Any Money in mobiles - Posted by Jen

Posted by patsears on May 29, 2006 at 08:39:44:

That is ridiculous. You don’t need an attorney to start a small “Lonnie” business. Hopefully someday, both our companies will be big enough to require a team of lawyers! But not now.

If you have DOW, (and you better), reread the chapter called “How to stay in a zero tax bracket”. As far as simple contracts and forms for your first deal, DOW has all you need (believe me, you’ll figure out ways to make it more complicated 4 or 5 deals down the road!)

If it’s info you want on how to structure your new business, I’ll give you a hint on where to look: www.amaz??.com

I’ll do you one better: Go do your first deal, tell us about it, and I promise that either I or someone else on this board will tell you what to do next as far as taxes and setting up a corporation.

Good luck and get to work!

patsears

Any Money in mobiles - Posted by Jen

Posted by Jen on May 28, 2006 at 09:31:40:

I just read and reread lonnies deals on wheels book.
i was so excited to get the info on mobiles, since they are everywhere and NO ONE gets financed for them,. i thought great something I can do in real estate.

But then became quite discouraged. He says he averages 1 mobile a month, and makes $10k a year. UMM… only 10k/year.
i think i made more than that when i was working minimum wage. i dont understand. did i miss something. i thought that was all he did, and he was wealthy by doing it. well in my opinion 10k a year is far from wealthy. can someone explain exactly what the avg sold is, and is it possible for someone new, like me, to average more per month or make TONS of money, not minimum wage??

Re: Any Money in mobiles - Posted by Corey

Posted by Corey on June 10, 2006 at 19:12:03:

Jen,
First: Lonnie’s deals outlined in his books are all PASSIVE income (remember from your reading that passive requires little time or effort once the deal is done…“no time clock to punch, just wait for the mailman” I think is how Lonnie put it once).
Second: for only doing a couple hours worth of work, I’ll be making at least $3000 a year for the next few years, all the while I’m receiving a my salary as an educator and doing what I love doing…teaching! Lonnie’s example in the book show you what you could and should be able to do as you are getting extablished in MH investing, while still working at your job. To answer your question, YES! You have done plenty of work (more than I did when I did my first deal), and are going to do great if you just listen to the folks on this site telling you to "JUST DO IT!"
Wish you luck,
Corey

Re: Any Money in mobiles - Posted by Don Wilson

Posted by Don Wilson on May 28, 2006 at 18:54:10:

“I want to know more about the contracts, and the next step…”

Jen read the book again and look at the purchase agreement in the back of the book. It is one page long and thats all it needs to be. Remember that Niki commercial a while back…“Just Do It” Well its true, its the only way to get started. Don’t have analysis paralysis. Sooner or latter you just have to DO IT.

To your success,

DW

Go for it Jen! (long) - Posted by patsears

Posted by patsears on May 28, 2006 at 13:02:46:

Jen,
Last August, I split my $50,000 401k in half, putting $25k in an Equity Trust Co. self-directed 401k for mobile home investing, and keeping the other $25k in my 9-5 job’s plan (my wife’s requirement!)
Since then, I have done 14 deals (some in my tax-free 401k account, some in my taxable S corp mobile home business account), and have increased my 401k’s value to ~$50,000. I did this while also having a new baby boy, and moving into a new home 2 hours away from all the parks I worked so hard to get into.

In the next 3 months, I fully expect to add another $25k to my 401k as I tie up some loose ends, for a 200% net return in my 401k. This also does not take into consideration the 3 FREE HOMES I’m getting from one of the new parks I’m going to be working in (it’s amazing what a box of truffles will do to a park manager’s attitude), and the 2 acre lot that I bought in January that fronts the main highway in an exploding area that has probably gone up in value $10-$20k just since then.

Jen, I’m the king of impatience, so I know where you’re coming from. Just do your first deal, and you’ll begin to see the possiblities. Keep studying anything related to mobile home investing, or for that matter real estate investing in general, as well as business books on deal-making (Donald Trump’s books would be a great place to start). I also like to listen to audio books while I’m driving to and from work. Right now I’m listening to Jack Welch’s book, WINNING.

Give it a try Jen, 'cause nothing ventured, nothing gained…

Patsears

p.s. The other half of my 401k that is still invested in my companies’ mutual fund, is up around 5% for the year. Yahoo!

pushing a string - Posted by Anne_ND

Posted by Anne_ND on May 28, 2006 at 11:10:28:

Jen,

While I appreciate that your question is sincere, you are going to have to do some work yourself here if you expect success.

Yes, you can make tons of money if you open yourself up to it. Right now you’re concentrating on the wrong thing.

Anne

Re: Any Money in mobiles - Posted by Ryan (NC)

Posted by Ryan (NC) on May 28, 2006 at 11:05:05:

I’m not sure where you got this 10k per year thing at since it is entirely possible to make more than that in semi-passive income each and every month given enough compounding time.

From your post it appears that you are looking for a get rich Quick & Easy program, don’t fool yourself this ain’t it! (And I doubt it exist) You have to work a little to get the incredible yields that we get here, but once you get started you get to set your own income level and how fast or slow you want to grow. Seeing as you’ve taken the first step and read DOW, there are no limits and no one can hold you back but you… get out there and try a deal or two step by step outa DOW and see if you like it.

Best wishes,
Ryan Needler

Re: Go for it Jen! (long) - Posted by Jen

Posted by Jen on May 28, 2006 at 17:18:14:

Thanks pat.

It is true I am impatience, but I am also trying to do things right. Tax info goes clear over my head, and I was told to hire an attorney before doing the first one. though I have already found 3 that seem to be workable. But I dont have the cash to hire an attorney so they can explain to me the ins and outs of taxable income. (that would be a long meeting first of all)
I am just wanting to have my ducks in a row before I start meeting with sellers and potential buyers. I am trying hard to better understand these contracts. Maybe I am moving too fast without knowing, but I am very excited to get started, esp, with the weather change.

Re: pushing a string - Posted by Jen

Posted by Jen on May 28, 2006 at 17:20:56:

Anne,

I am not sure I stated anything about not wanting to work. I just want to better understand how this will work. I want to have all my ducks in a row first before I jump off the cliff. I am not sure how to move forward. I have already gone through all the parks, and have found a dozen mobiles worth looking into,. i have met with managers, and told them what i was up to. i have met with sellers, and have talked to some buyers, I want to know more about the contracts, and the next step.

Re: Go for it Jen! (long) - Posted by Tony in CT

Posted by Tony in CT on June 09, 2006 at 15:31:07:

Jen,

Contact an accountant. Many will lead you in the right
direction with hopes you will come back to them once you
have made the big time!

Tony