That’s what lead me to mh’s! - Posted by Jacob
Posted by Jacob on March 16, 2000 at 10:07:18:
Thanks for the advice. I appreciate the fact that it came from a desire to help, and not to put me down.
Actually, I have been involved in several deals with sfh’s. In a former life, I was a Realtor and was involved with several investors. I worked with them on their deals, and later partnered on a few. When I first decided I wanted to be a “real estate investor” I thought the only way was to do what these guys were doing. I ran the “I buy houses” signs, handed out cards, looked at HUD repos, you name it. You know what? I hated it. There were 345 ads in the Sunday paper stating “I buy houses.” There was a little sign on every corner.
Then, I was reading here one day and read some success stories about mh deals. People with no knowledge or experience were doing these deals. I realized that there were now “I buy mobile homes” ads, and I live in the capital of mh’s. Heck, to this day I’ve never run an “I buy mh’s” ad, and there are more deals here than I can do in a lifetime.
I have to clarify one little thing about what you said. Not every single mobile home investment deal is termed a “Lonnie Deal.” A “Lonnie Deal” is buying an old mobile home from a “dont-wanter” for $1-2000, then selling it (usually as-is) on a note for $500-2500 down. I deal with newer homes, almost always rehab to like-new condition and sell with a finance company handling the funding. A bit different.
And yes, it’s much easier than any sfh deal I ever saw put together or was involved in. Yes, the funds are much less. That helps. Also, there are far fewer people involved. You see, a mh is a giant car, and is pretty un-regulated. There are far fewer hoops to jump through, and the process (and time frames) are much simpler. No attorneys, no banks (Conseco is far easier to deal with than any bank. They take apps over the phone, and approve in 1 hour. They also are very lenient.)no title companies, no state regulatory agencies, etc. I could go on.
So, I appreciate your advice, because it obviously comes from experience and you obviously care. I still say that a mh deal is far easier and simpler than almost any sfh deal out there.