Hi Michael, I live in Houston and right now I am wholesaling sfr's but I am hoping to transition into mobile homes.
Take Care,
Michelle
Great we can get together soon. I will begin to lead the Mobile Home Focus group for the Real Estate Investment Club of Houston, come December so I will have plenty of eager buyers under my belt.
I'm not a proponent of the mobile home investment. Cash flow is obtained, but at the expense of appreciation and tax benefits. I prefer appreciation and tax benefits as the benefits of RE to chase after.
I'm not a proponent of the mobile home investment. Cash flow is obtained, but at the expense of appreciation and tax benefits. I prefer appreciation and tax benefits as the benefits of RE to chase after.
I prefer Depreciation on my home as a mobile truly drops in value according to paperwork. But the people that buy mobile homes do not care about price, they only care about the monthly payments/
How often do you buy a home for 10k and sell for 30K at 13.5% interest?
I have owned 18 single family homes at one time, Now I am down to 10. I have not purchased anywhere as many as you, but my mentor claims I am his best student and he has purchased over 400 single family homes in 4 years.
Yet I go back to mobiles. I make 5 times the money with mobile homes. The down side is financing is more difficult for them. And you MUST be strong if you Landlord Mobile homes.
Michael, Are these mobile home sale primarily owner contracts? My understanding is that bank financing for this product is very difficult, what do you see in Texas? Can't come to your forum, live in Washington State. :mrgreen: :mrgreen: :mrgreen:
Originally posted by Michael Matthews:
Originally posted by Rich Weese:
I'm not a proponent of the mobile home investment. Cash flow is obtained, but at the expense of appreciation and tax benefits. I prefer appreciation and tax benefits as the benefits of RE to chase after.
I prefer Depreciation on my home as a mobile truly drops in value according to paperwork. But the people that buy mobile homes do not care about price, they only care about the monthly payments/
How often do you buy a home for 10k and sell for 30K at 13.5% interest?
I have owned 18 single family homes at one time, Now I am down to 10. I have not purchased anywhere as many as you, but my mentor claims I am his best student and he has purchased over 400 single family homes in 4 years.
Yet I go back to mobiles. I make 5 times the money with mobile homes. The down side is financing is more difficult for them. And you MUST be strong if you Landlord Mobile homes.
Michael Matt,
If you are after cash flow ONLY and don't have about tax consequences, long term appreciation etc, there I don't think you can beat tin cans. Lending is next to impossible on older mobiles, which are the only ones affordable for 10K. You're basically creating an income stream, same as you would with tax sales. Please consider tax consequences. Not only do you not generate writeoff, but you create MORE tax consequences from selling and looking at capital gains, be it short or long term gain. That reduces your "profit" a lot.
When I sell Mobile's Yes it is Rent to Own, I never Owner finance as it is to difficult to evict. Yet I structure the tenant buyers payments the same as owner financing.
I buy mobile homes with Cash and Credit Cards. Care to lend me private money? I pay 10% 3-5 years...
Now my class is free. I am just the teacher for the Real Estate Investment club of Houston. We will have meetings one night a month come Jan and it is free. I belive I will learn more from others than I teach, I like to have 50 diffrent people point of views on things. It only takes one great idea.
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quote=Tony Lindsay]Michael, Are these mobile home sale primarily owner contracts? My understanding is that bank financing for this product is very difficult, what do you see in Texas? Can't come to your forum, live in Washington State. :mrgreen: :mrgreen: :mrgreen:
Originally posted by Michael Matthews:
Originally posted by Rich Weese:
I'm not a proponent of the mobile home investment. Cash flow is obtained, but at the expense of appreciation and tax benefits. I prefer appreciation and tax benefits as the benefits of RE to chase after.
I prefer Depreciation on my home as a mobile truly drops in value according to paperwork. But the people that buy mobile homes do not care about price, they only care about the monthly payments/
How often do you buy a home for 10k and sell for 30K at 13.5% interest?
I have owned 18 single family homes at one time, Now I am down to 10. I have not purchased anywhere as many as you, but my mentor claims I am his best student and he has purchased over 400 single family homes in 4 years.
Yet I go back to mobiles. I make 5 times the money with mobile homes. The down side is financing is more difficult for them. And you MUST be strong if you Landlord Mobile homes.
Michael, since your classes in Houston are free why not share the same info here on bigger pockets, in a tread, blog or group. I'm sure there would be a lot of interest. Jim
They are not free , you must be RICH member for my services.
Originally posted by Jim Doine:
Michael, since your classes in Houston are free why not share the same info here on bigger pockets, in a tread, blog or group. I'm sure there would be a lot of interest. Jim