Mobile Home Park Experience - Posted by Ernest Tew

Real Estate Investing Mobile Homes & Mobile Home Parks
#1

Posted by Ed Ortiz on December 01, 2000 at 10:57:05:

Congratulations!!! I visited your website and it looks really interesting. I’m also in the military and do REI on my “spare” time. During this year I rented out a couple homes, bought a small mobile home park and done three Lonnie’s with two more for sale right now. All of this while beign on TDY (gone away from home) for 4 1/2 months. I’m about to go back home(in 15 days) and I want to get Hot and Heavy on REI again. I’m interested on exploring other areas of REI and Lease options and rent to own deals sound really interesting. Can you give me any pointers as far as what courses and info has been the most valuable to you. Any help will be greatly appreciated.
Thanks,
Ed Ortiz

#2

Mobile Home Park Experience - Posted by Ernest Tew

Posted by Ernest Tew on November 29, 2000 at 05:14:27:

For any of you who might be interested in or thinking about acquiring a park, CRE has just published a short story about how another member and I acquired a 69 space park at a bargain price with no money down except for fix-up costs.

Just click on “success stories” under “Inspiration” at the left of the screen.

#3

Re: Mobile Home Park Experience - Posted by SteveC_GA

Posted by SteveC_GA on December 01, 2000 at 05:24:18:

Ernest,

I never really thought of our deal as being a “success story”, but once you look at it from an outside perspective, it might be. I make it a habit of making money when I buy things, so the whole deal wasn’t unusual for me. Since I’ve mainly dealt in SFR’s in the past, taking on a MHP was a little different. However, I look at the park as several small deals as I sell the MH’s and carry the paper.

One thing I would like to pass on to all of the readers on this forum is that working a full-time job outside of REI is not impossible. You see, I fly airplanes for the Air Force on a “more than full-time” basis and I’ve been able to do 12 “house” deals this past year, along with this 69 unit MH park. It’s hard at times, juggling everything, especially when I’m marketing a home or supervising the rehab of 5 or 6 MH’s at one time. However, it’s not impossible and the rewards are more than worth the hassle.

I know there are many of you who will read this post who have convinced yourself that you don’t have time to get out and make a deal. I used to do the same thing. Getting started was the hardest part. Thanks to those people who encouraged me way back when to get off my butt and get busy. I owe them plenty.

By the way, I plan on documenting the entire rehab process of this MHP on the Internet at my website:
www.4RentToOwn.com

Thanks Ernest for your help on this MHP and I can’t wait to see just how much money we end up making from this deal.

Steve
(Shooter)

#4

Re: Mobile Home Park Experience - Posted by WayneMD

Posted by WayneMD on December 04, 2000 at 10:59:51:

Steve, that’s a terrific site. Gorgeous properties too. I have Lonnie’s books and Ernest’s, but I also want to do signle family homes. Looks like you are big on L/O and Foreclosures. Which books or courses did you find most helpful in getting you off the ground?

#5

I’ll buy’em, you fly’em - Posted by Karl (OH)

Posted by Karl (OH) on December 01, 2000 at 15:29:25:

Hi Steve,

I’m a civilian engineer for the Air Force stationed at the GE jet engine plant in Cincinnati. We buy the engines and spares from GE, and administer the contracts for the Air Force. What do you fly? Any GE engines under your butt?

As exciting as it’s been pushing paperwork around for the gov’t, 14 years of this has been long enough. I’ve been doing MH deals evenings and weekends for almost a year now. Early retirement is just around the corner. I can’t wait to do MH deals full time.

Sounds like your business is cranking. Looking forward to reading about the MHP rehab.

Karl Kleiner
(Slide Ruler)