Hello,
I've heard about a couple of guys who do nothing but flip MHs for about 50-75K a month. Is this true, or someone pulling my leg? Give me your success stories.
For a ton of great success stories, take a look at the forum dedicated to the topic on CRE Online: http://www.****This URL Not allowed****.com/mobile-homes/success-stories.html
I have a hard time with that number but I guess it could be true if you had a pile of money and tons of deals already lined up. Can money be made in MHs? You better believe it. I have had my best luck buying $1000-$5000 homes and selling them on notes. Very little work involved in rehabing a MH and it can usually be sold to someone "as is" unless it is completely gutted which still is'nt that bad.
The process is simple as outlined in Deals On Wheels by Lonnie Scruggs. That said, you best be a player if you're gonna make 50k per month in MH's. The basic premise is to buy older MH's for 0-$2000.00 and to resell them on a payment plan for about $8,000.00 each and build yourself a cashflow. I have done it w/ a mobile home, and in time will do a lot more. I also currently do something similar with cars (currently have 100 cars on a Rent to Own basis) so yes it does work.
You can build on and compound your success by working with experienced note brokers who work with note buyers that like to either buy partials on mobile home only deals, stimulating cash infusions to go and buy even more mobiles, OR with a simultaneous close program that cashes land/home investors out at close, by using seller financing to create marketable first liens at closing.
Either way, you increase your ability to do more deals more quickly, so you can build your business.
Have I dont it? Not yet? Am I close? You better belive it!!!
Give you an example or 2.... I buy low (from lenders) sell at discount prices but still avereage from quick profits of 4500 per deal to as much as 10,000 a deal.
I did one lst week that the yield on it was $9400.00
I have 4 more I am about to close on you do the math
My best deal so far was this I purchased a 24x52 2001 4 bed Home for $7000 and sold it for $21,000.00 in 3 days after my purchase
$14,000 Yield
I got my start doing Lonnie Deals and have progressed beyond the little wobbly houses to later model used Homes.
I have even through my experience to develop some of my own techniques I did not find in the Lonnie Book, but they were in fact my inpsiration.
Ill never forget my first Lonnie Deal... it was in a MHP
I bought a 2Bedroom MH in good condition for $800.00
Sold it in 2 days to another Lonnie Investor for $2000.00
I then took my $1200.00 profit and bought another Home in that same park that had been vandelized it was a 98 16x80 with every window busted out and I wont even bother describing the inside I Paid $1000.00 for it
7 Days later I collected $7000.00 for it as is where is
I re invested that money too except for what I spent on myself ( Entertainment ofcourse such as my new surround sound entertainment center
For a ton of great success stories, take a look at the forum dedicated to the topic on CRE Online: http://www.****This URL Not allowed****.com/mobile-homes/success-stories.html
Okay, well I guess MH investing is a myth or non-existant??
I hear you have to have patience to flip mobile homes though. Sorry, couldn't resist.
I think it would be quite amazing to make that much flipping mobile homes but admittedly I am ignorant in regards to buying and selling mobile homes
I have a hard time with that number but I guess it could be true if you had a pile of money and tons of deals already lined up. Can money be made in MHs? You better believe it. I have had my best luck buying $1000-$5000 homes and selling them on notes. Very little work involved in rehabing a MH and it can usually be sold to someone "as is" unless it is completely gutted which still is'nt that bad.
The process is simple as outlined in Deals On Wheels by Lonnie Scruggs. That said, you best be a player if you're gonna make 50k per month in MH's. The basic premise is to buy older MH's for 0-$2000.00 and to resell them on a payment plan for about $8,000.00 each and build yourself a cashflow. I have done it w/ a mobile home, and in time will do a lot more. I also currently do something similar with cars (currently have 100 cars on a Rent to Own basis) so yes it does work.
Good Luck,
Shawn(OH)
Chris,
Please email me @ www.paul.matheson@comcast.net. I'd like to know what was blanked out of your response.
You can build on and compound your success by working with experienced note brokers who work with note buyers that like to either buy partials on mobile home only deals, stimulating cash infusions to go and buy even more mobiles, OR with a simultaneous close program that cashes land/home investors out at close, by using seller financing to create marketable first liens at closing.
Either way, you increase your ability to do more deals more quickly, so you can build your business.
Hope this helps, Dave
50 to 75k a month is doable.....
for $2000.00
Have I dont it? Not yet? Am I close? You better belive it!!!
Give you an example or 2.... I buy low (from lenders) sell at discount prices but still avereage from quick profits of 4500 per deal to as much as 10,000 a deal.
I did one lst week that the yield on it was $9400.00
I have 4 more I am about to close on you do the math
My best deal so far was this I purchased a 24x52 2001 4 bed Home for $7000 and sold it for $21,000.00 in 3 days after my purchase
$14,000 Yield
I got my start doing Lonnie Deals and have progressed beyond the little wobbly houses to later model used Homes.
I have even through my experience to develop some of my own techniques I did not find in the Lonnie Book, but they were in fact my inpsiration.
Ill never forget my first Lonnie Deal... it was in a MHP
I bought a 2Bedroom MH in good condition for $800.00
Sold it in 2 days to another Lonnie Investor
I then took my $1200.00 profit and bought another Home in that same park that had been vandelized it was a 98 16x80 with every window busted out and I wont even bother describing the inside I Paid $1000.00 for it
7 Days later I collected $7000.00 for it as is where is
I re invested that money too except for what I spent on myself ( Entertainment ofcourse such as my new surround sound entertainment center
Happy Investing
MarkB