All Forum Posts by: Rachel H.

Here is a link to an interesting viewpoint on Rich Dad titled "Kiyosaki's Seminars Investigated":

http://tinyurl.com/yjr5vuc

Hope this helps!

Good to hear about your progress, Terry. When screening buyers, I find the most serious ones are the ones who take action - they do what they say they will do. Those that make promises but don't take any action, I've learned not to take seriously.

If this person you're working with does come through, it'll be a good indication of his seriousness. If Saturday rolls around and things fall through, he may just try to make another arrangement with you. If that's the case, you might want to just continue with the screening process (if you're not quite sure of his seriousness). I've found there are people out there who just will string people along which really don't result to much.

It's great to hear what you've learned on this one - the earlier deals are the most memorable with the amount learned. Each deal after tends to gets easier with more experience but I find with every deal there is something new learned from each experience.

Looking forward to hearing more on your progress, it's great to hear more stories!

Yes, there's a lot of different kinds of people you'll meet going through these homes. I find the ones who are the most serious take action - you'll definitely get those ones who want you to "hold" it for you. I tell those people just to call when they're ready but the home will continue to be shown to others. I find the most serious ones are the ones that go out fill out the application completely submitting all the paperwork required (and pay the fee if one is required), now that's taking action!

If you are the lender on the home and do not own the land, you would have to go through foreclosure proceedings on the home only. So, basically you just want to get possession of the home back since they have not paid. Once you get possession of the home, then you will most likely need to find a new place for the home if you do not own the land. Hope that helps!

Hi Dave,

Jim has some good points. Also, you may want to think about how much time and how much you reallly want to get involved - running a mobile home park is a business and it requires time to learn all the ins and outs. Hope that helps!

No problem, glad to help!

Hi Kristen,

Usually, I just go in and inspect just like I would be buying as a regular homeowner. I think what types of things I would be concerned with if I were buying as a homeowner. I turn on the lights - make sure they work, run the a/c, run the water, etc.

Some people have asked if it's necessary to hire an inspector to inspect a mobile home. I think it all depends on the comfort level of the person. If it makes someone more comfortable having an inspector do an inspection, that's an option. For me personally, it's not necessary. If going this route, one can get a sense for what an inspector looks for and use it as a guide for future inspections.

If you're interested, here's an article on inspecting a mobile home:

http://tinyurl.com/lcv8ys

Hope that helps!

Hi Hietham,

Welcome to the world of mobile home investing! Yes, I am a believer that "Lonnie" deals can work anywhere. The key to being successful is knowing your market and the demand - each market can be different.

I understand your concern with the lot rents being high. If you are planning to hold, it's best to have cash reserves for holding costs. If you're interested, here's an article on lot rents:

http://tinyurl.com/mmyyl2

The deals are there - it's just very important to know the market and what to look for. There's a very famous CA investor who I heard accidentally found a mobile home for sale in a park in CA for 3k. It can be done.

Hope that helps!

I hear you, Joe - it can be pretty tempting, sometimes wish you can move the park too!

p.s. If the demand is there and you think the park's rents are undervalued, it could work - it all depends on the market and the demand in the area. I'd be careful about trying to get others to come in and fill the park - I've known park owners who have depended on that model and struggled. It's best to be pro-active and not have to wait for things to happen. Hope that helps!

No problem, Jesse - glad to help!