Posted by Ernest Tew on September 18, 2000 at 06:58:15:
Start by educating yourself in the business. Read every posting on this site, Lonnie Scruggs’ book, “Deals on Wheels,” and perhaps my book, “How To Get Rich Helping Others.”
Do a lot of looking and comparing and a lot of talking to park managers and prospective sellers.
After you feel you are ready, prepare a plan and present it to people who could back you financially. Keep in mind that the investors’ first concern is risk. So, make it as safe as you can for them. Don’t scare them away by offering a return that is too high.
For example, you might offer to borrow only the cost of the mobile home, give the investor a promissory note (that makes you personally liable) and secure the note with a first lien on the home. If you have a vehicle or other free and clear asset, you might borrow against it to get started. An interest rate of 11% to 15% should be reasonable for a safe loan.