Posted by Bobby on October 07, 2000 at 16:02:52:
Hi Tony,
I just ordred, “Deals on Wheels”. I can’t wait to read it…as we are in MH country here in NC.
I agree that’s it is easlier to correct a mistake on the kitchen table figuring out a deal than be scratching your head after you sign the deal, wondering how you are going to make your money back.
Thanks,
Bobby
Question for Lonnie & Ernest - Posted by Bobby
Posted by Bobby on October 06, 2000 at 17:30:36:
Hi Guys,
My wife and I live in an area were it is good for mobile homes and MH’s, in face we have several dealerships of mobible homes and MH…in our town of 17,000 people…the factory’s are not far either.
What is the best way to get into the mobile home investments. Buy old cheapos? Where do we get the land? is the land easier and cheaper at a park? Do we buy cheapos and land at same time? Or do we buy new Mobile Homes or Modular Homes and find land? This is a hot market for mobile homes? In fact we talked to dealers and they are crying for land to put their Mobile homes on in our area.
Central North Carolina is our location.
Thanks,
Bobby
Re: Question for Lonnie & Ernest - Posted by Lonnie
Posted by Lonnie on October 07, 2000 at 07:10:00:
Hi Bobby,
You’re in mobile home heaven. Not sure about the past year or so, but before that, approximately 50% of building permits in NC & SC were for MH’s. That should give you some idea of the tremendous amount of opportunities in this biz.
If you’re just starting out and looking to create cash flow, I recommend the cheapo homes that are already in a park, and can stay in the park. The homes I specialize in are usually single wide, 10-20 years old, in family parks. Buy it wholesale, sell it retail, and create a note. Then do the same thing again and again. Since you’re not buying the dirt, your money will generate much more cash flow with just the homes.
Stay away from moving the homes, at least until you get considerable experience. You can buy another home for the cost of the move. Not to mention the aggravation and time involved in the move and reset. To get started, find a couple of parks with a cooperative manager, and do just one deal. Then go from there, one deal at a time.
I don’t usually do a commercial for my books, but in your case, I am suggesting you get a copy of Deals On Wheels (borrow a copy if you have to). I think you will find the answers to all your questions there. And if you’re serious about making it in the MH biz, you need to be at the workshop in Atlanta. You will learn all you need to know about MH’s, parks and notes/financing. And I can assure you, one mistake can cost much more than the workshop.
Best wishes,
Lonnie
Re: Question for Lonnie & Ernest - Posted by Bobby
Posted by Bobby on October 06, 2000 at 17:45:24:
Hi again,
I forgot, what is the oldest year of MH I should buy, or does it matter as long as it is in good shape? Are What are good models and series of MH to buy? or does it matter? It seems getting land is the hardest part to linking MH and Land…all dealerships want is to sell MH…some offer land but very high prices…Do we get our Land first, which to me as Newbie seems the best way to start…that may be a dumb question huh…sorry but I am intersting in learning how to get started in these cheapos Lonnie started in. How did you do it Lonnie and you too Ernest?
When is the workshop in Atlanta? - Posted by Tim
Posted by Tim on November 17, 2000 at 19:11:40:
I live in Atlanta, and am just getting started, but the timing is great for me.
I want to know more, and to attend this conference if at all possible.
Thanks.
Re: Question for Lonnie & Ernest - Posted by Bobby
Posted by Bobby on October 07, 2000 at 15:47:36:
Hi Lonnie,
I am glad you responsed to my email…I printed of some of the sucess stories to show my wife about MH…and for months she has been hounding me to look at old cheapo mobible homes, as we are starting out in Real Estate investing. Not only do I want your book but soon as we have some extra money we plan to attending your Atlanta workshop, would you email the schedule of times and dates and your phone number so my wife and I can call you…Like you say we are in MH heaven here…there is money to be made here if I knew how…will your book have the forms and tell me what to do for sale? This is exciting…email me and I will give you my phone number to call. My wife and I need to talk to about this great MH business in our area. I live with a mile of four dealerships on the highway and this is here in a small town.
Motivation plus Education - Posted by Tony-VA
Posted by Tony-VA on October 07, 2000 at 06:49:49:
Your safest bet when beginning any form of investing is education. Experience comes with time, and all to often, at great expense. Education can help you avoid much of the costs.
This forum combined with the books and courses by Lonnie Scruggs and Ernest Tew are your best means of education, mentoring and motivation.
You need to get the basics under your belt first. I would recommend Lonnie’s “Deals On Wheels” as a good starter. His second book “Making Money with Mobile Homes” as well as Ernest Tew’s “Get Rich Helping Others” are a must reads. As to your question of how they got started, the books explain this as well.
Right now you have all the creativity of the deals swimming around in your head. These books will provide you with the knowledge necessary to avoid mistakes, reduce liability and put these deals together.
The materials are very, very affordable (especially when you look at the costs of others investing courses), and all can be purchased right here at this site.
Be sure to read the How to Articles by Lonnie and Ernest as well.
Apply this education to your motivation and success will follow.
Best Wishes,
Tony-VA