HELOC on my Mobile?? - Posted by Billy CA

Posted by Dr. B (OH) on August 22, 2003 at 21:05:56:

What is your PM doing with these things now? If he’s already making a buck flipping them, maybe you can work out a deal with him where he gets 'em, you fix 'em and you split the new buyer’s downpayment and monthly pymts. That way your only investment is time. But, you’ve got to trust the PM not to screw you.


HELOC on my Mobile?? - Posted by Billy CA

Posted by Billy CA on August 15, 2003 at 09:29:10:

I’d like to begin investing in mobiles. There are quite a few in my area that I can buy cheap and flip with a little fixing, but I don’t have the cash.

I think my double-wide is worth around $20,000 and I’d like to get around $6,000 for investing/flipping. I have ‘Deals on Wheels’ and I think I can be successful.

Can anyone here suggest where I can got to find a lender on my mobile? Friends and family are pretty much out. Also, what rate of interest can I expect to pay at this time?

I called my bank, Wells Fargo, and they said they’d refer me to someone else, but I haven’t heard back from them yet.

Thanks, Billy

Need more imput–many a slip between cup & lip - Posted by Dr. Craig Whisler CA NV

Posted by Dr. Craig Whisler CA NV on August 15, 2003 at 14:17:01:

What Year, size, make, model and how many bedroms, condition etc? Is it in a park or on your own lot? What do you base your numbers on? What part of CA?

I think it would be very inadvisable for you to borrow against your home to “experiment” in investing. There be many a slip betwixt the cup and the lip.

Good that you have the book but you need to understand that many try and few succeed. You can learn to do this and you can become successful, eventually, but to risk your home on your first attempt to enter this business would not be a good idea, unless you have enough income from OTHER sources to repay the loan on your own mobile home/residence if you should make a mistake on your first try and loose your money.

We ARE here to help you BUT it would be better if you could save up your initial working capital from earnings instead of borrowing it. You could probably start with $2k-$3k if you work at it hard enough, unless you live on the coastline.

Regards, doc

Starting small - Posted by Billy CA

Posted by Billy CA on August 15, 2003 at 15:09:47:

Thanks for the response Doc,

I was thinking it over earlier about the amount of money I’d need, and I too think that I’d like to risk less money.

In my park, which is in a gated community, many single wides have gone to the park because of unpaid lot rent and the owners skipped out.

I was hoping to pick one up cheap, agree to pay lot rent while I find a buyer, sell, or get a thousand down and finance the buyer for the rest.

I’m in Kern County. I figured the value of my double wide by comparing the recent sales prices of other dbls. in my park, but I may be a little high on the price, pride and all. Maybe it’s worth $18,000.

What do you think of my plan? I might be able to get these old singles for maybe $500(free?)

I sure would like to figure out a way to earn a little extra money. I’m almost a licensed contractor now, so I’m very handy. I do work for my Paark Manager occasionaly so we’re on good terms.

Thanks again, Billy