All Forum Posts by: Dawn Young

Sounds like it is land with improvements at the very least.  (Water/sewer lines can get spendy, so this is awesome, if the numbers click for you). We would love to have something like this to add to our collection! Rent it out as long as possible, and watch the land (probably) grow in value!

All the parks in our area are basiclly full....except one, thats half empty/many for sale...the manager is so rude.  I'm pretty sure that is the reason.  

tee, talk to banks. It just depends on what you're talking about doing, and it will help if you're willing to live in it for a year.  Some banks will do a personal loan, secured differently.  But they are higher interest.  Also, you might try owner contract. We got a cash out refi on our primary residence to buy ours. (The bank won't go over 80%(or so) loan to value.  Dont overpay. Keeps us posted on what works for you! There is a podcast on this subject by bp, but I don't remember the number.

your 1st home purchase should always be an investment deal, living in it just makes sense. That goes for buy/holds and flippers alike. You will look back and think, wow, I'm soooo glad I did that right!  Now, make sure you get the right deal.  

 Buy a 2 or 3 bedroom house and have room mates, that's what my cousin does.  

No experience yet, but something my broker said made me under the impression that it is done a lot.  The parks that are less than 16 or so, I think would be a problem.   Either way you'd need someone there to keep an eye on things, of course. :-)

Mfh make great rentals, not so good flips. You can get the same rent amounts as stick houses, for rent, but it wont grow in value like a stick built house (actually go down.) You probably knew this.  If county/city will let you, short/long platting is a great idea! We've done it. Call city or county, depending on which you're in, and ask them.  they may have limits based on wells/rock/septic, etc.   i would not add a foundation.  Some houses are just owner carries contract.  Or rentals.  Mobiles are our cash cows.  Milk them!

a lot of houses are not worth it, when you have to finance the entire thing. In many years it would be paid for, or you could refi again, to get cash flow, but Personally, i can't ask myself and my husband to maintain it for free in the meantime!  Plus, if anything went wrong, We'd be in a loss!  Our rents are similar here, so my goal is $60,000 per door. At min, i want to make net $200 per door.  Honestly, i don't know how to get deals that low.  We got ours be owning the land, and putting used nice homes on them.  Others buy low and force the appreciation through work on the house, but that's a whole other game, and I'm nervous about it myself. Others get into duplexes, but  60 per door is low even for them.  Its also a matter of the market.  If it goes up, we'll all wish we would have bought more houses like that!

"get a business degree",  and "the bank will never loan on that"