All Forum Posts by: Bill Neves

@Ashley Wolfe

Hi

If I read right, you are talking about the $4k unit?

That is their asking price. Not written in stone.

We like to look at a place, explain that we are not going to live in it. So $4k would be great for a family to buy and move in. We will be fixing anything needed and paying rent and utilities so may have 6 months holding costs before we sell. Is it 6 months? No but it could be so that's the contingency plan. Then if it needs the work you say, it might be a $1000 offer... maybe! Sometimes $1000 is too much if it's in bad shape.

Plus with $600 back taxes, what maintenance has been deferred? Like floors, plumbing, roof, etc.

Also, a single wide 2/1 is harder to sell than a double wide 3/2. You might be better off talking to the 3/2 seller and see where they are and what you could do with that.

Any of your 3 scenarios to acquire are sound.

Just my 2 cents.

Have fun!

@Ryan M. and @Rachel Pervis

Ryan - sorry about your experience. 

This may not be the post you want to read....

I actually USED to work for Russ Whitney, which is now Rich Dad Real Estate. I don't work there any longer. Too much travel. So I have no dog in the hunt as they say. Their business doesn't affect me, one way or the other any more. No longer there. I was a Mentor, as you mentioned. 

You said you 'reviewed the info and realized it was crap'. It's pretty much the same info I got and used to mentor people. The biggest challenge people have is to think that a couple hours in that intro room or weekend 2 or 3 days of info with no actual work, will make them rich. You must know, that isn't gonna happen.

2nd biggest challenge is to get a little information but NOT put it into action. 

Nobody wants get rich quick but we all kinda do.

I started investing part time in 1999. In 2003, I took Russ Whitney/Rich Dad classes, got a Mentor and took off. Later they hired me to be a Mentor. Did that for awhile and stopped, due to too much traveling for it.

I've done 160 stick built real estate deals since 1999. I now do mobile homes exclusively and am working on my 36th one in the past 2 years. Plus another 10 or so that I bought to live in, not deals.

Now, I met and talked with several people who took the same exact courses I did, but didn't do anything. They got the same training I did, but didn't put it into action. So sorry for your experience. Mine worked for me. I put it into action.

I can show you testimonials from people, I mentored, who did deals, made money, quit their jobs, etc. But they followed thru and did the work.

I coach people now to do mobile homes and one of my students is making $8k/mo cash flow after 2 years at it and another just did his 2nd deal and netted $17k. It's not about how awesome a coach I am. Real Estate works if people work it.

Why don't you give it another shot, since they haven't given you a refund anyway. Right? What have you got to lose?

Friendly advice - if you would put the same effort toward doing what the training shows instead of spending money on an attorney to work toward a refund, you'd probably make a lot more money. I know because I worked there, that they will help you get things going if you ask. I also have several friends right now, who went to Rich Dad classes recently, have done deals, and are making money.

Sorry for the honesty.

Good luck either way you go.

I'll chime in since we just finished our 35th mobile home as investors. And just started out 36th yesterday.

And I used to live in Anaheim Hills. 

Appreciation is great but like mentioned, there is risk of bubble again. Already happening in San Fran and surrounding areas. Check it out.

Market goes down, housing gets hit. Mobile homes fly!

Yes they depreciate. But ...

Most investing is about cash flow and ROI and they blow away traditional ROI with what is happening today. Low cost of entry and way bigger returns.

If they are on payments, the loan is retired in 5, 7 or 10 years. (Yes I know about Dodd Frank) So put another one in your portfolio.

Most people are not getting new loans. Most loans right now are refis.

We just sold a 1972 2/1 800 sq ft metal siding metal roof OLD mobile home for $36,900 CASH in the Portland OR area. ROI was over 500% annual. It was fixed up nice and I know it's not CA but jeez! That's probably 10 times what it sold for new. So depreciation?

With the economy, market and home ownership at it's lowest point since 1965...

Yes they have rent but once the home is paid off, if you do it right, it's half of regular rent if you don't want a regular rental, can't get a loan or don't want to pay a ton for a cheap house in CA.

A LOT of people are looking for alternatives like @Justin R.. So the depreciation, bad investment is very old school today. I even have an iPod instead of cassettes now!

We redid one recently that was badly stained like you describe. Bought 3 sheets of pebbled plastic at home depot. $100. Cut, glued and trimmed it out. Came out great.

@Stan Kyle @John Fedro

Hi Stan

Upfront - I'm a member of John's program. It's good stuff.

John is right on. You can do mobile home deals in all areas of the country with a few exceptions. We've done many deals of all different flavors in several areas. We've sold for cash and on payments. We've sold as is and fixed some up too. We've bought them cheaply and sold for way more than I initially thought we could. We've had a few hiccups like any business but overall it's been great!

As John said, you have to beat the bushes, get in the trenches, etc. You have to visit with every park, park manager, seller, investor, realtor, investor club, networking group in your area, etc to make your business known. It's a simple business but not easy. Not easy because with anything worthwhile, it takes perseverance to be successful.

I moved to a new state after doing several deals where I lived before. Initially I wasn't getting any traction. After speaking with John about the initial struggle, he suggested going 30-60 minutes north, south, east or west. Great idea!

I went 20 minutes east and found 6 deals in a month. Now I find them 10 minutes from my house. If this is new for you it'll take some amount of legwork and study. But know that anyone can do it. IF you can talk to people. Can't sit on the computer only and get good to great deals.

I think you said in another post that you were getting one pretty soon.

Sales is finding a need and filling it. Be a transaction coordinator. Find out what sellers and buyers want. Find them their solution. And you'll have a long running and prosperous business!

Have fun!

@Stan Kyle

Welcome to Begger Pockets and to the world of mobile home investing.

Check out the mobile home blog area here and there a couple good podcasts on mobile homes.

'Deals on Wheels' book is a good basis for the business. Will give you a good feel for things.

However, many parks won't allow rentals. Also Dodd Frank rules don't allow financing as might be imagined. Deals on Wheels updated version addresses Dodd Frank.

When you buy one, yes, get one with AC if possible. Always easier to sell with more featured included.

Have fun!

@Orlando Paz

1 - See if the sellers will take payments.

2 - Check a local Investor club (REIA) and see if you can secure a money partner to fund the deal for you.

Good luck and have fun!

@Lundy Lundmark Howdy! My mother used to live in Vero Beach. Great city.

@Cory Scribner I agree whith @Ken Rishel, let the park do the title replacement. Since they own the unit, and are a park, it's much easier than you doing the legwork.

Always get clean title when buying one of these units.

I looked at one awhile back that 3 different people had purchased and lived in without changing title. The latest seller had no idea where the title owners were living. I told the latest sellers that if they could get clean title I might be able to buy it but not otherwise. Don't need the aggravation. Next!

@David Fritch the park is usually in the business of collecting rent. Many parks have rules that tenants must be owners and don't want to or can't rent. The manager/owner may not be interested in doing any fixup so will sell to an investor to fix and sell. I've bought several like this.

Have fun!

@Bradley Heath

Welcome. And yes there are several of us on here who do well with mobile home investing. Low cost of entry and well received by the masses. The market and economy dictates how this niche goes. And it's going very well.

Enjoy and Have fun!

@Reginald Selden

Hello and welcome.

Some parks don't allow flipping. Move on. 

Work in parks that allow it. It is always for the park's benefit. You help the park by fixing and selling to park approved buyers who will benefit the park.

Google 'Mobile Home Loans' and you can find several.

Mobile Home ARV is subjective. Dependent on area and pricing. With the economy and market right now it's doing great.

We just listed one that we just finished rehabbing today. We got it for $5k, put $10k in it to update and have it listed for $36,900. 

And it's a 1972 2/1 in a senior (over 55) park. There are already several people interested with cash.

So yeah, it works.

You canvisit your local investor club and meet people who will likely be in the business. They will  be more familiar with local info.

Have fun!