Posted by Janice Whitaker on April 09, 2001 at 07:39:30:
located in Mocksville NC OR SURROUNDING AREA pREFERABLY 3 BEDROOMS
Rent mobile homes or rent lots or both? - Posted by Craig Saunders
Posted by Craig Saunders on February 01, 2001 at 20:53:14:
I have eight acres of land my mother left me not making me any money. The land is already graded with no trees and a fishing pond on it. All I would have to do is divide it into lots, dig wells and put in a septic system. My question is which would make more sense for me to do? Buy a few trailers put them on the land and rent them out? Or just rent out the lots? This land is in North Carolina I have not checked on the regulations for a mobile home park yet. I am trying to find someway of making some money off of this land without selling it. Can you please help me with this? Thank you, Craig
Re: Rent mobile homes or rent lots or both? - Posted by george from raleigh
Posted by george from raleigh on February 02, 2001 at 16:59:03:
Where in NC are you located?
george
Re: Rent mobile homes or rent lots or both? - Posted by Lonnie
Posted by Lonnie on February 02, 2001 at 07:29:36:
Hi Craig,
If your zoning department will allow MH’s to be placed on the land, you have several options.
- You could cut the acreage up into as many lots as zoning allows, and rent or sell the lots. Good way to create some notes by offering financing.
- You could place nice used MH’s on the lots, sell the home, carry the paper, and rent the lot. No landlord problems for the MH’s.
- You could sell the lot and MH together, and carry the paper.
If need be, you could sell part of your notes to recover your cost, and essentially wind up with cash flow with no money invested. And with no tenants (except for the dirt), no management and no maintenance problems.
Lew Dickson has an excellent video on mobile lot development. It covers how and what to do with raw land. Also recommended?“Deal Makers Guide To Mobile Home Parks” by Ray Alcorn. “How To Get Rich Helping Others” by Ernest Tew, my co-host. And “Tin Can Alley” by David Butler. All are available on the is site. Go to Books/Courses for info and ordering.
Good luck,
Lonnie
Re: Rent mobile homes or rent lots or both? - Posted by mike
Posted by mike on February 01, 2001 at 23:27:32:
Check regulations, yes. Also, zoning laws. Then, get inexpensive MH’s, and SELL them. If you rent the MH’s, YOU ARE GOING TO BE A LANDLORD. You will have to fix everything all the time. If you “sell” the MH’s to people, there’s always a good chance they will “default” on their payments. What then? Evict them, since technicaly you still hold the title. You are the bank. Evict them, and RE-sell the MH again.
You can make lots of $$ this way. Also, if THEY are “buying” the MH from you, THEY ARE RESPONSIBLE for repairs, etc…etc…
The lot rent, is just iceing on the cake. That will continue to make you money. The real money will be in the purchasing of “used” MH’s, and then re-selling them with YOUR FINANCING.
Hope I helped some.