Hello, I am new to this area of investing. I started with SFH’s but came across this in another forum. I am very interested & have already ordered the Lonnie Scruggs books, I am just waiting on their arrival. So until then I figured I’d try to get a head start on thing. A few questions already come to mind.
1.How do you get comps for all the mobile homes out there. Are agents able to pull those from the MLS?
Is there a formula you use to determine your purchase price (max offer)?
3.How do you find homes at large discounts?
4.How do you go about creating a note that holds up in court?
I’m not even sure how to word this last question but basically, do title companies keep track of liens mobile homes & do you have to buy the land that the mobile home currently sits on or are they usually paying some kind of lot rent to someone? (sorry about that last question…completley new!)
It is all in the book. You have good questions and no doubt more questions will surface. Lonnie ships his books via priority mail so you will have your material quickly.
You are on the right track. Read the book and come on back with more questions and tweaks that we may be able to help with.
Rick is soooooo correct in what he writes. His last sentence is one you should memorize, paint across both your living room wall and on the ceiling above your bed and even tattoo to the back of your hand. My first MHP was a disaster that could have been easily avoided had I gotten the education that Rick describes.