Mobiles In Central Fla., What To Look For?
I am just wondering what to look for in mobiles to build up a portfolio that could provide a positive cashflow.
Is obtaining mobiles in parks or with land the better investment. Are the manufactured homes a good way to build up a portfolio, and is there private money available to M/H invetors?
In my area there a thousands of mobile everywhere and was wondering what type of aquirement is best.........
1. does sub2 work with M/H
2.does foreclosure or reo work
3. or is repos a way to start
4. Is there private money for this or
must one have money to start
5. Is auctions available for M/H
Now I am just exploring this becuase everything i find here in Fla. that has a decent price is a M/H or manufactured home both in park and on land and have just looked right past them, am I overlooking a profit potentional?
Now I am a Sub2 student but I am also a very shy type and have not been any good as a salesman, but I do like the Idea behind it, but my fear of face-to-face selling is very hard to overcome, but buying at normal REO, Auction or thru normal means does not scare me at all and my goal one day is to have 5-10 mobile home parks that have 18-45 m/h that I can rent out and thus provide for my retirement in a very good style.
Now this post is to explore the possibilities of REI that a shy person who fears face-to-face selling in a strangers house and knows that REI is so vast that there is something out here for all types of people , even shy ones like me????
Any comments would be appreciated greatly.[ Edited by pktd1072 on Date 03/07/2004 ]
Hi Pktd,
There is money to be made in
www.MobileHomes.In response to which is better,land/Home Package or Mobile Homes in parks,the homes L/H package is definitely more of a money spinner.
But before you get into that you need to get the land zoned for placing a mobile home on it ,get electric,water and the like which may not be easy for a beginner..wheras the yield on older mobile homes in parks is phenominal compared to the money you put on buying one and the place you are in,ocala, there are a plethora of deals to be made.you can probably start off buying mobile homes in parks and then move to L/H packages.Before you do that read up deals on wheels by Lonnie www.Scruggs.i think you can buy it off ebay for a few bucks..
and one word of advice if i could..you have mentioned in your post quite a few times that you are www.shy.I guess you need to change your nature a bit and try to be bolder and meet people.sellers,park managers or whoever is going to provide you the money becuase end of day its you who do the talking and being shy does not help.
Read up some good self help books or books of the likes of Robert Kiyasaki which will provide you the motivation and also may make you come out of your self confessed shy state
good luck investing.
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[ Edited by Samw on Date 03/10/2004 ][ Edited by Samw on Date 03/10/2004 ]
I'll disagree just a little with Sam. You can't say L/H combo is better. In the long run, if you are holding as rentals yes, absolutely. But if yield is what you are after, there is nothing like a 10-15 yr old MH in a park. Yes Lonnie Scruggs book Deals on Wheels is a great eye opener. The fact that you're shy could make this a perfect niche for you, because 1/2 your job is buying... and that's fun for the pressure is on the seller.... you don't have to buy. There is a ton of money in them tin cans. I do not recommend subject to and MH. You should buy them cash or L/O... Remember in this type of investing, the 0-$2500 MH is your bread and butter. Yes they do exist. I highly recommend Lonnie Scruggs book... Or did I say that already?
Good Luck,
Shawn(OH)
Gentlemen thank you for your replys
as I will read Lonnie's book but first check my local library since his book is very popular and may be there.
Now as to Ridc Dad/Poor Dad and other books of his I've read them when a friend ordered them and they had their points and my shyness will probally be cured after that first successful deal is done or maybe that first deal that fell apart and gets the butterflys out. But I will not let this get in my way, no sir.
Again thanks for the replys and I wish you both success, even if you already have it, hopefully you do.