I just stumbled upon this site from a link in a email message from linkedin.com.
Great site and outstanding information!
I’m a real estate investor and Realtor in the Flint, MI area. I’ve been investing for about six years and have always focused on single family homes. I’ve done landlording, flips, rehabs, buy and holds, short sales and foreclosure deals. The one thing I haven’t gotten into yet is MH investing.
There are plenty of parks in my area but I’m nervous to take the plunge. My strategy would be to buy dirt cheap (which is actually relatively easy in these parts), and resell with owner financing. A traditional Lonnie deal. The carrying costs are what have precluded me from moving forward. If the unit doesn’t sell for a couple months, that can quickly eat into profits (lot rents are about $350 a month around here). Plus, with the area becoming so depressed the pool of buyers is depleating.
I grew up around the MH business. My uncle was a park manager for over 15 years. I was able to watch the inner workings of a park and what made them tick. One day, I’d like to own a park (or three) assuming they’re in the right area.
Any advice you guys are willing to share would be greatly appreciated!