MH's or SFH's? - Posted by Mike

Posted by Tony-VA on March 24, 2002 at 20:59:13:


MH’s or SFH’s? - Posted by Mike

Posted by Mike on March 24, 2002 at 12:01:35:

I’m about to move to a small town about 40 miles SW of Atlanta Ga. Been looking at and reading up on investing in SFH’s … BUT, found this forum couple days ago and have spent hours sitting here reading post. Question: For those with experience at both SFH’s & MH’s … Are MH’s simpler/better/easier to deal with than SFH’s (for a newbie like me)? I’ll have about 8-10K to work with when I move (in about 4 months)& from post I’ve read, more can be done with that amount investing in MH’s than SFH’s. Any suggestions or comments would be appreciated. BTW … this forum seems like a goldmine of info in itself! And I do intend to order the DOW book too. Thanks for any help/suggestions :slight_smile:

Re: MH’s or SFH’s? - Posted by Kathleen Cory

Posted by Kathleen Cory on March 24, 2002 at 16:45:10:

Hi. I can only give my opinion. Not sure if it is the BEST route, but this has worked well for me. I try to cultivate leads for SFH’s. I am quite strict with myself on the criteria for buying them. I will only buy one’s that I can get into for a little cash. (or none)I try to save all my chunks of cash for MH’s and only do Lonnie deals.

The combination yields long term networth building benefits (SFH’s), while the MH’s are useful for quick gains and great cashflow.

The greatest difficulty for me is to resist the urge to build my SFH purchases faster, and I end up comprimising and using too much cash.

With the amount you have, you could do a couple solid Lonnie deals, and keep a thousand or so for closing costs, etc. if a no/or low downpayment SF comes along.

Both!! - Posted by lyal

Posted by lyal on March 24, 2002 at 15:47:37:

I don’t think you want to exclude any investing opportunity especially when you first start out. I live in an area where the market is very hot for homes and have been struggling with finding the key to locating the deals (done the newspaper ad long term, business cards, flyers, mailers etc). I just finished a rehab on a small SFH (in my opinion absolutely the HARDEST way to make money in real estate by the way), done a few lease options etc. but the avenue that has been most productive for me is mobile homes. I’ve been working at it for a few years now and I’m to the point now where people and park managers call me with deals (right where I want to be with SFH’s).
If you follow Lonnie’s plan and come here with questions, it’s very forgiving and gets you involved in the basics you’ll need for any investing you want to do like prospecting, negotiating, networking, selling, running a business, etc.
An added bonus is that the income from the mobile home notes I’ve created supports my other efforts so my wife (saint that she is) doesn’t need to worry about me spending the grocery money for this stuff (builds a “foundation” and creates excellent tax deductions by the way).
All the best, Lyal