I’m about 50 years old and looking to get into real estate investing. This coming February or March, I’ll have access to $40 to $50K in capital/liquidity, and I’m wondering if that’s enough money to make a meaningful run at MHP investing.
I’m considering all sorts of other REI, from fix-and-flip to buy-and-hold, but MHP, at least from the few hours of studying I’ve done, is the most appealing to me. I’ve been an entrepreneur of one kind or another for the past 20 years, and the complexities of MHP success are exciting/challenging for me.
I’d like to attend the MHU boot camp in September, but it won’t do me any good to have the knowledge if $40K isn’t going to get me in the door of my first property (along with financing). I’m not averse to pursuing other people’s money to help make it happen and believe I could probably come up with another $50K or so for a first foray into purchasing if that factors into the equation.
If it matters in your calculus, I’m located in Ohio.
Everyone has their own outlook and preferences with investing. I had done a few single family fix/flips and rentals when I first started. But mobile home parks are far superior in my opinion. Definitely go to the boot camp and learn as much as you can. Maybe you partner with another investor that brings in funds to purchase a park? That’s what I did and kept going from there.
You’d be looking at a $100K-$125K deal. You probably will need owner financing.
I suggest you spend some time looking for deals. You know, pounding the pavement and the phones.
Find a good deal and the money will not be a problem.
When you find something get it under contract; make sure the buyer is “Your Name and/or Assignees”.
Post your deal on the forum. If it’s really a good deal then someone will be willing to partner up with you or pay you a finders fee to buy the contract
We did sfh rentals, fix and flips, and mobile home park. We enjoyed fixing and flipping and at the time had reliable contractors for most phases or the job and did what we personally enjoyed. With renting homes you have to deal with tenants toilets and turnover. With a mobile home park with tenant owned homes there as significantly less turnover and people are inclined to follow reasonable rules because the cost of moving a home is cost prohibitive. It is also not easy to get into many parks because the owners will buy homes and place them for profit. We bought a park with vacant lots and a a handful of vacant homes. Fixed the homes, also brought in used homes, sold them on contract… not looking to make a bunch on selling the homes, sometimes only breaking even, but knowing we were increasing our bottom line with income, and increasing the value of the park. Our sale price were modest due to the economy in our area.