Deal Makers Guide to MHPs - Posted by Chuck

Real Estate Investing Mobile Homes & Mobile Home Parks
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Posted by TeddyB_SC on December 09, 2000 at 01:28:25:

Jeffery, the little tidbits you are throwing out have convinced me. My wife is pestering me about what I want for Christmas. Now I can tell her. DealMakers Guide to MHPs, Deals on Wheels, and Get Rich helping others.

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Deal Makers Guide to MHPs - Posted by Chuck

Posted by Chuck on December 08, 2000 at 16:15:26:

Has anyone ordered Ray’s book and computer disk about buying MHP’s? If so, what are the reviews?

So far I haven’t gotten any PM’s that want to let me play. However, there are many parks for sale. Maybe I can get one of my own to play in. I am really looking for the step by step creative ideas on how to do this with none or very little of my money.

Thanks

Chuck

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Re: Deal Makers Guide to MHPs - Posted by Jeffrey, ILMI

Posted by Jeffrey, ILMI on December 08, 2000 at 18:22:06:

Chuck,

I have The DealMakers Guide to Mobile Home Parks by Ray. I have found it useful.

My background is in commercial real estate, and recently I decided to very actively seek to acquire (a) mobile home park(s). I looked at one seriously before ordering the book, and have looked at several since. I have made use of the material in my search, and am sure that if/when I do purchase a park, it will save me lots of time.

Ray seems to be very competent and writes well. While I do not consider the book to be an in depth step by step course for the novice investor, there is no question you are better off with the book than without it. Just a couple of the ideas can easily save you many times the cost of the course. He does even offer some ideas on how to gain control with little or no money down such as master lease, although this is not covered in great detail.

To me, the material will hopefully help me avoid making expensive mistakes. Ray stresses the importance of Due Diligence throughout the entire acquisition process, pointing out several pitfalls (such as…check out how many pads the park is really licensed to have, among many others) and how to avoid them.

By the way, Ray advocates upgrading your park, and discourages filling your park up with obsolete homes. If you own the park you must consider the effect of each Lonnie deal on the overall long term value of the park.

Jeffrey