Posted by Philip on September 05, 2003 at 22:54:38:
The book is NOT a gimmick. The methods have been perfected by this man. When I “tweak” it…sometimes I fall flat on my face. It is all very simple. No I don’t live in California…but people do, and make it work. Adjust the numerical ratio’s upward and know your local market.
And don’t take offense to this board. They will educate you for free. Try the archives here also.
Good luck,
Philip
Mobile Problem - Posted by Frankie
Posted by Frankie on September 04, 2003 at 14:02:03:
I find some of the information on the website very useful.
I am finding myself encountering a few problems.
There isn?t enough Mobile Home park as it is.
120 space mobile home park, has recently been sold near here. Making that 120 owners either going to sell it cheap or move. Finding a vacant mobile home park will be more difficult.
Movers charges somewhere around $1,000 to $10,000 to move your home.
I am currently trying to decide how to go about buying a ?1961 2 bedroom Anderson home,? with no place to put it. I had plan to buy the home with my tax return, and fix it up. But I would still need a location to put the home some place so I can do some re-storing. It?s pretty much a classic. It would also need a whole new paint job on the outside, but not needed.
I would love to go into this type of business. Buying, Selling, and Renting mobile homes. But it?s back to that darn location problem again. I also don?t have any money to start this type of business. I am just trying to be a little creative with the tax return coming in.
I recently contacted a friend, to see about having them invest their own money into buying or creating a Mobile Home park. It?s too early to tell. They are waiting to sell their home first, before they could start thinking of investing again. (They buy and repair homes, to resell them later.)
I hope you will be able to help guide me into this avenue. Please share any thought you may have.
Sincerely,
Frankie
Yikes! 29 responses and only one… - Posted by Dr. Craig Whisler CA NV
Posted by Dr. Craig Whisler CA NV on September 06, 2003 at 18:39:59:
…noticed the hidden opportunity in this situation. There were many good suggestions but only Tony saw the REAL money in this scenario.
Who wants to compete with 120 others, all trying to do the same thing at the same time? No money in doing that. Why not be the only ONE who is selling developed mobile home lots to move some of the nicer mobiles to.
Look in archives. Loads of articles on how to develop your own lots. Other posts on how to find fully developed lots that don’t presently have mobiles on them.
Other posts on how to do this with 100% financing thru hard money loans. No credit required. No job required. No cash needed. No downpayments. Bad credit
OK.
You’ve got a million dollar opportunity. Don’t ruin it with two bit solutions. Go for the brass ring. Offer a dozen developed lots on an AUCTION basis, through a mail-out ad, to the 120 folks who have less imagination than you.
Why do you suppose they call it CREATIVE real estate investing?
Regards, doc
First thing you need to do… - Posted by Lyal
Posted by Lyal on September 05, 2003 at 07:46:58:
Frankie,
As the others have said here, you need to realize that this is an opportunity. You have a boat-load (okay, park-load) of potential “motivated sellers” here which is what we work hard to find.
Go to “www.bigbook.com” and look for ALL the mobile home parks within a 30 mile radius or so. Next check the county assessor / treasurer’s offices and see if you can get a list of all the mobile home parks in your county (you can bet there are more parks that you’ve never noticed than you’ll ever believe). Check surrounding counties too. Start checking these parks for empty spots and see what the criteria is to move homes in. Find spots to move homes into and you’re all set to buy at rock bottom prices and sell for a good buck.
The lack of money is another issue but it’s something you can easily deal with with some education. Buy Lonnie’s book (Deals on Wheels) and it’ll show you how.
All the best, Lyal
PS: Forget the 1961, it ain’t no classic, it’s junk.
Re: Mobile Problem - Posted by Greg Meade
Posted by Greg Meade on September 04, 2003 at 21:05:41:
Frankie…i see homes all the time where out of state buyers buy a nice acre that has huge oaks, flowerbeds, driveways, etc. and a 1984 d/w metal on metal that is pristine. The new owners want ot build a 300k home right on this site so they start placing ads…free to good home, etc. I have a very good friend that has a 5 acre retail lot full of these homes and got every one of them not free, but pay him 2-4k to tear down and relocate to his lot!!! Has a whole field of gorgeous decks, etc that he picks up with cherry picker and loads on flatbed. Does tons of $$$$$ just selling these(extra for delivery, of course). IMHO you need to affiliate with a used mobile dealer and start the search now for motivated sellers. This really is quite common here…the choice lots are taken and now waterfront lots are being sold with 200k homes 8 years old and being demo’d to make room for 1m dollar homes! Make the circumstances earn you some dough if you can! Good luck
Re: Mobile Problem - Posted by Chuck
Posted by Chuck on September 04, 2003 at 17:37:24:
Phil seems to think I’m tough… Phil doesn’t know me very well.
Here’s tough.
Frankie… your an idiot, and I can prove it… (by “idiot” I mean that you have just enough info to be a danger to yourself).
Case in point…
A mobile home park in your area is shutting down, and 120 homes are going to have to be moved. You see this as an opportunity… when it fact it’s a crisis… you stated as much when you said that there was no place for these homes to go to. You went on to say that you were looking at 1961 2 bedroom unit… not knowing that it’s pre-HUD, meaning that it has aluminum wiring that will have to be replaced if you buy it, manage to find a site to place it on, cover the cost of moving, refit, and repairing whatever other gremlins come up during all this, including the cost of the home, lot rent, advertising, etc… etc… etc… and your working capital is a tax refund check… which means you have limited funds and can’t afford to make ANY mistakes.
In short… what you don’t know is about to bite you in the butt.
I’ll now refer you to my first post on this topic… http://www.creonline.com/mobilehomes/wwwboard4/messages/30709.html
Re: Mobile Problem - Posted by Chuck
Posted by Chuck on September 04, 2003 at 15:33:02:
Spend $30 and buy this book - http://www.creonline.com/catalog/b-103.html
Then spend the next 30 days reading until your eyes bleed.
Then spend the following 30 days reading every post in this forum and the archives.
Then, and only then, will you have enough information to begin making decisions that won’t bite you in the butt.
The next step is yours… weather or not it’s a regretable one is up to you.
Re: Mobile Problem - Posted by Phil Pelletier
Posted by Phil Pelletier on September 04, 2003 at 15:26:36:
Frankie,
Your intention is good, but your choice of a first home to rehab is probably going to turn out to be a poor one. Any home build prior to August 1976 will have to be brought up to the current standards of code inforcement for a livable dwelling. That is a fancy way of saying you will have to completely re-wire the home electrically, and the home will be too expensive for you to own, my man.
In my opinion, a 1961 home should be retired to the great mobilehome park in the sky. If you have to move the homes, try to purchase some of the newer ones that will need less intrusive rehabing.
Think about adopting a child, and then having to have all their veins and arteries replaced with updated models. The re-wiring problem is just the beginning of your problems with a home that old.
This is a business of “motivated people”, not “cheap property”. Find someone who has a 1977-1982(?) three bed singlwide home. Those things are great money makers. They move like dream and they sell like a doublewide (three bedrooms!). The three bed singlewide, in my opinion, is the crown jewel of mobile home investing. The 1961 two-bed is the court jester; While mildly entertaining, it will ultimately cause you a headache.
Phil Pelletier
Re: First thing you need to do… - Posted by Igor
Posted by Igor on September 05, 2003 at 10:27:16:
So lets say I buy a bargain single wide MH for like $3,000. I look in a MH park with a free spot and acceptable criteria where comps are selling for around $30,000. So I could make 10x the profit on that mobile home (subtract expenses for transportation, concrete, paint, etc…) and possibly make around $20,000? Is that how it works or am I missing something?
I just HATE it when… - Posted by Lyal
Posted by Lyal on September 05, 2003 at 13:18:07:
you take the subtle approach!!!
B-)
Lyal
Re: Mobile Problem - Posted by Bert NH
Posted by Bert NH on September 04, 2003 at 19:12:30:
OK Chuck, the guy’s a little wet behind the ears, but lay-off the name calling. I think what you and Phil are saying is good advice and I’m sure it will be heeded.
Frankie, take this as a lesson which your friends here have helped you with. Keep reading and looking - You’ll get there soon enough.
Re: Mobile Problem - Posted by Phil Pelletier
Posted by Phil Pelletier on September 04, 2003 at 18:13:09:
Again, Tough croud! But Chuck is correct. You could get yourself into a real bind with that home. Don’t buy it. It will only bring you “ruination and dispare”. What great Ang Lee movie is that line from?
Phil Pelletier
Re: Mobile Problem - Posted by Frankie
Posted by Frankie on September 05, 2003 at 14:17:26:
Dear Chuck and perhaps Phil,
I would only be an idiot if I didn’t ask any questions.
It seems to me that my intention was not clear when I was sharing the information I had at hand.
I came across a Single Wide, 1961 Anderson Mobile Home for just $1,000. The Mobile Home is in excellent condition. From my eyes, it just needs a new paint job on the outside. Everything inside is in its original wooden style.
At first I was trying to picture on the idea of trying to restore this mobile home to its original appearance. Keeping it in the 60’s look. As you would do when trying to restore an old classic car? But it’s also 10X50. Which mean it’s too long to have it park out front of your house.
I have not started negotiating with the owner, and I am pretty sure I can bring the price down even more.
Chuck, you made several points to me the first time around. And I did take it to heart. Made me realizing about bring it up to code, and the wires will need to be replace. At that time, I already decided to back away from the deal. However, I did find out that the mobile home has passed the HUD inspection.
I have spent a great deal of time trying to find a park that would accept this home, if I was to buy it. The answer is No. It’s too old and too ugly, and just for being a very long single wide mobile home.
I did realize that there isn’t enough Mobile Home Parks to go around. And finding out that the owner of the nearby Mobile Home Park has sold its 120 space to some real estate developer. There aren’t enough Mobile Home parks for me to do anything. (Business or Personal) Just mean more business for the Mobile Home Parks owner.
If I am such an idiot, how did I get a Double Wide Mobile Home in California that didn’t cost me anything? My problem with this 4 bd and 2 ba home is that the park has rules about me renting out the home. I can sell it, but I can’t rent it out. It’s one of those family residential parks.
Chuck, you are the fourth person to suggest that I read Deals on Wheels. I just brought it. I am trying to keep an open mind. Only idiots don’t keep their minds open.
Thanks for your input,
Frankie
Re: Mobile Problem - Posted by Phil Pelletier
Posted by Phil Pelletier on September 04, 2003 at 16:48:18:
Tough croud! But it is a good book.
I just relocated a 1959 in Southern California… - Posted by Dr. Craig Whisler CA NV
Posted by Dr. Craig Whisler CA NV on September 06, 2003 at 18:22:04:
…with no updates of any kind required. It went to private land, however, rather than into another park.
This may vary from state to state, or county to county.
Regards, doc
Phil, where do you live where… - Posted by Briton (IN)
Posted by Briton (IN) on September 04, 2003 at 15:56:57:
you have to re wire that old of homes? is it every time you transfer title, or move it. I have transfered several 60’s titles, without re wiring them. Just wonderin, Briton (IN)
Re: First thing you need to do… - Posted by Lyal
Posted by Lyal on September 05, 2003 at 13:08:14:
Igor,
Your numbers are a bit extreme, 3K for a home from a very motivated seller would be high and 30K as a selling price would be out of sight, but the concept is correct.
Realistic numbers might be 1500 to 2K for a buy price, 1500 to 2K to move it and a sell price of 10K to 12K and that would be selling with “owner financing” where you get a down payment and take back a note.
Lyal
Re: I just HATE it when… - Posted by Chuck
Posted by Chuck on September 05, 2003 at 13:29:03:
Sometimes ya just gotta get in their face.
Re: Mobile Problem - Posted by Chuck
Posted by Chuck on September 04, 2003 at 18:31:03:
Ok, now here’s the “upside”.
There are 250 homes that need to be moved… and based on previous occurances of this type of thing, it’ll take about 2 years for this this play out.
Once Frankie has educated himself in the manner I recommended, he’ll be in a position to properly use this opportunity to his advantage.