All Forum Posts by: Lee Pegram

Thanks ken bad Craig I appreciate it.

Will,
One last thing. Sorry for my limited knowledge. Do you consider in your expenses the loan payment or just the interest paid?

David,

Those were some good articles. I liked them all. I even got a good idea about how to figure the cap rate. If I were to go in and raise rents then that looks a little more promising with the offer I went in with.

Will,
My offer was $64,500 she countered me at $119,000 sorry for the confusion. Also what is the 2% rule? Sorry not fimiliar with that term.

Good advice Don! They are all on city water and each have their own septic tank. The thing I hate about the septic system is that they will only approve for 2 bedrooms on each space. The septic systems were put in the park back in 1987. My grandfather made a good point about the 2 bedroom spetics is that at least they should have a little less use. They are all 900 gallons with 2 drain lines @ 85' long. I have put a lot of weight in putting in seperate meters within 3 years of ownership. I plan to replace the homes in the park with ones that I would purchase if I happen to run someone out with the increase in rents. I had not idea that the county could hold me resposible for the property taxes if I did not own the mobile home. Thats good to know!

Thanks

Leslie,
I am currently getting an average of $300/mo each for 10 years. I know this may sounds decent but with a new baby and mortgage, that has cut into this money. I have put a lot of thought into the less expensive homes. The only thing that I run into is parks that have the cheapers homes want them moved. I have run my numbers and it seems like I would still be close to 8k. I have been actively talking to park owners/managers to find some of these deals but haven't had much luck. This is a good idea and has been at the top of the list as far as ideas go for my situation. If I can find some and cut out the moving expense I should have better luck. Thanks

Annette,
Thanks for the advice. Can you give me an idea of what you are looking to get as a return on your investment? Sorry not trying to get to personal but I also don't want to get burned by someone with my limited knowledge to private investors.

Chris,
I see that you live pretty close to me. Do you invest in Mobiles? If so, what avenue are you taking renting, rent to own, financing, or reselling for cash? I have actually been looking down in your next of the woods for a 16x76 home since we are finally allowed to have 16 wides in NC now.

Craigslist Notification this app allows you to be notified when a new home (or anything else) is posted to craigslist. You'll be the first to contact someone when they have something for sale. I have the app on my Droid but I would assume that Apple has something similar.

I currently invest in Mobile Homes. I have 8 that I have purchased in a family park in the last 4 years. I don't think that is bad but I seem to be slowing down on my available funds. I have purchased 2 homes in the last 6 months and I have a 4 month old baby and new mortgage. The family park requires some more expensive homes. I pay and avg of $12-14K each. I have found a park or 2 to let me invest their but I find that adding an additional $2000 moving cost isn't great. I want to try and stay with mobiles homes because that is waht I know. Is there any other ideas that I may not be thinking about or should I sit tight until my cash flow builds back up my account? Any other ideas or thoughts would be great.

Thanks

I appreciate that. I was concerned at first too. I have done a bunch of research with the property and it seems everything checks out. The person who owns it currently just had it passed down to her from her parents. She lives completely across the US and with the rents as low as they are I assume she thinks it is more of a headache then anything. She is keeping some of the land to be surveyed out but I will still be left with about 3 acres.