I Live In A Park Now And Have Questions...
Hi Everyone!
My wife and I (and two kids) currenently live in a nice trailer park in a newly purchased manufactured home. This is after owning 3 different homes and a condo during our 10+ year marriage. For more about how we ended up in a park, here's an article I wrote --****Must Reach Senior Investor status before posting URL's***
Anyway, since we got married, we've been talking about getting into real estate investing, but haven't done anything about "our dream". Like most people, I get paralyzed by the details, and I'm scared to venture out into something totally new (I'm a computer engineer now).
So, since we move to the trailer park, we've been teased a bit and ridiculed because everyone knows homes on wheels don't appreciate. It's not an investment and you basically lose money the longer you live in one. I'm not sure if that's true or not, but it certainly seems to make sense. I doubt if we would get our money out of the home now if we sold; although it is in perfect shape.
We paid around $60K for our new home and now I'm really getting serious about real estate investing. The more I read about Lonnie Scruggs and his techniques, I'm thinking that might be the way to go.
Is it possible to get financing based on the equity in a manufactured home? Or would I be totally on my own to come up with the money to make my first few deals until I get some cash flow going? I can put my hands on about $6-$7K in cash, so I'm sure I could make at least one or two deals.
As a general question to anyone reading, would you recommend I start with mobile homes, or try to purchase another regular home as a primary residence, move out of the park, and then be able to use the equity in my new home to get my real estate investing "career" off the ground?
Thanks!
Dave
Personally I wouldnt pack up and move unless you could make more money doing so. If you were to pick up a Single family house and setup your mobile as a lease to own, you could concievably do so. The best market for you to start in is dictated by your area and what you are comfortable in dealing with. Different people are better at different things. Mobiles are good quick money, but for a long term traditional investment, other than renting, its not as good as SFH's. I like park investing personally because of the lot rental income. But thats me. If you live in a park, there is at least one person there that wants to sell, I would start there.
Good Luck,
Kyle