A guy talked to me today, he has been trying to sell some mobile homes and has a few mobile home portfolios he said…im relatively new at investing and didn’t want to sound like i didn’t know anything. Regardless he wants to sell these portfolios…is there anyone out there who would know some of what this guy is talking about. I told him that I would like to try and work with him and that i would get back to him. I would appreciate any piece of advice…thanks
Courtney
I
808,
(1) Read your messages
(2) Read the Forum Posting Rules
(3) Stop making marketing pitches about what your business does
(4) Stop making “contact me” posts
If you take these 3 steps and abide by the rules, I will stop deleting/modifying your posts…
Keith
Moderator
I really wish I could voice my opinion, your post is something i will watch because i to am interested in mobile homes. There is a thread that comes to mind but i just can’t find it. You may want to search for it, i know it was somewhere in these forums.
There is also a book I heard someone talk about: http://www.reiclub.com/products/169
Hope this helps!
As far as mobile homes go, Lonnie Scruggs is THE Guru…
Keith
If you want a great site to talk mobile homes, notes, land contracts, and the ins and outs of mobile homes with or without land here is a link you need to visit.
http://www.real-estate-online.com/mobilehomes/wwwboard4/index.html
Nate-WI
Courtney,
It sounds like this guy may be trying to sell you a bundle of mobile homes (some rented, some vacant, etc…). Most likely, this does not come with the land. This means that your portfolio of mobile homes comes with a monthly lot rent that you must pay wheter or not you have tenants renting out the units. Without the land you are buying a business not real estate, so it is impossible to find traditional sources of financing for this product. I’m not saying that you could not pay cash and or find private/unconventional financing sources, but this would not be something I would recommend (higher rates). That being said, they are highly profitable if you can keep them rented. Cap rates on these portfolios normally exceed 20%. Hope that helps some.
Cap