Posted by Robert McNeely on June 17, 2000 at 07:41:12:
I talked to a guy who offered and got accepted the following offer. He would pay $100 per month, nothing down, and no interest, and the title had to be transfered lien free at possession. Only the most motivated would accept, but he was doing deals.
MH Investing w/ no $ … Suggestions? - Posted by Jeffrey Short
Posted by Jeffrey Short on June 17, 2000 at 06:32:18:
Hi all…
I have been interested/curious about REI for over a year now. After looking over everything, I felt that there were two ways that I could “easily” get started… one of which was MHs.
I have Lonnie’s two books and have read them both… note “read” not “studied”.
However, what has been keeping me held back in all of this is that I have very little money available to purchase a MH. I realize that the homes that are purchased don’t cost much, but I don’t even have that.
In thinking this through, I thought about putting a test ad out and getting buyers first… then looking at the parks. Is that a good way to get started… or should I talk to the parks first?
In addition, I plan on incorporating my business. Should that be done first before making deals? Can I use my company’s name before incorporating it?
Thanks,
Jeff
Re: MH Investing w/ no $ … Suggestions? - Posted by Kristine
Posted by Kristine on June 18, 2000 at 12:04:31:
Jeff: I think there’s alot of ways to do a Lonnie deal with very little (or no) money of your own. One way would be to find someone who would put up the purchase money. You could then split the note payment. Your buyer’s downpayment could be worked any number of ways. You could give that to your investor (good incentive for them to invest if they get back part or all of their investment money asap), you could split it, or you could keep it for yourself as payment for the deal.
Do the the test ad. It made a world of difference for me to find out what kind of buyers are interested in these deals. I ended up with 45 calls in 10 days. A pretty good investment for $20.00. While most of the people who called me were not people I want to do business with, several people were very good candidates, with credit, with downpayment, etc.
If you are in an area where you can buy mobile homes for Lonnie’s kind of prices (under 3K), you should be able to find an investor interested in putting up that kind of money for a very good return in monthly cash flow.
Also, read all the messages on this board. Many people have asked about start-up money and other good questions. A wealth of information is right here.
Hope this helps–Kristine