Hi. This is a really great website.
My stats: Just turned 30, recently married, live in NC, planning on having a child within 2 years, would like to supplement/completely replace my income so I can work PT/not at all.
I have just began my homework on getting into the mobile home investment business and would like a few fingers to point me in the right direction …
So my questions are:
Are there grants out there to help someone with average credit for a down payment on a park?
Where can I find assistance on writing my business plan?
Should these even be my first steps?
Please help!!!
Hi Karla,
Welcome to mobile home investing. The first order of business, before you can possibly write a business plan, is to read the MH gospel, “Deals on Wheels” by Lonnie Scruggs. If you follow the steps in this book, and hopefully do a few deals, you will find out if this is really a business you want to be in.
Understanding “Lonnie deals” will, IMO, significantly increase your chances for success (and certainly your ROI) where park ownership is concerned. With the low capital outlay and minimal risk, it’s the best place to start.
Karla
Welcome! I totally agree with Jeff. I would also point out that Lonnie has 2 other excellent, inexpensive books. His third book is general money management things that everyone should know. Since you are interested in investments, you probably know most of these things, but sadly most people do not. On payday I write paychecks & my employees run down to the liquor store to cash them. What does that tell you about their money management skills? And unfortunately they do not listen & they have not read the copy of Lonnie’s book that I gave them.
Dennis