Hello to everyone. I’m an entreprenuer always looking for a business opportunity. I’ve recently become interested in real estate investing. In my research, I’ve come across mobile home investing, which so far sounds like it could really be lucrative. Since I know absolutely nothing about the business, I’m wondering if the business is saturated or not. Are there really enough good deals out there for the newcomer to take advantage of? Is it a “who you know” type business? Can the average investor willing to go to the “school of hard knocks” do well? Any feedback would be greatly appreciated. God bless all of you hard working, honest entrepreneurs who make this country awesome!
Red, welcome to school.
The MH market is definitely NOT saturated - everybody wants to be an “I buy houses” guy - talk about saturated. And they still keep nailing up the signs; I’m sure some of them are making a good go of it!
The average investor definitely need NOT go through much hard knock training; this is a very supportive community, and I for one want you to learn from my mistakes rather than your own. Buy the books on MH investing and park investing - they’re inexpensive, and worth their weight and more in gold. Be an active member of online MH communities (hey! You’re in one now!) and attend MH investing events, for the education and for the networking.
Soooooooooo many people turn their nose up at MHs, its funny. Guess they don’t like the smell of money, with little competition just BECAUSE others shun the asset class.
Hello Red
There are still plenty of opportunities in MHP investing if you are willing to invest in your education and persist in the pursuit of acquiring a community/ park. Like most real estate investing the money is made when you buy the property and the profit is gained when you sell. Bottom line get the education so you can make your money with a good buy. Deals on Wheels, Mobile Home Millions Conferences , the Forum and of course Bootcamp will give you a first hand look into the workings of mobile home communities. I was new to this asset class 18 months ago. I now own a park and because of the education acquired from the above I am enthusiastically involved in every aspect of the business.
Best of Luck
Rick Ewens
Congratulations Rick!!! Well done ! Well said. Again, congratulations.
Red:
I love educating newbies on MHP financing. Feel free to contact me about any financing questions you may have. You won’t be sorry investing in mobile home parks!!!
Lisa
I’m a 1 yr investor considering the mobile home park venture. Just heard an awesome teleseminar by Doug Ottersberg. Sounds like a niche market with not much competition. However, would I actually need to buy the $795
courses he’s pushing to get started?
at MHM in San Diego and I really liked his message and him. He is a savvy investor who knows his market. I wanted to move to New Mexico and open a Park near him…he knew what a taqueria was!!!
Only you can say if his course is something for you…I have found the cost of admission to most events here and on that other place (you know the one)LOL…worth the money. MHM, bootcamps, MOM are a few venues I can say are worth their weight in gold to the new person. I suggest you start with Lonnies book “Deals on Wheels”.That answered a lot of ? for me and taught me a lot about changing my thinking…This is a great business!!
Welcome,
Greg
Hey Greg…
Thanks for the kind words. Plenty of dirt out here for the taco and DOS XX’s crowd! (I personally like the green bottle best) How about a westcoast MOM some time soon? I’d love to host it with you, though of course I’d have to buy a park with a clubhouse or campground to do it. Oh well…s man’s gotta do something to stay out of trouble.
Doug
Uh, Doug - there is a west coast MOM soon: Oct 6th, Seattle . . . see the events page
Hi.My name is Mike and I am about to contract my 1st MHP. It currently has 7 spaces rented with enough room for 4-7 more depending on whether DWs or SWs. Price 200K with owner taking 1st for 140K at 12.5% int. only for 3 yrs. All units are park owned and fully occupied at this time. Current rents total 3600/mo.,all indiv. metered for gas & elect. with new city 2" water and 6" sewer lines.
I am nervous about my 1st deal and would sure like a few other opinions on it. Also any financing options now or more especially in 3 yrs.
Thanks in advance for your time and consideration.
Mike