All Forum Posts by: Dawn Young

OK, I'm def no guru, but we are financially succesful.  If I were you I'd buy an inexpensive duplex, and basically live for free in one side, rent other.  Ride that out for a while, sell stuff, live frugally, and paydown that mortgage, (strive to become the "millionaire next door", google if you're not familiar with that term.) Then, pull equity out later. For a down on your next investment property. That very first home you buy-- its the most important purchase you make, and the more you purchase,  the more interest/taxes/maint/utilities you will pay!  Also, if you or you mate are thinking of space for kids someday, those things will take care of themselves as your equity/savings grows.  I should know, we have 5 kids. :-)/good luck!!

That may be a good idea.  Or apply half, or something like that.

 Contact Dave Fitch, you'll see him in previous posts. :-)

I just hate that email thing, too, but I get around it sometimes by bringing my laptop to the house, and using my own email, thus ensuring that the get the e-mail, and if they need help, I'm right there. That said, I haven't perfected the process yet.  my local roa recommends a company that charges 35 or 40, and it just hurts to charge that, when there are 2-3 adults going to live there!

I'm trying to learn here, too, hope you dont mind--if i ran the numbers correctly, (straighten me out if im wrong) your net $300-$400 before the mortgage payments?  So after that $600 approx, you'd be having negative cash flow, till you got the 2 lots rented, and then you'd net about $300?  Less, because you'd be financing your foundations?  That seems low to me.  Bummer!

I was talking to a broker about mhp, a couple days ago---about a 6 space park----he said, that the problem with the small parks (less than 16 spaces or so) is that they have all the hassles of a big park, but less money.  On the other hand, how else are people like us (without a huge down payment) going to get in?  

I wonder, just curious, do you think this park is going to grow in value quite a bit?  Or is there anyway to get more cash flow from any extra land/amenities?  Some of the parks in ID have extra tracks of land that can be short plated off, and sold, with mortgage holder's approval, of course.   

we have 2 mfh (99, and an 86) 3/2 1100-1400 sq ft, and they are cash cows even after the city required sidewalks and aprons, extra foundation stuff, etc.  We love our mfhs.  We also live in one.

thank you! Yes I love mobile home park university.  I just finished reading their free e-book. 

@ Richard, don't the banks in Louisiana require 20-30% down (70-80%ltv)? Justin, i wish we had reasonably priced parks here in Wa state!

This is not an easy answer, either, but I'd try to sell, and try to rent it simultaneously.  Hopefully then you'll get one or the other. Make money somehow! I had to do this with a house we had one time, and it worked it worked out well for us.  We got paying renters, then a purchase offer from someone else.  Just make sure its a month to month lease, and I'd be up front with any tenants you get that you plan on keeping it on the market, (if you choose to, and I would).  Since potential tenants are frequently moving anyway, and you explain to them that the market is slow there, and it could take years to sell, they may be fine with it, hopefully. I wouldn't let it sit empty, if at all possible. Good luck!