I am a new investor what are the most important things to know before I purchase my first mobile home I live in Michigan. There are MPH everywhere.
Buy and read Lonnie Scrugg’s Deals on Wheels. That will tell you everything you need to know to succeed in this business. It is an extrememly small investment, and one every mobile home investor needs in his library.
I couldn’t agree more with Ellen. Lonnie’s books, “Deals On Wheels” and “Making Money with Mobile Homes” are where most of us started. The books are written in vary plain English and easy to understand. Kind of like sitting down with a favorite uncle or grandfather who takes the time to tell you how they make money.
The books are for sale at this site and are an incredible deal for the small price.
Welcome to mobile home investing.
I am a dealer located in Kalamazoo. Take the advice and buy both books. Read them each twice then feel free to drop me an e-mail. Lonnie deals work great in the Great Lake State! Welcome on board.
Hi Kevin, congratulations! You’ll do well if you do what you’ve been advised so far, and I assure you it does indeed work. It puts you to work, too, remember that. Work on getting a park with income over expenses with 100 percent financing on a purchase money mortgage from the owner and spread it out to ten years, choose a breaking even sorta kinda mom and pop operation with enough cash flow to replace your best disability check, if you had one come’n or expecting it within the next ten years.
Get Ray Alcorn’s book too, so when you takeover you’ll know what to do. Good luck Kevin. What’s your bankroll? Now, today? What is your line of credit with your banker?