Hello all,
I am new to the forum - great site and forum by the way! I have recently become interested in land development and real estate. I thought about flipping houses as well but quickly realized that is a very risky and costly endeavor that I am not prepared (or able) to pursue.
I was recently looking for foreclosures and came across a mobile home on a good sized (3 acres) lot that grabbed my interest. It was sold in a few days but led me to do some research on mobiles and land/home deals which of course brought me here!
Anyway, I don’t have a lot of startup cash and no lender relationships etc. to start doing land/home or development but that is my goal in the future. I figured I needed to start with the basics so I bought Lonnie’s Deals on Wheels today. I am 1/4 way through and decided to look at Craigslist for any mobiles for sale in my area (NC).
There is a 1986 2/2 on a 1.5 acre lot ($250 lot fee) for $7,500. They are willing to paint roof or lower price and it has access to a fishing pond and has a 2 car garage as part of the rental fee. That price is higher than I want to start out for my first deal but I’m thinking and I can neg them down.
Can I get some advice on if there is some potential in this for a Lonnie deal? I need to do some market research and have no idea right now what a good selling price would be. Any others out there in the NC market that could give me some current market advice?
Thanks!
Shawn
Shawn,
You may not realize it but you are in one of the best areas for learning and doing lonnie deals. I personally know of 2 people that pulled up stakes and moved to your very state to do mobile home investing. I would suggest you post what part of NC you are in and also plan on attending Tony and Scotts bootcamp in Asheville this year.
As far as advice I love the enthusiam but first off finish the book. Then go back and read it again, then once more for good measure. Once you have done this the “deal” (and I use this term loosely) you posted should seem obvious on what you should do.
Others have said it before but you really need to go out and look at a lot of mobiles before making you first purchase. Once you have looked at a hundred or so you will better understand the pricing and most importantly your market.
Jad
Hey Jad,
Thanks for the advice! It is good to know that NC is a good area for this game. Actually, Tony and Scott’s book is the next on my list after I read and reread Lonnie’s.
I got so excited about Lonnie deals that I couldn’t help but look online for MH’s for sale in my area. I got some other advice on the deal I posted and pretty much learned that an '86 is worth maybe half what they are asking if that and that it isn’t a good idea to try a LD on a private lot versus a park. So I am going to stick to a by the book LD after I finish the book of course.
I will look into Tony and Scott’s bootcamp as well…I didn’t realize that it is in Asheville. I listened to Tony’s teleseminar the other day and found out he is in Asheville so that is great to know!
Thanks again,
Shawn