possible mobile home deal - Posted by Matt

Posted by Mike on January 21, 2005 at 10:40:09:

Thanks Clint, I guess I’ll have to pic up Lonnie Scruggs book today.

possible mobile home deal - Posted by Matt

Posted by Matt on January 20, 2005 at 21:38:31:

First of all, I just want to thank rdlazoCa, Chris, TaMo, Jeff and Rob for their great advice which has convinced me to go ahead and start searching for my first deal. My plan is to find a property at a 20-30% discount that needs minor rehab, buy using my own cash, complete the repairs, rent it out, and get the property financed only after I have a good tenant and everything else is in order. Then I can use the loan to buy my second property while the tenant covers my payments, expenses and provides me with at least $200 cash flow.

About two hours ago, I called a realtor/investor named Mike and told him I am looking for my first investment property. I have decided to work with a realtor because I want to keep my first deal as safe and simple as possible. I called Mike because he is an investor himself and because I already knew him through a close friend of my family who has made a living investing in foreclosures for about 20 years now. Mike immediately informed me of a mobile home deal with a potential $24K profit. We didn’t have time to go into detail over the phone but he told me that the mobile homes are brand new and will need no rehab. Mike has invested in both mobile homes and single family homes but my investing research has been limited mostly to single family homes. I know absolutely nothing about mobile homes. My partner and I have an appointment with Mike on tuesday. My partner is an electrician but he knows very little about any kind of real estate investing. I am going to read as much as I can on this site about mobile home investing but I am still a bit uncomfortable with the idea. As I have said, my partner and I are both total novices and I really don’t want to have any major problems on my first deal. I will post again on tuesday when I know more about the deal but I’m wondering if I should even consider mobile homes right now. Any advice would be greatly appreciated.

Re: possible mobile home deal - Posted by IA Jeff

Posted by IA Jeff on January 21, 2005 at 08:11:45:

As Clint said, buy “Deals on Wheels”…smartest thirty bucks you’ll ever spend.

Good Luck on Tuesday

Re: possible mobile home deal - Posted by Clint

Posted by Clint on January 21, 2005 at 05:48:46:


Good job on taking the first step, now go over to the Mobile Home forum. First thing you should do is start reading the archives. Mike may have invested in Mobile Homes, but I bet he has never read Lonnie Scruggs book, Deals on Wheels. IT IS MUST for a mobile home investor. Go to it.

Best of luck,


Re: possible mobile home deal - Posted by TaMo-Atlanta

Posted by TaMo-Atlanta on January 20, 2005 at 22:00:40:

There’s a whole mobile home forum here are CREOnline.

Re: possible mobile home deal - Posted by Matt

Posted by Matt on January 21, 2005 at 10:41:44:

I’m getting the book today. Thanks Jeff.