All Forum Posts by: Terry Drake

Originally posted by Nick Abbate:

Dediced to kill it this afternoon. After more research it was going to cost about 6k to do. Got an awesome education and thank you everybody for your input. :wink:

Sounds like you probably made the right choice, Nick. I remember when I was first testing the waters of this business I found a park that had a bunch of homes they would give me. The park manger ended up taking too long to get back to me a few times and I decided I didn't want to do business with someone like that. I'm glad I did because looking back it would have been a mistake.

Later I found a different park with free mobile homes that didn't have to be moved and only need about $1,000 - $2,000 worth of work (flooring, carpet, paint). They are out there! Good luck on your journey!

Thank you, Katherine. :)

Does anybody know if Ft. Lauderdale is a wind zone 3 or what the age/year restrictions are?

I agree with Rachel. If they really don't want you there, believe me you don't want to be there either. They could easily suck the 'deal' out of your purchase by not approving anyone for your home leaving you stuck with lot rent. If she won't work with you and you can't salvage a working relationship then IMO you should find another park. There will be parks where the manager appreciates the mutual benefit of you working there.

On the other hand it's hard to leave money on the table and you may be able to talk to him/her and win them over. Not only would that make this deal possible, but you could have found your park.

I would have a friendly sit down with her if possible. Maybe she doesn't fully understand what it is you're doing or how it will be beneficial to her. Maybe they haven't spent enough time talking to you to like you enough. You both have the same goal, keeping those mobile homes filled up and the lot rents coming in every month.

If you plan on doing any cleaning up or fixing of these MH's, make sure you let her know that. The nicer the park is the better they look.

Once you do a few deals you will earn their trust/respect and it makes things much easier.

One last thing I'll throw out there, when I met with the park manager for the first time, I didn't walk in as Mr. Wheeler Dealer. I was just a guy that wanted to buy a mobile home, fix it up some, and sell it to make a little interest on my savings. I also paid the $55 application fee so they could run my credit/background and know they were dealing with a decent guy.

Kudos on your $8,500 negotiation BTW!

Robert, I've found that no mobile home parks around here allow rentals. Perhaps you can set it up as a lease agreement and make it fly that way. The mobile homes that I'm dealing with in my park are all old homes. Most of them 30 - 40 yrs old. It works for me because I get them for almost nothing, put $1500 in 'em for some floor work, new carpet and vinyl then flip it for 4-5k.

I do have a MH I rent out, but it's on real property. IMO if you are considering a buy and hold strategy this is the way to go. You have the monthly rent, but you also have the real estate underneath appreciating.

If you have the land, you have a few exit strategies. You can rent out the MH for as long as you like or you can sell the mobile home and keep the land. You make money on selling the home, but then you also charge lot rent for the home to stay on your land.

This way you are still getting $300-$350 / month in cash flow (plus the $250/month for the mobile home note) but you are not responsible for repairs or maintenance.

Originally posted by Jon Klaus:

Duh, I didn't even think of adding color. It's white, but there are some darker areas in this house that I wanted to brighten up. It looks good.

I haven't tried it yet, only heard about it. I'm hoping to get away with 1 prime/color coat and 1 coat of same color paint. Instead of 1 coat white primer + 2 coats of paint.

Has anybody else tried this?

Jon, did you add color to the killz or just put it down white?

Just a thought but what about changing the way we sell the homes? For example instead of selling a MH for 5k $1,000 down with a balance of 4k owner financed, sell the mobile home on paper for $1,000 and charge 4k for the repair services or as a type of assignment or finders fee.

Danny, congratulations on taking the necessary steps to do your first deal. I am hopeful that you do indeed keep us updated on your progress.

I find many 'first deal' threads get started but not many of them are seen through to the finish.

Are you getting a construction loan for the repairs? Are you going to do the work, sub it out, or hire a GC?

Dustin, I prefer to work one, no more than two at a time. I am better able to keep my thumb on the project this way. Although if a deal presents itself I will always go look and if it's too good to get away then grab it.

These three homes that you have flipped, did you do work to them (if so how much) or did you sell them as is?