Posted by bill hicks on April 23, 2006 at 23:31:26:
Dear JC,
Last q first. It’s better to have only one home per lot fr the septic and if you want to refi to pull cash out.
I’m going to rent mine for a year because of the tax advantages and to see if the tenants pay on time, then I’ll sell the home lonnie style and rent the land. They can’t move the home til its paid for, so you have a captive renter for your lot.
A coat of paint does wonders for any beat up home and a mh costs less to have painted than stick built home.
If you buy through a realtor they can do comps on these as well as other types of homes.
I am a single family home rehabber here in Central Florida and have been fulltime for the last 2 years with over 15 homes under my belt. I started earlier this year by having a mh deal fall into my lap. I have recently done a 2nd and now have over $640 a month coming to me for the next 48 mos. Is it reasonable to set a goal of doing 12 deals over the next 6 mos? I have currently about 20K from cashing out of a recent project that I would like to devote to this endeavor. I would be buying, fixing and selling as a rent to own. There are quite a few parks in this area.
Posted by JP (in PC) on April 22, 2006 at 11:03:43:
Gentlemen,
As always, this forum is motivating as well as educational.
I am in a position where I am leaving my current job (military retirement) and was somewhat on the fence (or on the couch as the case may be…) about my future lot in life. The security of leaving a 90k+ job, moving to another state and finding another was tempting but I love real estate and better yet the mobile home business so working for someone else is not very appealing.
I’ve done some SFHs and some ‘Lonnies’ plus we bought a small MHP last year. We’ve since sold the majority of the houses (1 left) and the park is holding it’s own (paying all of it’s expenses plus a little but not enough for us to live on). We have enough from the sale of the houses to live on for a year plus have 30k to invest in mobiles. Our thought is that if I can do 24 lonnies in the first 12 months I won’t need to go get a ‘job’. Doing it full time I think I can meet this goal and reading though the posts (this one included) I think I’m not setting my goal too high.
My time on the part time couch is dwindling…looks like come September, I’ll be a ‘formerly employed’ full-time MH guy.
Thanks for posting your opinions. I know that we can make this work!!!
This is absolutely possible. i started October 15th 2005 with my 1st one and have 9 notes, 2 Land home, 3 lonnies pending and I flunked (lost money) on my first 3 deals. So a total of 17 deals in 6 months. I was really busy in February but once i unload the 3 I have now (1 remodel 1 just finished remodel and 1 under contract with a backup buyer) I’m gonna take a month off. Maybe 2. I started with a much smaller roll than you about 3k cash and some credit. I borrowed money along the way and had a partner on a couple of the deals. Your goal is totally achievable especially with a roll that big. -Blake
Posted by bill hicks on April 21, 2006 at 13:39:37:
Congrats on the 2 deals you have done!
I’d like to suggest you think about doing some home/land deals if you can find some instead of just lonnie deals as you get 2 income streams, one from renting or selling the mh and one that doesn’t get paid off by renting the home renter then buyer the land itself.
I just think owning the land long term(forever?) is
the best way to plan for your future your retirement and even passing something of long term value on to your heirs be they family members or a charity like habitat for humanity.
Just one mans thoughts.
Bill H. (TX)
Posted by Tony Colella on April 21, 2006 at 11:39:23:
Absolutely 12 deals in 6 months is possible, especially for a full time investor. Of course much depends upon you but this is not unrealistic.
I averaged 1 deal a month for over 3 years while working a full time job and did not kill myself trying so 2 a month for 6 months full time is quite reasonable. Karl (OH) might do 12 in a month. Its all up to us.