All Forum Posts by: Matt S.

I purchased (cash) a cleared with city sewage, 50 ft frontage x 100ft lot in DeRidder La. for $4500. It's not in the best of neighborhoods and I want it to make $$$. Suggestions?

Yeah, I spent a lot of time researching myself for the codes, however I missed one. Even, when I asked code enforcement to show me, it took him about 30 mins to find it. However, I now know, just call. 

I was thinking of putting a trailer on the land and rent-to-own the trailer and collect lot rents separately for life. However, city code is preventing me. So now I'm at building a house or apartments. What do y'all think?

PS: you can't hurt my feelings. Give it straight. 

The original seller repos the MH. 

However, that shouldn't happen as an investor. Pay your note in full ASAP so you own the home. If you can pay cash for it up front pay it. CASH IS KING!!! 

Also, you will end up selling that mobile home 5-10-15-20 times before someone ever pays it in full. That's why the non-refundable down payment is important. And you can easily buy it for $5k and sell it for $20k. All that matters is can they afford the monthly payment. 

I just bought a trailer for $5,000 in terrible condition. No sewage hook up and no stairs to get into the trailer. I sold it Rent-to-own for $15,000. $500/down-$500/month 12% interest for the next 10 or so years. And they built new stairs and fixed the plumbing!!! 

It's the best business, because there are huge turnovers and hardly no one is doing it. I look for the worst trailer while investors are trying to find the best. Why??? It's all about making a Note Contract!!! 

Read "Deals on Wheels" by Lonnie Scruggs. Just make sure your contract is legal.