All Forum Posts by: Leslie A.

Hi Gabriel,
I'm not sure I understand your question. Can you clarify?
Your Lonnie notes can be sold for cash, though the number of buyers is limited and discounts run around 40-50%.

I second the gel bait that Michael S recommended. I've know of people with very severe infestations who used it and it got rid of every roach and quick.
Also, Have personally used Combat (the little baits you get at the grocery store) and had great success with a severe infestation in a home I once bought.

Hi Deborah,
As far as the park paying an incentive to the investor to move a home into their park -- I suppose it depends on how slow the market is in your area. Here in the Houston area some of the parks are paying $2500-$5000 to move a home in because they need occupants for their lots.
The other things you mentioned - the managers overseeing rehabs and the move - I haven't heard of anyone asking a park manager to do all that. I would imagine they would have to pay that manager a hefty fee to do all of that. I may have missed it, but I didn't see anyone on this board suggesting that a manager would do all that for an investor.

Hey Nick,
When I was actively looking for mobiles to buy cheaply, I ran across many free homes (you can find them often on Craigslist). I decided not to take any of them because with the repairs they needed (I didn't have a free source of materials), plus the $1500 to move them and set them up, then pay extra to hook up utilities, they became more expensive than buying one already set up in a spot. These were singlewides.
I also saw doublewides for free, but around here they cost $3000 to move and put back together, then add the utility setup, etc.
I would think that if you keep looking you could find some already set up you could buy for less than you could get this one.
Then again, if you're up for all the work and hassle, go ahead.
If you look around, you may be able to find a park that will help pay for the move. Around here I found a park that would pay $2500 toward moving a home into their park.

I use Texas Farm Bureau for the one I live in. They were much cheaper than Foremost.

I think your lenders are mistaken about a brand new doublewide costing $20k. No way. I wish they were that cheap.

I've been offered free homes, but they always had to be moved and needed extensive repairs. If I had been offered one that didn't need to be moved and the repairs weren't astronomical, I would have jumped on it.

Hope this one works out well for you!!

Hi and Welcome!

Very exciting that you're getting started so young. If you can be wise with your money and stay out of consumer debt you will have a very bright future.

Hi Greg,
What a nightmare! I wonder if from now on, you could require the sellers to obtain this statement from the county showing that no taxes are owed? That way it would be their problem, not yours.
Hope you can get this resolved. I'm in Texas, too, and dreading having to deal with this.
But congratulations on getting a good deal.

Jimmy,

I'm really enjoying this discussion -- quite intriguing. I always gravitate to "contrarian" thinking. I've never liked what the majority liked.
I think you have some great points. The cash flow potential is what drew me to the mobile home niche. But most investors would turn their noses up at that.
One thing I've noticed in my search for mobile homes to buy is that often the poor pay more for less quality than your middle class person pays for a higher quality product.
For instance, I went to see a mobile home listed on Craigslist. When I got there, it was in one of those war zones you were referring to. The lot the home was on was ugly and filled with junk. It was small and had no redeeming qualities. Oh, and it was surrounded by equally ugly lots with horrendous mobile homes on them.
I went ahead and looked at the trailer to be polite, since they were sitting on the porch when I drove up. The owner of the trailer told me the rent for the lot was $300 a month and the landlord would come by on the 1st (even New Year's Day) to collect the rent.
I was thinking - wow! I wish I was the landlord! $300 is higher than any lot rent around here, except the upscale, high end mobile home parks with all the amenities.
Well, I never pursued buying lots in that slum, since I'm a dainty woman and going door to door to collect rents from that type people doesn't sound safe. Now maybe if my husband would help me - he's rather big and menacing.