MH Investing
A few years back I bought Lonnies book
DOW as well as his second book whose name slips my mind.
I also bought Ray Alcorns ( sorry about the spelling Ray) course about investing in MHP's.
I liked the idea of shelling out less for a mh than on the down payment for a house
I put an offer on a mh about 2 winters ago but backed out when it was 30 below for 2 weeks straight the boiler died and the pipes froze up. (sounds like a country song)
There is a 1986 Hauser listed by a local realtor for 6K located in the same park as the last one.
This park does not allow rentals but would have allowed me to owner finance back then.
Lot rent is about $200 and someone would probably pay this plus an aditional $300 to live in there own place for $500 a month plus utilities and taxes of $266 per year.
I remember Lonnie talking about price ranges of $1500 +.
Of course the 6K is asking price.
Is there a guide to finding book value?
Does anybody do strictly mh's?
Please enlighten me with your thoughts.
Thanks in advance
JohnNH
P.S. I love country music.
[ Edited by JohnNH on Date 04/07/2004 ]
The nice thing about MH's is that there is very little competition. You might start by offering $1500.00 for that 86 model. Book value is for when you sell, not when you buy. Even at $3,000.00 though you could easily get $6000.00 plus with a $1000.00 down and $250.00 per month and the box would be paid for in 16 months and the balance would be pure profit. You can get a statistical retail and w/s value from a MH dealer or a bank, or by subscribing to the NADA guide. Very profitable.
Good Luck,
Shawn(OH)
Thanks for the reply Shawn I am going to take a look at it this week.
JohnNH