Greenhorn Question??? - Posted by Kristy

import · May 11, 2003, 2:23am

Posted by Brian on May 13, 2003 at 10:03:51:

Thanks Jacque for the detailed reply. I invest mostly in mobile home notes and some auto paper but I am always looking to learn something new.

import · May 11, 2003, 2:23am

Posted by Kristy on May 11, 2003 at 02:23:05:

Hi All,

I am new to this MH stuff, but not to investing. We have dealt with SFH at foreclosure auctions.

Now, this forum has intrigued me. We have lots of Mobile homes here and I seemed to notice by most of the posts that you all deal with mobile homes in Parks. Which seem to include lot rents.

Do you ever do deals where the owner also owns the land under the MH?

Now, I haven’t purchased any books, just starting reading posts on this forum, so don’t knock me too bad. I was thinking of studying more on this MH investing. We need to do something quick, as the foreclosure area has been pretty sad lately.

Thanks in advance for any answers or suggestions.

Kristy

import · May 12, 2003, 8:37am

Re: Greenhorn Question??? - Posted by Jacque

Posted by Jacque on May 12, 2003 at 08:37:17:

Hi Kristy,

The land/home deals are my very favorite deals. In my opinion they offer greater advantages over Lonnie deals in parks. I have all the control versus dealing with park managers and are the ?long-term? investments in my portfolio. I do these in conjunction with my ?park? deals and find the land/home deals easier to deal with on an individual basis. Not only am I forever gaining a payment on the dirt. It?s cheap and easy to maintain, but I generally can attract a better owner for the land/home deals.

It?s a great way to go investment wise.

Good luck,

Jacque

import · May 11, 2003, 4:21pm

We won’t laugh about the green thing. - Posted by Dr. Craig Whisler CA

Posted by Dr. Craig Whisler CA on May 11, 2003 at 16:21:46:

Some of our money is green too but we don’t snub it just 'coz its green.

Yes a lot of us specialize in mobiles on private lots. There are a lot more of us than you might think from reading this board. I believe this is the ‘only’ way to go when investing in mobiles.

Regards, doc

import · May 12, 2003, 2:23pm

Re: Greenhorn Question About Land/Home Deals - Posted by Brian

Posted by Brian on May 12, 2003 at 14:23:07:

How do you structure this deal? Do you buy the land & set up a home( sell home/rent lot)or is it an existing “package” you are buying?

import · May 12, 2003, 8:40am

Hey Craig. - Posted by Jacque

Posted by Jacque on May 12, 2003 at 08:40:33:

Nice to see you posting again…

How’s the California sunshine?

Jacque

import · May 13, 2003, 9:31am

Re: Greenhorn Question About Land/Home Deals - Posted by Jacque

Posted by Jacque on May 13, 2003 at 09:31:00:

Hi Brian,

I mainly buy existing homes on land. I have moved a few double-wides onto property - the property was all ready to go and had a previously existing mobile in place. I have not gotten into the development side of land/mobile deals.

I find the deals through referrals, a real estate agent and a couple of times just taking a drive. A few people have called on ads that I?ve periodically had running. The large majority come from word of mouth through friends, parks or the local dealerships in town.

I find the same thing happens with mobiles on land as in parks?..very rarely do you even know they are for sale. Most will attempt to list them with realtors and a few do sale. However, the large majority of listings either expire or sit for a very long time (I?ve seen them sitting for years).

How do I structure the deals? Most of the time these homes are paid off or have small loan balances. For awhile I was purchasing them via Lease Options - I?ve since stopped doing that now?..However, for someone starting out it could be a way to go - I would recommend you have some money aside for reserves if you decide to go this route.

Now I buy them directly via owner financing or cash them out. I have tried contacting the banks and attempting to negotiate a lower deal - I haven?t been as successful at that as other?s who are doing short sales, but I know it can be done. After listening to Dawn and Sharon at the convention I know why I haven?t been successful at that - I haven?t been presenting it well and I don?t have the patience to wait it out!

When I sell the home I sell it separately from the land - just like a ?Lonnie deal??The land is leased back to the buyer of the home.

Jacque

import · May 12, 2003, 9:14pm

Yes - Posted by Dr. Craig Whisler CA

Posted by Dr. Craig Whisler CA on May 12, 2003 at 21:14:47:

The possibilities and variations are subject only to the limits of your creativity. They all work if you do.

Regards, doc

import · May 12, 2003, 9:09pm

Hey Jacque. - Posted by Dr. Craig Whisler CA

Posted by Dr. Craig Whisler CA on May 12, 2003 at 21:09:45:

Hi, Jacque. Nice to learn that you are still alive. My office has been a real mess for months. I finally cleaned it up and found my computer again. :~) Craig

import · May 10, 2006, 12:11pm

Re: Greenhorn Question About Land/Home Deals - Posted by JC

Posted by JC on May 10, 2006 at 12:11:55:

How do you value l/h deal (mh + value of land), what if the home is vacant, or too old (then just land value only?)

"How do I structure the deals? Most of the time these homes are paid off or have small loan balances. For awhile I was purchasing them via Lease Options - I?ve since stopped doing that now?..However, for someone starting out it could be a way to go - I would recommend you have some money aside for reserves if you decide to go this route. "

Can you elaborate on disadvantage of l/o, and how much reserver?

Is the buying transaction similiar to buying SFH?