Pick this plan apart!! Long - Posted by Chris- WFL
Posted by Chris- WFL on May 04, 2006 at 18:18:52:
Been reading through some old posts trying to get some answers to my own questions before I asked the pros. I came across this old post from scotts(NC) which pretty much sums up my plans.
"Bottom line: (In my opinion) Start, buying land home deals and renting them creating longterm wealth and tax advantage.
Flip homes as a secondary objective.
My philosophy is this
- Create longterm Cashflow you can live on and eat.
- Create longterm wealth through rentals.
- Create usable equity(sweat) so one property can help buy the next.
- Create Tax advantaged investment like rentals, Almost every sale(flip or Lonnie) will be a tax DISadvantage.
- Compile equity from several land home deals to do the Big deal! i.e. a Mobile Home Park.
These five items will create a lifestyle you can enjoy for all the years God gives you on this earth. Flipping Repo’s WILL end. Lonnie deal will be around a Long time but you always must chase the next deal to keep your income coming in. A sold profitable base of rentals will give you the freedom to work when you choose. To do Lonnie deals when you choose instead of for the next loaf of bread. This is just my opinion and I will enjoy other people’s views on things. Take Care ScottS(NC)"
I have a couple of locations/parks that i am looking at L/H that I can pick up some good deals but wanted to get some ideas on what renting MH’s in 55+ parks will be like. I am still fairly young and dont mind the usual LL headaches. MH’s to this point have just not been my thing.
I am also only choosing homes and land that are in waterfront communities. What other issues might I come across -Insurance, financing, hurricanes, etc, etc? They proximity of these to the water and the coast is also a factor. Not sure if it a positive or a neg? Obviously they will not be there forever.
Thanks in advance for all your help.