Has anyone looked into getting investors to invest in Mobile Homes placed into their parks through a Self Directed IRA?
If so, what is the return on investment that is offered and for what time period?
Has anyone looked into getting investors to invest in Mobile Homes placed into their parks through a Self Directed IRA?
If so, what is the return on investment that is offered and for what time period?
Brian,
I have made many posts on this subject - search for my posts - or I generally talk about Financial Friends. You’ll get a ton of info on this.
To answer your question quickly - we pay financial friends 10-12% for 4 yrs. This payment is about what our residents pay on the home. So we get all the funds for a used home, Lease option it out - they pay it off for 4 yrs, and most importantly get lot rent from day one, so we are in the black from day one.
The home is being paid for 6-7 yrs by the resident - IF they stay. If they don’t the clock restarts. You’ll be surprised how fast four years goes by, then you get the whole income. It’s a SWEET deal for everyone.
Do search some of my posts - great info and banter there by others as well.
Hope this helps.
TY - Are there investor groups or financial advisors that can help you finder interested investors.
I just throw it out to my friends - Drs, Attys, Chiros, Dentists, etc. I’ll even put it out on Facebook:
“I have a $25,000 note for sale - it pays 5.75% for 4 yrs. Who do you know who is only getting .15% on a CD at the bank?”.
“Selling your notes” is a great way to find investors. That type of ad you can even put in the newspaper, Craigs List, Shopper paper, etc.
I’ve raised a couple hundred thousand in the last year or so like that. 15 here, 100 there, 35 somewhere else. the 15ks turn into the 100ks in a 6 months, so be patient.
There are a TON of people out there right now - who were relying on their nest egg to provide them with income when they need it most. I had an awful 13% note accruing and now with the timing being so good, I put it out there 105,000 note at 5.65% for 30 yrs. It is on a property we have sold at 250,000 at 8%, so I had plenty of wiggle room. But most importantly, it was exactly the 600±/mo one of our friends needed to supplement his income. Done.
Right now with these CRAZY interest rates out there - is the PERFECT time to borrow stiff from financial friends short term - AND to get great rates for longer terms from older folks who need it now.
And remember, for regular folks, right now in this market, anything over 6 sounds too risky, so even though you’re able to pay more, I would not make that offer. you’ll get more takers at 5.15%, than you will at 8.
Hope this helps.