Re: What would you do with $1750 - Posted by Anne_ND
Posted by Anne_ND on May 31, 2006 at 18:18:45:
I would put the money in a CD for the next 6 months and add all that you can to a savings account during that time. This will remove your temptation to buy the first likely-looking deal.
I’d buy Lonnie’s books from CREOnline, get a financial calculator and start hitting the speed bumps- go to every park you can find. Henry Co is a great place to start. Talk to the PMs, see what is going on in the parks. Based on what I know about this area you should easily be able to buy some fixers for $500-$1500 (but remember the costs to fix and the holding costs can be the dealbreakers. You want to find parks where the PM will give you a break on the lot rent!) Ask the PMs what the vacancy rate is, and what they are doing to address that. Ask if they are willing to help show your MHs for you (but never rely solely on them to do so).
I’m shocked by how high lots rents are in that area, and there are many many desperate sellers, even in nice parks. Be ready to walk away from what you think are good deals just for the practice.
Remember: this is a get-rich-slow biz. 4 1/2 days and you will barely begin to scratch the surface.
Also: if you are a city person, rural GA is very different. Be careful.
PS- familiarize yourself with the age that you are allowed to move MHs in GA- it varies by county. Some counties you can’t move a home if it’s more than 10 years old.