Newbie Mobile Home Investing in Northeast - Posted by Leidia

import · July 16, 2003, 6:24pm

Posted by Don-NY on July 17, 2003 at 08:06:53:

I, and several other people are doing “Lonnie” type deals in upstate NY. Where are you located?

import · July 16, 2003, 6:24pm

Posted by Leidia on July 16, 2003 at 18:24:46:

Hi,

I am trying to get started in the Mobile home market in the Northeast. Is this a bad idea? Does anyone have suggestions of a good state to start in that is in a decent price range?

I could travel, but figured as a newbie I would want easy access to the properties.

Any ideas?

Thanks for any advice

import · July 17, 2003, 9:20am

Re: Newbie Mobile Home Investing in Northeast - Posted by Michael (NJ)

Posted by Michael (NJ) on July 17, 2003 at 09:20:07:

Leidia:

What part of the Northeast do you have in mind? For example, I understand that Lonnie-deals work in a place like rural upstate NY, however, they do NOT work where I live, which is in the NYC suburbs of NJ. There are several reasons that my particular location is NOT good for Lonnie-deals:

There are relatively few MHPs in this area. Apratment bldgs are much more common – my guess is because the land prices here are so high, that there is more value to building into the sky.
Prices of MHs, even old, wobbly-boxes are very high - like try starting a $10,000 for a 30 year old 2 bdrm/1 bth piece of junk! Average prices of used MHs less than 10 yrs old are at least $20,000 — don’t ask me why they are so high, that is the market.
With such high prices, Lonnie-deals can’t work well, since your investment will not be returned for several years, and the loan period would have to be at least 8 yrs or more to make the payments low enough.

I am not saying you can’t scrape together one or two marginal Lonnie deals in my area, but it certainly wouldn’t be a booming business.

Now in places like upstate NY, I understand that the market is completly different.

Basically, what I see in the Northeast is, if the area you are looking at is in the suburbs or near urban areas, you are probably going to find that it will be very tough to do deals. In more rural areas, you should be able to do them.

Just my opinion, hope it helps,

Michael (NJ)

import · July 16, 2003, 8:58pm

Re: Newbie Mobile Home Investing in Northeast - Posted by Doug (Alabama)

Posted by Doug (Alabama) on July 16, 2003 at 20:58:47:

Go to the book section and buy and read "Deals on Wheels. This will give you the basics to follow to get started. You should be able to do deals anywhere with his system. Try it first.
Good Luck.

import · July 17, 2003, 6:43pm

Re: Newbie Mobile Home Investing in Northeast - Posted by Leidia Bryant

Posted by Leidia Bryant on July 17, 2003 at 18:43:53:

Thanks for the advice.

import · July 17, 2003, 4:41am

Re: Newbie Mobile Home Investing in Northeast - Posted by Deanna

Posted by Deanna on July 17, 2003 at 04:41:30:

I don’t think it’s a bad idea at all. I’m waiting for my copy of DOW to arrive before I start, but I live in the northeast and see plenty of oppertunity. Also I’m willing to drive… after all it’s not like I have to commute everyday.