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.