Posted by Ron on December 18, 2001 at 16:56:49:
Hi Kate,
Welcome to the world of wobble boxes.
First let me emphasize the importance of buying Lonnie’s book, “Deal’s on Wheel’s”. I cannot over state the fact that if you are truly interested in going into this business, read as much as you can get your hands on and the first is Lonnie’s book.
I donot understand your question as stated and I apologize, but exactly what are you asking when you said “The problem I donot understand is who paid for the rental?”
If you are referring to rental property, which I shy away from, then the renter pays you as landlord for the use of the mobile home. My problem with rentals is numerous, but the first is, I still own a mobile home which I have to pay insurance on, taxes and any repairs and/or maintenance that must be done.
I also have the problem of evicting the tentants if they fail to make proper monthly payments and as a rule, and this isn’t chisled in concrete, the people in our business that are renters are those that cannot, under normal business conditions, buy a used mobile home from a Lonnie dealer let alone get bank financing or a finance company to back them. They are the one’s, again, as a rule, that you will have problems with and as such, I donot rent.
You donot need a “bundle” in this business to begin acquiring property to sell on contract. It helps to have a little to back you for repairs, lot rent while up grading, materials you may need and any help you may have to hire. If you are good at fixing things up, know how to read a ruler and level, drive a few nails and not afraid to get dirty, then you can probably make some money in mobile homes. AGAIN, I emphasize the need to educate yourself before even trying to buy any mobile homes and the place to start is by ordering Lonnie’s book.
I wish you well, keep posting and reading, there are a lot of good people out here that will try to answer any question you may have, always read the posts daily and look through the archieves.
Keep us posted,
Regards,
Ron