All Forum Posts by: Terry Drake

One thing you will find that park managers will be much more personable with a hand shake then a phone call. You are just some other voice over the phone. Find a park you want to do business in and go talk to the park manager. Explain that you're an investor and if you can keep new people coming into the park it's a win/win/win for everyone.

A good park manager will realize that you make their job easier by bringing in new paying tenants. If you are in a park and the manager doesn't seem very friendly or helpful then shake their hand, leave on good terms, and find another park.

I was in one park and the manager wasn't friendly, wouldn't even meet with me at first. Normally I would have packed up and left but the DW I was looking at seemed to be a killer deal so I got it under contract. She tried to nail me to the wall with this fee and that fee, doubled DMV transfer/reg fees so I opted out and found another park. Where I am now, she is so helpful. She sends me deals, buyers, and gives me the sellers/home's history before I even make an offer.

The only thing is that you will usually have to do a deal or two to prove yourself to the park manager before they become as helpful but once they are, it's definitely worth the wait.

Basically the parks want to make sure you're not a polished turd. So if you plan on visiting a bunch of park managers, it might be helpful to bring a recent (as recent as possible) credit report and background on yourself.

That should at least get you through the door. Once you find your deal and want to buy it then they will probably want you to pay the money and go through their process but no biggie. I certainly wouldn't pay the application fee every deal I did though. Once is understandable but not jumping through hoops each and every time.

Anyone have any luck/sales to someone from out of state?

So far my opinion is they have all ben 10 minute conversations that end up people wanting to move down here, but that's about it. I'm wondering if I shouldn't avoid out of state 'buyers'.

Marilyn, so far nothing terribly exciting. Justh marketing. I put out 5 bandit signs and got some calls but it seemed like the callers left their brains in their other pants. Here's how my bandit sign calls have gone so far..

Sign reads:
FOR SALE
2br Mobile
Will Finance
phone number

This is the call I get:
Them: Umm Hi I am call 2bedroom home?
me: Yes.. what would you like to know?
them: umm how many bedroom?
me:.....two bedroom
them: uhhh.. two... two bedroom?
me: yes.
them: oh.. umm.. ok thanks anyways!
me: *face palm*



Besides that, I also update my craigslist ad about every 3rd day (if you're selling two, don't forget to put a link to your other ad at the bottom on both ads!)I've also had an ad running in the local shopper for the week and this one coming up.

This time I'm doing things a little differently. The first deal I wanted to generate calls. After 10 calls a day of lookie lou's wasting my time with 20 questions and no intentions of affording or buying. Now I'm very specific in my ads.

Now I answer what I can in the ad. Location, family park, address, lot rent, what it includes, address of the home, my terms, my sales price. I get much less action this way but the calls I do get are people who know the specifics and are still interested enough to call!

Originally posted by Jerry Ricci:

what is your best "Lonnie" book recommendation for mobile homes?

Deals on Wheels is a good place to start, then read 'Making Money with Mobile Homes' when your done reading DoW.

All I can tell you is that I went to a 3 day seminar hosted by an author I know and everything that was taught there was also taught in his $20 book. (the low $20 is NOT indicative of the book or information contained, it is a phenomenal price with tons of insight and information inside)

I would love to hear some feedback from someone who has bought his home audio course.

I've read a little bit about it but I'm still in the dark with most of it. How are they planning to stop owner financing? I wonder if it will be like the 'required' MH dealer's license that you can get by without.

Anyone else have any insight to this?

Originally posted by Jason Koonce:

However, I don't understand how asking a homeowner how much his MH is worth gives me a "good idea" of value in that area. Is there an internet source to guage MH's? Some sort of guide to follow when assessing value?

It takes me but a few minutes to fully analyze any home in any neighborhood, but I feel that I have no resources when it comes to MH's.


"You'll learn fast once you have one for sale!"

Is that the case? Am I going to have to trial and error this game until I figure out what can sell for what? There's got to be a more precise method, I'm sure?

To answer your question. No. There isn't really an internet mobile home price list or comps that helps us. That is why I suggest going out there and looking at homes. You will have to do more then ask the home owner his selling price. That goes without saying.

Yes, that's the case. You will learn about the market faster by getting out there talking to owners/people/park managers, looking at homes, and making offers then you will sitting at home and reading a book about the market.

There really isn't a lot of trial and error. It's a pretty simple business once you get started. Buy cheap, and sell higher then you bought it for. If you want, create and carry the note. Sell it as is, or rehab it. I suggest reading a book on the subject.

Jason, a good start would be calling ads and asking about the home, getting the address and doing a drive by. Maybe even have them show you the home. This will give you a good idea what $XXXX buys in that particular area.

It also depends on the amount of work a MH needs, and the park/area. A 1980 2/1 could sell for 3k in one park, and 6k in another right across the street. You'll learn fast once you have one for sale!

I wouldn't suggest selling the lots. Especially over 10yr terms. If you have a loan over 20 yrs and all the lots are sold and paid off in 10 yrs, that leaves you 10 years of paying your loan off with no revenue from lot rent + all the expenses/maintenance/overhead of the park.

Thanks for the tips! I usually search 'real estate by owner' and search mobile. I just went back and added 'trailer trailor' to my ad!