Re: Yikes! Where does a beginner begin? - Posted by wayne
Posted by wayne on May 14, 2006 at 23:30:21:
Welcome to the wonderful world of REI. Go for deals on wheels…if your just beggining then try your hand at a mobile home or two…dont do too many or you will have to get a dealers license. I have done SFH, a couple duplexes and a couple mobile homes. Yes there is more profit in stickbuilt…but I get so sick of dealing with hard money lenders or talking to people with the intention of putting up zero money out of my pocket.
The last 6 months I have been gravitating more an more to manufactured homes…In my area there are tons of them with owners living out of state…I can get in there buy them for 5-10k all cash and then hold the paper myself with the buyer.
Did a beautiful deal last month with the manufactured home next to a family members…bought it 3k cash…Then had a buyer within 2 days of putting a ad up on the bulletin board of the town store…purchase price 8k with 4k down and the rest in payments…I could have easily have charged them an outrageous interest rate but I didnt…I just gave em 2 years to pay off the rest with equal monthly payments…i didnt even care to squeeze them for more…If they default…they can have it…I already made a grand off of it for less than 3 hours of work…any payments they do make is just icing on the cake…
I have made just about every pitfall you can in investing, but I made the jump and I wouldnt trade that for the world. It has cost me dearly in the short term but it is the way it is nonetheless.
I have seen, researched, and participated in dozens of different REI strategies to find that Mobile homes are fast cheap ways to make a honest buck.
So you just need to think about what kind of investor you want to be…
2-Subject too (or as I call it–predatory investor)
3-Rehabber/quick flip investor
6-Commercial (this is where the real sharks are)
…dozens of others.
Feel free to send me an email and we can chit chat all you would like.