19, 2006 at 10:02:50:
Elizabeth, I have Lonnie Dealers where I live, I’ve taught dozens statewide, and I still have more than enough business without competition.
One of the beautiful things about this biz.