I have been doing traditional real estate investing (wholesaling houses) for about 3 years and have been “in” real estate for about 9 years doing residential/commercial loans. I am also a licensed Realtor in the state of Florida.
I have been very interested in the MH investing niche for about 3 months. I understand that Lonnie Scruggs is the “man” when it comes to investing in MH’s. So I was just about to buy his ebooks and start doing these “Lonnie deals”.
I just discovered this site and have been pursuing a bit.
I also have a 27 year old acquaintance (who I recently met) who has almost 100 MH’s. He has been doing this for about 8 years, told me that it is very lucrative, and that I should try it to see if I like it.
However after seeing a few very concerning posts about this business and our current economy has greatly effected this business, it’s made me very apprehensive to getting into it.
This forum seems very active and looks like a lot of you are very seasoned in MH’s and MHP’s investing.
After posting this similiar post in another forum someone responded with this:
“This is a really tough business with a shaky future - perhaps no future at all. You are going to work your butt off with absolutely no guarantee of success plus you will have to deal with the lowest class of people in the US. Proceed with caution.”
Hearing this is such a bummer but I do want the reality of this business. In another forum people were really complaining how they can’t get there MH’s occupied and how tough the economy has been on there MH business.
I would like some feedback as to weather you would advise a newbie to get into investing in mobile homes or not. All feedback is welcomed as I am very serious about moving forward into this.
Looking forward to hearing from you all.
PS. I’d also like to thank Jim Johnson for telling me about this authoritative MH site. It looks very trustworthy and informative.