Posted by ScottS(NC) on September 04, 2003 at 14:23:23:
Ok, I know it’s rude, but… - Posted by Toni
Posted by Toni on September 04, 2003 at 03:19:46:
I can’t help but wonder, how much money do you experienced people make per year off of your MH deals? I’m wondering this because there’s so much great advice here, but when anyone asks about financing, nobody actually speaks up to offer financing on what is supposedly some really great investment income to investors.
Don’t mean to be rude, just really wondering.
Sorry if I offend anyone.
Re: Ok, I know it’s rude, but… - Posted by jowns
Posted by jowns on September 09, 2003 at 21:41:07:
people who make the big bucks always stay tight lipped…people who talk about how much they make usualy are not making what they say…
Re: Ok, I know it’s rude, but… - Posted by Philip
Posted by Philip on September 04, 2003 at 16:40:42:
If I knew a solid lonnie dealer locally I would buy tiny partials from them when my money was setting still. Use 80% of my money for lonnies and 20% for partials…but alas…I don’t know anyone well enough to trust them!
Philip
In my humble opinion, it takes self control… - Posted by Briton (IN)
Posted by Briton (IN) on September 04, 2003 at 15:27:46:
for a few years before you really make money in MHP’s. Sure there are times people get luck and cahsh out quick, ect. But pretty much if you want to just live off MHs then you need to be prepared to put all your “earnings” back into the bussiness for a while. (i prefer into more investments, or improving my current investment) If you do this for very long before you know it, things will start to get paid off, old payments stop and the money keeps comin in. Then is when you can relax on the self control a little. This is just my 2 cents, Briton (IN)
Re: Ok, I know it’s rude, but… - Posted by Lyal
Posted by Lyal on September 04, 2003 at 08:14:14:
Toni,
Should I offer to finance someone else’s deals (as in buy their notes) and earn 30% or so on my money or invest myself and learn 100%+?
Even if I bought someone elses notes, they would have to be local to me as I want to be able to “monitor” the collateral.
As for how much can be made at this, I work a full time hi-tech job and make a good buck at it but my net income from mobiles is fast approaching what I earn from my job. Lets say I can see the light at the end (and it ain’t no train…B-).
Lyal
Re: Ok, I know it’s rude, but… - Posted by Tim
Posted by Tim on September 04, 2003 at 07:14:17:
What would be the motivation for financing someone else’s deals? I would think that most of the people doing Lonnies deals would want to use their funds for their own deals. Look at it this way, why would I lend you money at 12% (or 25%), when I could control the deal & make 150%?
Re: Ok, I know it’s rude, but… - Posted by mike
Posted by mike on September 04, 2003 at 06:21:03:
Well toni, me and my dad been at this for bout 2 years now and we love this business. we own three mobile home parks and totaling 45 homes that we own as well. we buy these older home, big 2 or 3 bedrooms and remoldel them, after remoldeling we would either rent or rent to own these homes. so the income is great. we get the lot rent and also the profit and interest of the home we sell. the homes stay on our lots until its paid for, this is a great business HUH?. oh, we started out small, so don’t think that we jump in and bought all these home all at once. so best of luck if you do decided to venture in this business.
Re: Ok, I know it’s rude, but… - Posted by LeBron
Posted by LeBron on September 04, 2003 at 05:36:04:
y jess lass year i made 187.73!
Re: Ok, I know it’s rude, but… - Posted by Philip
Posted by Philip on September 04, 2003 at 05:35:49:
I am relatively new, but I do know financing is harder to find for older mobiles than with other real estate. Investors have to really know you and trust you.
I am only doing it as a sideline and have 2 small potatoes investors.
Some of these folks make some good money though…after a few years…and probably with a mixture of property types thrown in to give longer term stability.
My opinion,
Philip
Nail on the head… - Posted by Lyal
Posted by Lyal on September 05, 2003 at 07:54:30:
Briton,
You’re a refreshing change from the “I-want-it-now-where’s-that-credit-card” culture we see all around us. If they only had your ability to look ahead a bit…
All the best, Lyal
why 12% vs 150% - Posted by Steve-WA
Posted by Steve-WA on September 04, 2003 at 09:51:50:
finding sellers, waiting until motivation goes up
no-show showings
how should I word my ad - 4 weeks - how should I change my ad - 4 weeks - why won’t this dam thing sell
crackheads
phone calls
dealing with the public
writing contracts that work
skip-tracing
detective work tracking down absentee owners
no title, where is the VIN number on a MH
cat pizz
dog puup
people pizz and puup
bookkeeping
self-discipline
sacrificing time with your wife and kids
hearing your kids whine when you tell them we’re going to look at a mobile
nosy PMs
nosy neighbors
hiring contractors
hiring a better contractor
finishing the work yourself after 2 contractors did it wrong
Need I go on? Many are not up to challenges such as I’ve described - 12% sounds pretty good . . .
Re: Ok, I know it’s rude, but… - Posted by Trent(MS)
Posted by Trent(MS) on September 04, 2003 at 10:08:52:
You say you and your father started out small…Could you share how you started?
Thanks,
Trent
Re: Ok, I know it’s rude, but… - Posted by Philip
Posted by Philip on September 04, 2003 at 16:33:13:
What is your secret?
Which is exactly why… - Posted by Chuck
Posted by Chuck on September 04, 2003 at 12:15:46:
…I buy mobile home notes, not mobile homes… and own a mobile home park, instead of looking for one to work in.
Allow me to insert the following…
Duh.
Re: why 12% vs 150% - Posted by Tim
Posted by Tim on September 04, 2003 at 11:26:39:
These are all good reasons, & are what separate the “lonnie” crowd from the “investor”. I guess I wasn’t clear, my post meant to point out why I (most “lonnie dealers”???) wouldn’t offer to finance someone else’s business. As an “investor” 12% is fine, but I would have a hard time lending to someone who didn’t have a proven track record, mainly because I wouldn’t want to end up with their problems when they found out about all those reasons I’m not doing the deal myself.
Geez ,Steve that sounds like landlording to me - Posted by ScottS(NC)
Posted by ScottS(NC) on September 04, 2003 at 10:35:21:
Of course, You do get to end each finance deal when it pays off thats a good thing right? So your problems/cashflow goes away.
At least you didn’t list my favorite Cliche: plunging toilets at midnight when the moon is full. As we say in the south, Just pickin, its like running (my other hobby) your either a sprinter or a longer distance kind of guy. Both groups think they are the true athlete and the other is not. Take Care ScottS(NC)
Re: Ok, I know it’s rude, but… - Posted by Phil Pelletier
Posted by Phil Pelletier on September 04, 2003 at 17:21:35:
Volume.
Thanks Mr. C - Posted by Steve-WA
Posted by Steve-WA on September 04, 2003 at 12:55:39:
you helped to make my point.
not landlording - Posted by Steve-WA
Posted by Steve-WA on September 04, 2003 at 13:56:12:
Ironically, my line is, “I don’t want to be getting 2 AM toilet calls!”
this horrid list is all BEFORE the sale! So I would only be plunging toilets BEFORE the sale, and on MY schedule.
I SO do not want tenants, I want buyers. For now.