Looking to cut teeth with Mobile Homes
Hi folks, new to investing and living in Houston area (out skirts). I have been doing my research and running everything I can find through the BP calculators to analyze deals. Around Houston, the asking prices and taxes kill most prospects, even when I drop the values to distressed values (60-65%), the numbers still don't work. Realize this, my figures cover all the basics overhead costs, including management, because I am not going to leave myself short just to squeeze out a $100 a month profit per door. It is not worth investing if your time and money is going to be sucked up in those "other" expenses just to cover basic costs. If I have learned anything from BP, it's don't set yourself up for failure by underestimating your costs.
I have yet to start a marketing campaign because I don't know where to market (SFH, Multifamily, etc.) to target to get the best bang for my buck. I have 20k to start myself and have several coworkers in my field (law enforcement) also looking to invest to get ahead. I have listened to close to 200 of the BP podcasts and have really taken to Mobile Homes. Now, I don't have the resources or knowledge to purchase Mobile Home Parks like Brandon, but I am interested in buying, flipping older homes and even buying and renting nicer mobile homes. I could be in for 10-15K total (or less!), which is within my cash budget, and out within 6-12 months per deal. I am looking to cut my teeth in this industry without killing If you live in Texas, you'll know that there are mobile homes in every town. I love listening to John Fedro's podcast and and watching his youtube videos. That is a marketing campaign I could get rolling in just 3-6 months, targeting 4-5 counties around me, hopefully taking in 2-3 deals a month, flipping the lower level deals and keeping the best as rentals (or owner financed) to take advantage of owner finance.
Is there anyone out there in the Houston Market (or anywhere) with experience in the mobile home market that can help me set a marketing campaign to tackle this market. I have $500-1000 per month to dedicate to a marketing campaign (preferably direct marketing or bandit signs). What would be considered a good post card layout? Who should I send to? ListSource has so many options. Out of state Owners for Mobile Homes? Stick to Bandit Signs around know mobile home listings? Podcast interviewers have stated that direct mailing to whole mobile home parks for distressed sellers could put off Park Managers. Is this correct or do the benefits out way the chances? If you have a strategy that has worked, will you share with someone just learning?
Thanks to all that might read and submit their advise.
Bill