How did you start paying for mobiles?? - Posted by LeonNC

Posted by LeonNC on February 23, 2002 at 02:44:13:

Hey Scott,

I just wanted to publically thank-you for allowing me to come up and visit you. I drove two hours each way to visit Scott one saturday for a few hours of riding through mobile home parks. There is no better education than that I can tell you. Scott took me around to many of his mobiles and showed me what a deal looks like. I had a good time playing what-if and how-much for the afternoon.

Scott is one nice guy. I think the first time I posted on this group he offered to help me and has done everything he can to help me see the light. Scott’s a soft spoken, BIG guy. You can’t help but like someone like that. Scott I hope we can hook up again sometime in the near future. If you and the family ever get down this way you’re always welcome to come on over.

Again, thank-you Scott


How did you start paying for mobiles?? - Posted by LeonNC

Posted by LeonNC on February 22, 2002 at 12:07:57:

I’ve got a question that’s been eating at me. I’ve got a plan to buy mobile homes using money earned from another conventional type business that I have. Mobiles are where the money will go…probably.

My question is…how did you start buying mobile homes? I’m looking for people who have a dozen or more. Did you have the cash already to spend or did you finance the purchases. How did some of the legends on this newsgroup get started? With money or what?

I’ve got an equity line of credit but I’m hesitant to use it. It just makes me a little nervous and I figure it’ll run out sooner than later. There again I would be back at the same question. How did you get started?

Man I hope some people with a bunch of mobile homes step up to the plate and give us some answers. This might be very helpful in getting me started.



On time, every time - Posted by DougO(NM)

Posted by DougO(NM) on February 22, 2002 at 21:13:49:

Is the only way to pay! I mean it. We started with a personal line of credit, we now have several. Because we pay our bills! Everyone of us need to cultivate financial friends, friends that can we can help while they help us. (This even includes bankers and credit card companies) Unless you are sitting on a pile of cash from other sources, (which I take not to be the case hence the question) most of us need two groups of investors (1) Short Term, & (2) Long Term. We use the short term, (personal cash or credit, business cash or credit, investors cash or credit) to buy the homes and fix them up. Once sold, we cash out our costs with a long term investors, and keep the tails of the contracts. (And nothing says that the investor can’t be both long term and short term)
Depending on your arrangements with your investors, I suggest you consider several things. Investors supply costs only. You keep your downpayments to build up your own working capital, don’t spend them on groceries unless you have to. Depending on your market and how many deals you want to do, you will reach a point where you will pay off the intial investors and get to keep the tails of those contracts. Keep working. The idea is to get to a point where the business is self funding. (Enough payments coming in monthly to buy more units) All things considered, after you pay your investors for a while and don’t get mixed up about whose money it is, you shouldn’t have any problem borrowing more.


Re: How did you start paying for mobiles?? - Posted by GerryH VA

Posted by GerryH VA on February 22, 2002 at 15:53:46:

I agree with Scott. I am an engineer and always go through the thousand what ifs and end up doing nothing. It is a good idea to do your homework but don’t get scared into not spending money for future cash flow.

I use a home equity line, some cash, and personal line of credit. I anticipate that I will eventually replace some with business loans.

Re: How did you start paying for mobiles?? - Posted by Charles K. Clarkson(TX)

Posted by Charles K. Clarkson(TX) on February 22, 2002 at 12:46:58:

“I’m looking for people who have a dozen or more.”

I currently control 8.

“Did you have the cash already to spend or did you finance the purchases?”

Both. I paid cash (9k) for one with land and paid half (12k) up front for 7 (10k still due).


Re: How did you start paying for mobiles?? - Posted by ScottS(NC)

Posted by ScottS(NC) on February 22, 2002 at 12:29:03:


Hey how’s it going havent heard from you in awhile? I used my home equity line ran it dry then got a business line of credit payed off the home and am working on the business line and cashflow now. I have a good relationship with my bank. They took a look at the cash flow of my notes and gave me a business line of credit. Leon seriously be carful not to get analysis paralysis, my moto is at these yields use ANY money you can get your hands on, eventually cashflow will take over. You have my number feel free to call me if you want. HTH Take Care ScottS(NC)