Posted by Ben_WA on August 19, 2003 at 23:36:37:
nt
I cannot believe this - Posted by Randall
Posted by Randall on August 19, 2003 at 22:53:28:
I just read a few of the most recent posts and I have one thing to say.
Please get out of real estate investing. I mean if you are worried about being able to rent out or sell a property then RE probably is not for you. Also if paying the park rent bothers you , you are going to be in for alot of diappointment. Tennants move out and you WILL have to do some refurb.Who will pay the park rent then?
Don’t get me wrong there are alot of people that post messages with real problems that need real attention. But if you don’t know a deal when it falls in your lap then you probably should look elsewhere to invest.
Re: I cannot believe this - Posted by Mark
Posted by Mark on August 20, 2003 at 10:59:17:
Randall:
As a complete newbie, I’m just trying to cover my bases BEFORE I make a wrong move. That’s why I come to this site … to learn from the pros. I want to learn HOW to spot a deal. (Like being in a restaurant, some things that fall in your lap are not necessarily good things!)
I’m terrified of doing my first MH deal, but that fear will not stop me. I was terrified when I first sat behind the wheel of a car on a public street, but I got over that too.
Your comments actually spur me on. I drove around on Sunday and could not believe the number of homes that were for sale in my area. Some of these MH owners have problems and we get paid for fixing the problems, when no one else will.
I think it was Henry Ford that once said that whether you think you can or cannot, you’re probably right.
Best Regards,
Mark
Re: I cannot believe this - Posted by Tony-VA/NC
Posted by Tony-VA/NC on August 20, 2003 at 10:12:50:
Although your advice is over reactive, unsolicited and blunt…it is not entirely inaccurate.
Real Estate and Mobile Home investing as a Business requires the same kind of details most any business does. Yes, you do need to have the money (or access to someone who does) to cover not only the cost of the home but the cost of repairs, evictions and lot rent.
With that said, mobile home investing (Lonnie style) is geared to keep these costs affordable. I would challenge you to find an investment that is less risky and still produces the kind of yields that Lonnie deals do.
Like you, I am not a strong believer in overnight success via highly leveraged real estate investments made by people who have no previous experience in real estate or business. Does it happen? No doubt. Is it realistic for many? I don’t think so.
A few deals at a time is quite reasonable and attained routinely by new investors here and elsewhere. The small amount of money needed to do a Lonnie deal makes them an excellent means of learning the ropes without having to work without a net.
Most people that post here do so because they are tweaking their system. Many of us try and temper their dreams with reality by providing advice to guide them away from trouble and into success patterns.
Your post did not do that and as such I believe your message is lost in your attempt at attention via a shocking type post.
Your chicken little based advice is not helping, in fact it may deter someone from simply trying. That very person may have been able to overcome fears through a bit of education and practice.
Had you offered a plan to overcome such fears and pitfalls, your post would have been quite welcome, enjoyed and valuable.
Tony
Send in the clowns… - Posted by Mr. C
Posted by Mr. C on August 19, 2003 at 23:34:38:
Piece of advise dude… shut up and go away before you make a fool of yourself.
Ooops… too late.