Scruggs Book - MH Great Opportunity W/Low Cash
I've just thoroughly read the 'Deals on Wheels' book that is written by Lonnie Scruggs.
My biggest problem of late is I have 3 properties that I'm renting out but don't have the credit line or cash to rehab any properties.
Mr. Scruggs has written an excellent book on how to get started with only 5k. It is easy to see the benefits of buying MH units that are located in parks.
In my area alone there is over 110 MH parks. The beneifts to selling MH is this:
1. You don't have to foreclose - eviction is all that is needed. (and that isn't hard if you stay on top of people and start the paperwork early)
2. Park managers watch your tenants for misconduct. A babysitter you don't have to pay!
3. Easy to fix. Reasonable taxes...OOPS since it isn't on a piece of RE then there are no taxes besides the usual car taxes that are attached to MH.
I don't know how many ads are located in the paper wanting people to 'assume' their loans or extremely motivated to sell because they have to move.
Plus, how much easier will it be to get 10% down on a MH that is only 3-10k ? Payments are as low as $200 for a note of $4500 at 12% over 3 years. Who can't afford that?
I love to play the numbers - Thanks Mr. Scruggs - I will post my first buy online along with the first sale. 
nmcurse,
Glad to meet you.
I have heard very little negative about Mr. Scruggs, mostly very positives reviews of his product.
Here is a little heads up you should be aware of.
Park Managers are as close as you can get to total control of everything that happens in my park people.
They have cut deals with the local mobile home dealers when someone gets in trouble, they get paid for those leads, so you as a onesy - twosy buyer will not be looked upon kindly. Some buy the mobiles themselves and then re-sell to a new buyer.
Also remember almost all parks require a credit check of your buyers, so you can set with a mobile for a long time if the park managers decide your buyers credit is not good enough.
Make sure you know the park managers of the parks you intend on investing in, this will stop a lot of problems.
John $Cash$ Locke
Thanks Mr. Locke. BTW I have your manual and very close to getting a great deal on a house 'Sub2'
Mr. Scruggs reiterates many times in the book to make sure that the Park Manager is 'agreeable' to what I'll be doing within the park.
I talked to one Repo dealer this morning and he's ready to do whatever it takes to get some of the his 'non-performing assets' back into the parks. I just have to get the time to go to some of these parks. Literally hundreds here in N.M.
nmcurse, how do you know there are 110 parks where you are? Is there some source that I can tap into to get a list of all the parks in my area?
I went to Google and did a search for my city and put mobile home parks. Actually I think there is a site that lists all parks in each state - but that link is at work. I'll post on Monday morning.
I would pick up Scruggs book as well.
Hey Julie...go to ****Must Reach Senior Investor status before posting URL's***. You can look up the state that you're in and find all the parks that are listed in this directory. I did it with florida, and there are to many for me to take the time out to count. Good luck!
sorry, I guess I couldn't list the name of the site. You can email me at **Please See My Profile** and I will give you the site.