I know you have been asked this a million times - Posted by Randy From Akron Ohio

Posted by Randy From Akron Ohio on August 19, 2004 at 08:05:21:


Thanks a LOT for your input and suggestions. I look forward to joining the team of MH investors and maybe once I get on my feet again I can help out some other folks.

Thanks again

I know you have been asked this a million times - Posted by Randy From Akron Ohio

Posted by Randy From Akron Ohio on August 17, 2004 at 08:45:08:


I live in the Akron Ohio area and I am really new to this and really need some input, sugestions and help… Here is my story. I am newly divorced and during the course of my divorce we had to file chapter 7 Bankruptcy. Well I now rent an apartment ($800 per month). I would like to purchase a mobile home in this area for my main residence…It looks like I may be able to get by a lot cheaper doing this and then I will be a home owner again and not a renter. Also, I would like to try my hand at mobile home investing. I have ordered Lonnie’s book “Deals on Wheels” and will of course read it cover to cover. My problem is going to be financing. I have a good job, but my credit score is lower now because of the divorce and bankruptcy (probably less than 600). Does anyone have any sugestions? What is the best way to get started in this business? There are a few parks in this area and a good number of FSBO homes for sale. Is there anyone in the Akron area that has a MH for sale? I need help…

Thanks in advance

1,000,001 answer - Posted by Jeffery (LCLA)

Posted by Jeffery (LCLA) on August 17, 2004 at 09:21:49:

Read the book a couple of times. You really don’t need good credit to make it in this business, you nees some cash, quick thinking and problem solving skills. The only time that your credit will come into the picture (maybe) is when you rent some dirt in a park. I doubt that you will get turned down with a 600 FICO.

As far as that $800 rent goes, if you look hard enough, you can find a home for $800. Start saving your money and make larger deals. While you’re waiting on the book, read the classified ads in the paper to get a feel for the RETAIL prices of mobile homes. Tell everyone you know and come into contact with that you are a MH investor. I got my very first deal simply by telling folks what I wanted to do. The very best way to get started is to educate yourself and network with others. At first you will see other MH investors as competition, but they will be some of your best help. I have one MH investor that deals strictly with late model repos, he sends me deals when folks trade up. I have a park owner that also give me leads. I even took two MH’s off his hands when he was strapped for cash. He even gave me a lead on a free MH in his park. I paid $92 in back taxes, owner signed it over to me. Put in a couple of hundred bucks in sheetrock and floor covering and it was rented within a few days. since then, I’ve gotten all of my money back plus some and I’ve got a deal on the table right now to sell it for $4k cash or $12k rent to own. Either way, it’s good enough. Until you network with others in your area, the best leads will come from those FSBO. Learn to negotiate those FSBO homes and start making money. Another great source of info is in the articles here on this board. Good luck.

Jeffery (LCLA)

Re: 1,000,001 answer - Posted by rachel

Posted by rachel on April 11, 2007 at 21:35:01:

Hi Jeffery,

Just read your post about finding leads. I’ve been in the business for 2
months now. I had a question about working with dealers. Did you ever
find any good leads thru them?

Right now, I haven’t gotten any good leads thru the dealers. A lot of
their stuff are trade ins but the customer needs to sell them to get a
new home. Usually, 8k-13k for a singlewide in the 80s. Too much for
me. Plus, they need to be moved.

I know a few park owners in the area. I’ll continue to network with
them. Sounds like networking with those who are in the business has
worked for you.

So far, I am trying to concentrate my efforts on working in the parks
and with the park managers.

Thanks for your help!