What do you guys think of this plan…The housing market sucks real bad here in fl and my once thriving rehab business is dying a fast death and I,m going broke…I have made 3k so far this year and this is my fulltime job. I used to make that every week in this busuness,but can,t find away to make it in this down market. My total living expenses are $3500 a month. If I go out and buy 15 mobile homes on land ,say for 20k each ( this would wipe me out) and then rent them out for $695 a month (T&I runs $75 per month each) and just live off the cashflow and be done with all this investing stuff. What do you guys think?
I think xxx xxx x xxxxxx, xxx x xxxx. If all you can do is make a little money in a super hot market, maybe you are in the wrong business. Money making takes WORK, xxx xx xxxxxxxx, it’s not always easy. Some people think xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
I should think with the kind of money you have, you could buy a real nice community and make good money. Perhaps not in Florida but in many other parts of the country. If you have rehab skills, doing Lonnie deals might also be a logical next step. This forum is a great place to learn about both aspects of the mobile home business. Maybe this is for you and maybe it isn’t but at least you have come to the right place to find out.
Also, one of the nice things about here is that civility seems to be the rule and not the exception. Let’s keep it that way.
Rolf
Unless you live in a REALLY rural part of Florida, I don’t think you can buy a mobile on land for $20,000 each. If you can, I doubt you can rent for $695. The rental market in Florida is pretty cool too.
We just rented a REALLY NICE doublewide (newer) in a gated community with pools and only have it rented for $600/month. The property cost us $20,000 before we removed the old single and brought in and set the double.
You need to learn your market before you lose your money! (Yup, it can be lost here just like in stick built if you don’t do it right.)
i agree with rolf. just buy an mhp somewhere instead.
When I re-read my post, I might of came off like I was bragging and switching over to M.H. from houses. This is not the case. I was very poor when I started out and don,t want to go back there again. I have work very hard to get to where I,m at. I started with LD and land home deals many years ago and went on to rehab houses. I have all lonnies books and tonys land home book an have read them many times.
mobileguy- I do know how to make money in a down market. I started when the market was down years ago and made money. Things have change big time since then.I can,t buy and rent houses anymore because taxes and ins are so high here that even with a good deal you don,t cashflow. Buy and rehab is hard now because of seasoning and all the sub-prime lenders going belly up. All you can do now is wholesale, but very few investors are buying in this market. As far as what else you said was censored buy the moderator, but I,m sure it was some words of wisdom.
Rolf- I have older parents that I take care of, so I can,t leave the state for any length of time. This would make it hard to buy a MHP out of the state.
Ellen-I think I talked to you at MOM. I agree you can get hurt with M.H and it is hard to find them for 20k. They sell for 40-50k in my area( tampa bay),but I buy them way below market value from people who need to sell fast. I,m only using 20k as a average. I have bought way below this many times. The $695 comes from one I just bought and rented. The phone was ringing off the hook and I could of rented it 10 more times. I,m just looking for some advice from like minded people.These forums are the only place we can go where people know what we are going through and can give some great advice. I have been stuck many times and came to these forums and saw the light.Just looking for some help…
Why not change your strategy some? 300K is strong money…a MHP leveraged right is a great idea. So is buying high yield Notes. So is investing in L/d’s. I know of 4 Parks I would invest in in a New York minute if I had 300K laying around.
Fred Balke
Jim and Ellen Brenn
Daphne and John Lowe
Dave Jackson
They all need in-fill of their Parks and will all give a superior return on money.
Why not partner with an honest person that will guarantee returns…you have the best of both worlds…passive income with recourse if Note buying.
Why not hard money lend? I know a GREAT lady I would gladly lend to at fantastic rates, right off this forum.
I live on rental and note income, and it buys groceries same as J-O-B income!!
Call me if you want contact numbers,
Greg Meade
352.216.2020
What is in-fill of their parks? Newbe was just wondering.
In fill is homes to put into the park.
I have an older 55+ mhp in bradenton with 10 vacant homes needing various degrees of repairs, perhaps we could work something out with you rehabbing them and renting them and picking up the spread over lot rent…