All Forum Posts by: Mike Matthews

I read this thread with interest as I manage a 20-acre mobile home park.
I actually joined BP because they have this forum.

Not all mobile home park owners will permit investors to move in mobile homes. We do, but that is an exception in our area. We also do lease-options on our mobiles..we find that the tenant takes better care of the mobile using this method. I really didn't understand one post "most good parks won't allow lease-options". It really is the preference of the park owner.

I personally think the best avenue to use to buy mobile homes is looking at your local community newspaper. The ones that sell for $1.00 and come out every week. From my experience, this is where you will find alot of mobile homes for sale, and don't forget about Craigslist. If you're not afraid to buy out of state, then Ebay is a really good place to find mobiles for sale and also a good place to sell them.

Matthew, you provided alot of good information for folks, but I personally manage the Park a little differently than some of the methods you have in the chapter you provided.

Every state has different state laws. In my state of SC, a 5-day notice is required. I don't post these notices on the tenants door. I actually have the notice within the lease. Otherwise the notice would have to be mailed certified to the tenant (SC law).

For someone just starting out or even for a seasoned investor, mobile home investing is a sound, lucrative business.

Just my two cents

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Originally posted by Tom Farris:

Mike,

This short glimpse has some great information. Really very good and concise. I hope to get started soon myself. (Investing, not writing)

I sent you an email ref: editing through your site. Let me know!

Tom I need your e-mail, I am ready to put this book to press and My grammar needs some work.

Contact ,e through my web site please.

Thanks again,
Blake

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No the park manager found me the home, that is why I am paying her a referral fee.

Originally posted by William Walsh:

Originally posted by Mike Matthews:

Well that is Not a Rent to Own, if you ever sacrifice a title you are financing your home and you fall under the statutes of the SAFE ACT.

Safe Act doesnt say anything about whether transferring title has any impact on applicability.

In Texas, TDHCA regulation states that you transferring title into another's name constitutes a sale rather than a rental though but other guy does not live in Texas. I am pretty sure some states allow rent to own structure with transfer of title.

Originally posted by Mike Matthews:

As far as Referrals go.I just got a referal 2 hours ago from one of the parks I work. I will buying this 18 x 80 single wide for $500 plus moving expences. As agreed I move to the managers park. And pay her a $200 referal fee.

Home has 4 k in repairs All in less than 9K I will sell for $27,000 at 13% interest.

How do you like those #'s.

Your numbers are ok but I would probably pass. $9000 out of pocket, plenty of work overseeing the move and repair, and $500 a month until they default in two years which you state is your business model. I would imagine you'd do better if you cut your costs down and time investing in rehabbing/moving.

And you pay referral fees to PMs when you move a home to their park? Weird arrangement. Should be other way around. I know of some parks in my area that pay Lonnie Dealers up to $6000 to get homes in their parks. You might want to do some digging and see if you can find that arrangement in your city.

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Originally posted by Geofrey Villaruz:

I can get referrals to other parks from the park mgr and build that strong relationship that I have learned from advice such as yours and others on BP.

Well that is Not a Rent to Own, if you ever sacrifice a title you are financing your home and you fall under the statutes of the SAFE ACT.

Home has 4 k in repairs All in less than 9K I will sell for $27,000 at 13% interest.

How do you like those #'s.

So back to my point. Keep the park managers happy and the leads will come to you. I make more money from park managers than all other forms of advertising combined.

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I have learned that most buyers will not pay the taxes. I want to keep the title do I can write off this home, I can evict quick, and the buyer only has the rights of a tenant but the responsibility of an owner. at $500.00 a month and that does not include the lot note, that more than cover my hungry wallet and taxes and insurance.

Originally posted by J Scott:

When I was doing MHs (owner financed sales), I would put the title in the buyer's name with my company as the lien-holder. This ensures that the buyer is on-the-hook for taxes, is officially the owner-on-record at the park, etc.

When the home was paid off, the title was signed over to the buyer. If the buyer defaulted, the title was put back in the company name.

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I walked from Foremost, They are way to expensive. I have the company for you. When I am back at the home PC I will try and get there info for you.

Originally posted by Dustin M.:

Hi,

I own seven mobile homes at the moment. Three of them are sold (fixing the other four at the moment). I have basic liability insurance thru Foremost and it is very expensive. What companies are you guys going thru to get liability insurance on mobile homes. All of the homes are between 20 to 35 years old.

I make the people purchasing my homes pay for the insurance and I'm sure any money I could save them would help them out tremendously.

1 Vote

Originally posted by Jon Klaus:

Whoops--duplicate posting.

Did you ever finish your MH investing book?

Yes I have "Fishing For Fortunes" Finished, It is going to press in a few weeks.

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Perfect answer, I use the NADA for making my offers to Sellers as well. Wholesale Value, To be Moved in Fair shape with State Adjustment. It works real well.

Originally posted by Deborah Beeksma:

If you're going to remove the mobile home from the real estate, check out Nada:

http://www.nadaguides.com

If it's a home and land package, you're dealing with an entirely different ball of wax. Some things to consider:

[list]Is the home on a foundation?
What is the age of the home?
Is there a garage?
Are there addons, such as additional rooms or porches?
What is the neighborhood like?
You can check your county recorder's office for the value of recent land sales, and check out the appraiser's office for the appraised value.
[/list:u]

Of course, there are many other factors, but the above should give you a start.

Deborah

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When you sell your homes, Do you keep the title or is it in the buyers hands. Do you Owner Finance, Rent To own. How do you sell.

I rent to own and I do not need to worry about the safe act. I am 100% sure of this. That title NEVER leads my business name until I title them the home and that is rare as most default.

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Houston, TX has 3 REI Clubs. The Real Estate Investment Club of Houston, The Wealth Club and Lifestyles Unlimited.

There are other groups such as CREN but they are commercial.

I am am member of the first 2 networks, I give speeches when I can at both of them and I use them to raise my private money. Join your REI clubs and Lead a Group; Don't volunteer, Put yourself out in the front row and doors will open :mrgreen:

The Exposure I received when I led the Mobile Home Focus Group opened many many doors to me. I found my first private lender just by leading a class every month. What i would give to have that class back.

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All Forum Posts by: Mike Matthews

Mike Matthews has started 15 posts and replied 194 times.

Post: MY GIFT TO BIGGER POCKETS MH INVESTORS

Post: MY GIFT TO BIGGER POCKETS MH INVESTORS

Post: How do you sell

Post: How do you sell

Post: How do you sell

Post: Insurance Costs are out of this world for Mobile Homes

Post: Hello From Iraq

Post: Value of used mobile homes

Post: How do you sell

Post: What's the best way to network?