I’m not ready for parks yet, I need to get my feet wet. The area I live & work is a county south of Dallas. There are really nice housing developments and just a couple miles, your out of city limits and into the county. It is mix use, MH and stick housing, all on 1 acre lots or larger. I own some rentals but I’m thinking of buying foreclosed land and MH to sell with owner financing. Do to the depreciation of MH, owner financing looks to be better than buy and rent. No repairs or landlord issues and MH don’t appreciate for buy and hold… I like the fact that MH are personal property, not realestate and the foreclosure time is faster if they don’t pay. Is this correct thinking?
Maybe I’m wrong on the buy and hold aspect. Would like some clarity on this, please.
If you are buying forelclosed land with a mobile home on it already the title to the mobile home may have been retired. In a case like that the whole package would be real estate and not personal property. If you are looking at puchasing land and moving mobile homes onto the land you will have to look at zoning and the cost of developing the land (bring in utilities, making sure you can place a septic system on the plot of land, setbacks etc).
You may want to look at buying some educational material on land home deals. I have found 2 very good authors on the subject. The first set of materials is by Dyches Boddiford with his book, "Deals in Dirt". The second set of materials is the book and CD's by Tony Colella and Scott St. Aubin, "Investing in Mobile Homes With Land". Both offer you all the knowledge you will need to know in buying, selling, financing Land Home Deals. They even go into the different exit stratigies for these type of deals. In my opinion both are worth the price they sell at.
Zic, you are combining terms and assumptions in a manner that is a bit hazardous. You have some of the right ideas but you are probably talking yourself out of better exits for lack of clarity on these terms.
AS you are getting at, there are many ways to create profit with land/home properties you have only hit on a few. For what its worth, you are on the right track.