This seems like a great way to make money! - Posted by Taylor (Tucson, AZ)
Posted by Taylor (Tucson, AZ) on March 06, 2001 at 22:01:11:
My name is Taylor. I’m from Tucson, AZ and I’m thinking about getting started in buying/selling mobile homes. I just ordered Lonnie’s book today. I read all the articles on the site and I’ve read a ton of messages on this board.
I’m amazed that this kind of thing can work… buying a mobile home for $4000 and selling it for $8000 the next week!!! It just seems so amazing!
Why would any mobile home park owner cooperate with any of us? Why wouldn’t they do this themselves? I don’t get it… If I owned a mobile home park, I’d be doing this thing for myself and not letting other people come in and do it.
Also, are mobile homes the same as manufactured homes? When you do owner financing, how are liens placed on mobile/manufactured homes? Are they classified as cars or houses or what?
Do you get fire/flood/whatever insurance for them? Or if something bad happens do you just write off the loss?
How do you transfer the title/deed/whatever of the mobile/manufactured home to yourself and then to someone else? Does the government do this?
After you’ve sold the mobile home and have a note, what prevents someone from simply moving the house to some unknown location out of state and you never hearing from them again? Is this what the insurance is for, or is this just a risk of doing business? Do you let people move to a different mobile home park? Can you stop them? Should you stop them?
How do you foreclose on someone who doesn’t pay on the note? Is it easy, hard? How long does it take? When you do foreclose, do they get to keep any equity in the property or do they lose all the equity they’ve built up? What if they only have 4 more payments and all of a sudden they can’t pay? Does that mean you get the whole mobile home back again?
I probably sound really stupid with all these questions, but I’m 21, I don’t know much about real estate or mobile home deals (which is why I ordered the book). I got the idea to invest in real estate several weeks ago so I bought 5 books and read 'em all. Then I stumbled on this site and read Lonnie’s articles.
I’ve been a compulsive saver since I started earning a weekly allowance and I have plenty of cash sitting around in an MMA just waiting to be invested (about $25,000). It just seems frightening to use it to buy mobile homes…
Something inside is telling me to stay away from all this and put the money in an index fund, but the dreamer in me tells me to try something like this. I know that I’ll probably get all these questions answered AFTER I read the book, but I’m way too excited to wait for it to arrive.
Also, would anyone here who is experienced in Lonnie deals be willing to help me out with the first couple deals (sort of like a mentor or something)? I’d like to know that I’m not going to lose my shirt in something like this. If there’s anyone here from Tucson, AZ, that does Lonnie deals I’d be glad to buy you a lunch or dinner and pick your brain a bit…
Thanks in advance to everyone,