New guy - Potential LD?


#1

Hello all,

I am new to the forum - great site and forum by the way! I have recently become interested in land development and real estate. I thought about flipping houses as well but quickly realized that is a very risky and costly endeavor that I am not prepared (or able) to pursue.

I was recently looking for foreclosures and came across a mobile home on a good sized (3 acres) lot that grabbed my interest. It was sold in a few days but led me to do some research on mobiles and land/home deals which of course brought me here!

Anyway, I don’t have a lot of startup cash and no lender relationships etc. to start doing land/home or development but that is my goal in the future. I figured I needed to start with the basics so I bought Lonnie’s Deals on Wheels today. I am 1/4 way through and decided to look at Craigslist for any mobiles for sale in my area (NC).

There is a 1986 2/2 on a 1.5 acre lot ($250 lot fee) for $7,500. They are willing to paint roof or lower price and it has access to a fishing pond and has a 2 car garage as part of the rental fee. That price is higher than I want to start out for my first deal but I’m thinking and I can neg them down.

Can I get some advice on if there is some potential in this for a Lonnie deal? I need to do some market research and have no idea right now what a good selling price would be. Any others out there in the NC market that could give me some current market advice?

Thanks!

Shawn


#2

Shawn,

You may not realize it but you are in one of the best areas for learning and doing lonnie deals. I personally know of 2 people that pulled up stakes and moved to your very state to do mobile home investing. I would suggest you post what part of NC you are in and also plan on attending Tony and Scotts bootcamp in Asheville this year.

As far as advice I love the enthusiam but first off finish the book. Then go back and read it again, then once more for good measure. Once you have done this the “deal” (and I use this term loosely) you posted should seem obvious on what you should do.

Others have said it before but you really need to go out and look at a lot of mobiles before making you first purchase. Once you have looked at a hundred or so you will better understand the pricing and most importantly your market.

Jad


#3

Hey Jad,

Thanks for the advice! It is good to know that NC is a good area for this game. Actually, Tony and Scott’s book is the next on my list after I read and reread Lonnie’s.

I got so excited about Lonnie deals that I couldn’t help but look online for MH’s for sale in my area. I got some other advice on the deal I posted and pretty much learned that an '86 is worth maybe half what they are asking if that and that it isn’t a good idea to try a LD on a private lot versus a park. So I am going to stick to a by the book LD after I finish the book of course.

I will look into Tony and Scott’s bootcamp as well…I didn’t realize that it is in Asheville. I listened to Tony’s teleseminar the other day and found out he is in Asheville so that is great to know!

Thanks again,

Shawn