How do I get started in MH investing? - Posted by Mike

Posted by Dan (MD) on July 01, 2003 at 21:18:47:

Hey Phil,

I just can’t beleive this gig we’ve got going…I just sold my Double Wide today for a $1000 down (not as much as I wanted but…) $600/month for 4 years…can’t beat that cash flow, making 23 grand on this one (over the four years) I’m just sitting here shaking my head right now with a big fat smile on my face…

I may have found a cash buyer today too (it was a good day), I have a very very nice 3/2 in my lower end park, but as I was showing it to a lady, one of her friends stopped her car and yelled out the window “wow that’s a beatiful home” I told her it was for sale and she completely flipped out when she saw the inside…here’s where it gets good, she is getting an injury settlement on the 20th of this month and she wants to pay me out cash…that’ll be a $11,000 profit for less than a weeks worth of work. Though with all thy “cash” buyers I’m taking this with a grain of salt (but it doesn’t hurt to dream a little about it does it?)

I have found a gold mine as well…there’s a park on a small military installation near DC that is closing…all the homes have to be moved by next july and I have been in contact with 6 people up there already. There are 20 homes left, thinking I can get at least 7 to 8 of em.

This is where I got the home for the “cash” buyer above. Got a great price because it had to be moved and I got my mover down to $1000, not going to be able to beat that I don’t think…been trying to use Doc Whislers tax lot trading, but I haven’t had much time looking for a boondocks piece of property to get…still working on this one

Talking with my CPA today, still trying to decide if I want to file as an S Corp or LLC (I have an LLC but you can elect to file it as an S Corp…so far from what I can tell that the S corp is less likely to be audited which is good, but it’ll cost another $400-$500 for the second tax return (in addition to th $350 for my personal return), but then all you put on your personal return is the K-1 line showing how much you made from your S Corp, as opposed to putting all the deals my Schedule C…decisions decisions. I’m going to have a HUGE tax bill this year which will suck but it does mean that I’m making money which rocks…

How’s your park deal going?

I guess I’ve been rambling but I had a good day today :slight_smile:



How do I get started in MH investing? - Posted by Mike

Posted by Mike on June 27, 2003 at 14:00:33:

I am a newbie investor with not alot of knowledge about MH investing, but it seems like the way to go with not alot of money. I originally wanted to start off as a bird dog for residential property, but it does’nt look to good here in tallahassee. I’ve been to investors meetings and did’nt get alot of interest, so I think it might be time to jump in on my own or find someone who has money but no time. How would I go about getting financing for MH’s? I don’t have alot of cash and have a decent credit score(630)but, my debt ratio is high. Any suggestions as to how to get the ball rollin?

Re: How do I get started in MH investing? - Posted by Phil Pelletier

Posted by Phil Pelletier on June 30, 2003 at 17:47:02:

If you would not perform surgery without getting some training, don’t even think about buying an in-park mobile before you FINISH reading Deal on Wheels. It’s that simple.

Phil Pelletier

How’s it going, Dan from Maryland?

Re: How do I get started in MH investing? - Posted by Dan (MD)

Posted by Dan (MD) on June 27, 2003 at 17:25:56:

Buy Deals on Wheels, you can get it on this site for 30 bucks…that’s the place to get started