All Forum Posts by: Leslie A.

Thanks, Rachel.  I bought your book and it and your blog have been really helpful!

Thanks, Mark!

Mark,

That is a really fantastic deal you got.  I'd be very excited!

I agree that that's a great rental cash flow for such a small upfront investment. 

@Curt Smith 

 I don't see why you can't do a Dodd-Frank compliant transaction on a mobile home in a park. 

@Brady Dawkins 

 I think you did a great job on your first one. 

I know how you feel about finding all the flaws.  It's pretty overwhelming.  I've just started buying RVs to rent out and I've forgotten to check many things.  Really, a detailed checklist is needed.  I also have learned that I don't like rehabs at all.  

I am loving that rehabbing an RV is much simpler than rehabbing a mobile home.  It's more in my ability level to do.  And the neat thing is that my gross cash flows are about as much as a MH.  On the 2 I have so far they rent for $650 a month less $260 lot rent.

Vanderbilt Mortgage and 21st Mortgage both do.

I'm glad it all worked out in the end. I think you should have charged a lot more for the home. Have a listen to John Fedro's podcasts.   Lonnie's great, but I don't think he marked up his homes enough. Also, you may not have seen, but we have a section for MHs here.

Just an update on progress.  Got my 2nd RV ready to rent and placed in the park 7/30.  Had rented, received rent and deposit money, and lease signed Saturday, 8/2. 

The 3rd RV is in process of being repaired and cleaned for rental.  It should be ready by the weekend or before.  I have 2 people interested in renting it.  Will see if they follow through with application.   So far, the park itself has been the best source of renters.  Both the manager and the neighbors have been spreading the word. 

I had to reject one applicant because she had 3 kids!  The park wouldn't allow that, plus, it turned out she owed the park $540 from years ago. 

As soon as I have the energy, I will start looking for the next one to buy.