I am just starting my intro to Mobile Home Investing (you can tell because I screwed up my profile name), I have read Deals on Wheels and Make Money with Mobile Homes three times each, Mobile Home Wealth twice, and Invest in Mobile Homes with Land only once (sorry Tony) I think it was John Fedro who says you should look at something like 30 to 100 mobile homes before you make your first bid.
I wanted to start doing that and went to the mobile home park near my home on Saturday. I planned to start there and work my way into Tulsa Oklahoma, but when I went into the first Mobile Home Park and told the manager what I wanted to do she told me that no one is allowed to do the Lonnie Deals anymore because of the Safe Act. I asked what the Safe Act was (I felt really stupid) and she did not seam to really know anything other than a Mortgage Originator and lawyers had to be involved and that cost is killing Lonnie Deals.
I came straight home and have been trying to find information (here and other places) since Saturday afternoon …it looks like a whole lot of people standing on two sides of a fence each taking a side but not knowing what the issue really is.
I know there has to be a way around this, but short of paying a real estate lawyer (and I really don’t have the money to do that, I am working 12 hour days to save up the money for the Lonnie Deal that gets me started, and that’s hard enough with a one hour drive each way to work and back) I see that Rachel Hernandez on her blog Adventures in Mobile Homes doesn’t really address the issue other than to say she has some way of dealing with it that she can’t get into.
I guess to make a long winded question longer… Is There Anyone who is really doing Lonnie Deals who knows anything about the Safe Act and how it effects Lonnie Deals, Do I have to pay some Mortgage Originator and then facture that in to the price by extending the time or charging more? I know I am doing this all backwards. My plan was to buy a couple mobile homes and then use that income to buy a mobile home investing courses but now I’m even more confused. Can someone help me understand?