Getting started with mh’s isn’t a bad idea I don’t think. Let’s face it they are a heck of a lot cheaper than sfh’s. But don’t REHAB them, sell them as is, just offer owner financing.
I suggest you buy both of Lonnie’s books on this website before you get started. They will walk you through mh deals. Also, you’ll want to do a search for mobile home parks online in your area and DRIVE AROUND looking for mom and pop parks that WON’T BE LISTED ANYWHERE! That’s the key here, look for the little mom and pop parks. If you have to drive out of your area a little ways, by all means do it.
Good luck,
CAREY
P.S. for more info. on mobile homes, check out the mobile home discussion group on this website!
Go to www.bigbook.com and do a “distance search.” Search for “Mobile Home Parks” within 10 or 15 miles of your address. You will be surprised. Also, check out the yellow pages.
There is a Mobile Home newsgroup here that should be very helpful.
I’ve never worked with MHs. Before they split it off as a separate newsgroup, these MH investors were very active here…in fact I used to hate to wade through their posts.
However, I’ve always thought this would be an excellent place to start RE investing. Although some seem to make a lot of money doing this, it also seems like a great training arena for bigger things.
It would probably give you great experience with negotiating, creative financing, contracts, etc. All with relatively small financial risk.
Also, you might be surprised at the number of MH parks near you. When I briefly considered this arena, I assumed there were few (or none) where I am. I found out otherwise.