Just Getting Started!

My name is Nathan and I am eager to get into the world of MH investing. Having little starting capital currently, I would like to start searching for “Lonnie Deals” before I start investing in MHP’s. I currently live in MA and the prices of mobile homes here are far more expensive from my research as compared to other states such as states in the midwest. I have found cheaper properties in states that are distant from me, so would you recommend I find bird-dogs in those areas to scout out deals and then do everything virtually or networking and finding a partner in other states who is willing to help with these deals? I know once I get my foot in the door and make my first deal, I will start to feel better but currently, I am just seeming to struggle with what to do first and how to get started. Fortunately, as a college student, when I am not in class, I will have plenty of time to focus my effort on expanding my knowledge/experience in the MH world. I have already read many books including “Deals on Wheels” and plan on continuing to further my knowledge. Every little piece of advice helps as I am just getting started! Thank you!

Hey Nathan, I’m in your neck of the woods and would be happy to give you a few of my thoughts and experiences. Shoot me a message and we can get in touch.
—Will

1 Like

Nathan, If you are going to start out doing “Lonnie Deals”, stick close to home. It is hard to find good help these days, especially when you only have one or two houses. If you do not have (keep) a good handle on those working for you, you may be taken advantage of and quickly lose your butt . It has taken me years to develop a stable of good subs that I can trust and that think the way that I do.

You need to be on top of what is happening. I have employees whom I trust rebuilding houses, but I am still around deciding just how far to take each project. No one cares about spending my money but me (and my wife)

If the beginning prices on your deals are higher, the ending price should also be higher.

Good Luck,
Richard

2 Likes

Appreciate the advice! Thank you

As Rikki points out if you want to succeed trust no one. Anyone you employ or entrust with responsibilities must be monitored very closely at all times. I have learned from a lifetime of working with others that the standards of most will not measure up to your own. Employees are very rarely self motivating.
You also need to look into what is required of you to legally sell homes via the Lonnie Deal system. It might not be possible to do anymore in your area.

2 Likes

Lonnie deals made illegal (or at least high risk) for mobile homes, but not mobile home parks.

Credit to frankrolfe

for this thorough answer.

1 Like

KEEP ur mind open to possibly brokering homes, finding used homes and flipping them to park owners like me. We need homes

1 Like

Nathan,
I am a park owner in Maryland and am looking for a park in western MA, as two of my siblings are also my partners and live near Northampton. I would be happy to share information. It is easiest to email me @
gordon@clementhardware.com

I look forward to hearing from you

Gordon

1 Like

Ntfarkash,
Instead of looking for Lonnie Deals to do (and dealing with the SAFE act), I suggest hunting for MHPs to buy.

There are plenty of Buyers but not enough sellers. Get a deal under contract and bring it to the forum. I bet you will make a lot more money flipping MHP contracts than by trying to fix and flip MHs.

I am looking to buy a Park in Maine.
Here’s the list. If you find a seller hit me up.
Maine MHPs.pdf (436.9 KB)

Sorry, it is so small but I can’t upload an Excel file.
email me if you want the excel file.

1 Like

SDGuy, Can I ask you where you got that list of MHPs located in Maine? How about for other states also. Thanks, in advance.
Carolyn cmtrepp@yahoo.com

Search on the Maine licensing site, licenses renew every year so you always gave up to date info. Most states (that I market in) do not make it that easy.