The website looks to be very helpfull and informative, as i have been reading alot of your posts on the forums.
I have not purchased the books yet so i know that will probaly be your first answer to my question.
I see on the forums the majority of the transactions being disscused are mainly about owning MHP but i was curious on the buying and selling of mobile homes / renting to make money.
I currently own an electronic distribution company that supports various different manufacturing facilities such as military,medical,automotive, etc…
I am currently looking to build a residual income. I have owned my business for 7 years now and like any business it has it’s up’s and down’s i am looking to build a base income off of rental’s and also sell when the unit is right.
When i was 19 i gave it a whirl down in fla. i owned 5 singlewide units all older models that needed extensive work which i did when i got home from work but it didnt pan out there wasnt enough money to be made after the lot rent was taken from my gross rental amount so i sold them to break even on the amount that i invested and repairs so it wasnt a loss except the time i worked on them.
Anyways i’m 32 now and i would hope quite abit smarter lol and i know there is potential in making money. I currently live in the thumb area of michigan and i am seeing quite a few deals on double wide’s one of them i am looking at is a 2001 shultz 28 x 60 3b 2 bath cost is 10k, but all the deals i see i would need to move them to a very nice family park i have chosen due to the growing population and excellent schools in the area.
I’m not sure how much the fee would be to break down and setup fee’s etc to move about 70 miles to the park.
If any of you could give me alittle insight on how you got started and how some of the process works as i’m alittle leary of buying the unit moving it there fix up anything that needs to be done and selling it as far as turn around time goes. The park that i want to move it too the lot rent is 300 a month I think that I would be able to rent homes out this size for 600-700 a month leaning more towards the 700 would net 4800 per year minus any maintenance.
I was thinking the total cost to buy move and rehab the unit around 15-17k
Which i would like to sell the 1st unit so i dont tie my money up on the 1st one then wash repeat the cycle and keeping a few rentals in between sales. And of coarse my main goal would be to own a mhp down the road.
With those figures on a similar deal after i was able to sell the 1st one taking $4800 per year minus any repairs that may arise would take roughly 4 years to see roi would that be a safe investment as i know alot of the mfg. homes loose value in parks alot more then mfg. homes that are on land.
Thank you for your time in reading my questions, and i hope that i can begin to grow a retierment plan.
P.S. If this double posts my appologies the internet was acting up when i submitted it.