newbie help - Posted by Joe

Posted by Scott Buchanan on July 17, 2003 at 22:13:57:

I’d say the home study course is mostly a repeat of what you get in the two books. The advantage is it’s on tape which lets me listen to it in the car. Also includes a workbook with additional info and a “table of contents” for the tapes so you can find what you want to listen to.


newbie help - Posted by Joe

Posted by Joe on July 17, 2003 at 12:03:53:

I found an owner moving out of state and he wants to sell his MH for $3k by the end of August. He told me that the lot rent is around $575. I think the rent is kind of too high. I am totally new to this MH business. How can I find out how much the MH worth? If I buy it and find someone interested in buying with no credit, will she/he be able to rent the lot?

Any suggestion are appreciated.


How high is high? - Posted by Dr. Craig Whisler CA NV

Posted by Dr. Craig Whisler CA NV on July 18, 2003 at 21:39:04:

Your rent sounds very high. Can you find something obvious to justify such high rents? Like very luxurious park, very desireable area, etc. to justify the rent rates?

Park owners can steal ALL of your equity through excessive rent raises. The higher the rent, the lower the mobile home value. PMs can raise the rent so high your mobile has no other value except as a pull out. Look to see if there are any or many vacancies in the park? If there are many mobiles for sale the high rent could be a sign of tenant distress and a warning sign for you to not buy there. Check carefully about units for sale because the PM may prohibit for sale signs in mobile home windows to conceal the fact that 127% of the mobiles may be for sale. If virtually no mobiles are for sale, continue to check out the deal.

Regards, doc

Re: newbie help - Posted by Scott Buchanan

Posted by Scott Buchanan on July 17, 2003 at 21:04:09:


That lot rent sounds way high to me, but I’m only familiar with my area (NC). The home may or may not be priced right depending on the details and its condition. If you haven’t done so already, I must insist that you buy and read Lonnie’s two books on the subject (twice) before doing anything else. Your questions and many, many more are all addressed in these all-important manuals to success. I also have the home study course and highly recommend it.

Scott Buchanan

Re: newbie help - Posted by Al (Wi)

Posted by Al (Wi) on July 17, 2003 at 21:57:33:

does the home study course go beyond Lonnie’s two books to the extent that you are recommending all three, or is it a replacement for the two books?
If you recommend all three, what topics are in the home study course that are not in the books?
I have a 1992 version of DOW and a 2002 version of MMWMH. Read both twice, and will read them again in the future.