Re: Mobile Home Park Experience - Posted by SteveC_GA
Posted by SteveC_GA on December 01, 2000 at 05:24:18:
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:
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.