All Forum Posts by: Rachel H.

You've got it, Mike H! :D

Yes, I do Mike H - it's a local #. It's the best way for me to screen people out - see if they are a good fit to work with. It's an art learning how to screen people but a skill well learned.

I had a fellow investor friend using a call center answering service and they would email him the leads - however, he found they didn't get all the info, he had to train them and by the time he called these people back they had already talked to another investor. I think most people want that personal touch.

People have different styles of doing things. Some people have a calling service, some do it through their website, etc. For me, it's faster to take the calls and if there's a seller/buyer out there who wants to work with me - I'm there!

Hope that helps!

Basically, it's buying wholesale and selling retail - you are the bank and offer to sell using owner financing. Say you buy a mobile home for 3,000 and sell it for 6,000. Most of these folks don't have the cash to buy these homes outright - it's just like buying a car, most people get financing. The buyers come to you and pay you a down payment (say $500) and you finance the rest ($5500) with interest - they make payments to you.

It's nice because you are the bank - all you do is collect payments. The buyers are homeowners and are responsible for taking care of the mobile home.

I definitely recommend reading Lonnie's book, Deals on Wheels, if you plan on investing in mobile homes.

Hope that helps!

I'd stick with the books. There's a wealth of information in books - you can always go to your local library and check them out for free. The key to success in anything is really going out there and applying the knowledge you learn. Hope that helps!

I answer all my calls personally. If I miss their call, it goes to voicemail but I call them back right away. If there's a seller/buyer calling, I want to talk to them! :)

Thanks for the kudos, Charles. Appreciate it!

I've gotten the same question from other people. I've heard of other investors out there who have tried doing the lease option/sub-to thing with mobile homes. Honestly, I don't really know if they are cash flowing. It's hard to do that especially when people are overleveraged on the notes with the new manufactured homes - most times the interest rates are higher than most (double digits) . So, it would be hard to do lease option/sub to unless you know for sure you can bring in a buyer and make the #s work on the monthly pmt and you're cash flowing - just what I've seen.

In my experience, most people who either don't have a mortgage on their mobile home or a small amount left, just want to sell straight cash and move on. Most of them don't really want to finance.

I've never done a lease option/sub-to before with the mobiles, I just buy straight cash. Though if you know your market and know you can make the #s work with an opportunity you find, it just might.

Hope that helps!

Hi Noe,
Right now, I do not know of any lenders who will lend on used manufactured homes themselves as personal property (not with the land/mobile home park). I've heard that Clayton Homes may be considering this down the road. I know that Vanderbuilt Mortgage and 21st Century Mortgage still lend on manufactured homes but they have to be brand new from the dealership, not the used ones. Buying new from the dealership, you're looking at least 35k+ on a brand new singlewide, double that on a doublewide. I deal only with used mobile homes (not the new ones), and buying used involves cash and/or private $, it is very hard to get financing on the used mobile homes.

If you have a local bank you work with, they may be willing to work with you depending on your relationship with them though I am sure they will need some kind of collateral. Private money and/or cash is by far the best way to go in the mobile home business. Hope that helps!

My office is Starbucks ;)

I like twitter because it allows me to stay on top of the latest news for the sites I like to go to. I used to get newsletters in my email but it filled it up so much, I couldn't keep up! Now, I can just go to twitter and check out the latest news for the sites and also people to keep in touch with. Hope that helps!

p.s. I think the twitter group here is great, it's a good source of help and info. My twitter is mobilehomegurl. :)

Welcome Aurora! If you like to write and share your experiences with people, blogging is a great outlet. I like to write myself and have found blogging to be pretty fun for me especially since it's something that can be done from anywhere, that's the cool thing about the internet ;) I highly recommend checking out the blogging group and forum here, it's a great source of help and info! :)