All Forum Posts by: William H.

I agree with both of you.  I wanted to rent to own ideally. But i was looking at just if i rented it the return on cash even at 6500 was good. Im in Savannah GA and its safe to say that 2/1 homes nearby or even some apartments go for 600 to 700. Im just going off the 600 number.  The park manager owns a few and has been selling off what he owns, owner financing them to tenant's he's been renting too. Hes also 

Again ive always read and thought that 6 to 12 month's to get the original investment back was most ideal. But didnt know if that was what people were actually getting. Again ive seen people on craigslist "asking" for crazy numbers for old homes to move them off of land they purchased. Or last week on the same park they had three older ones that needed electric before it could be occupied and still were asking 2500 and 3500. I called about a week later to check, they had sold. I couldnt believe it. Then same thing with 10 and 12k homes that were old. I guess maybe because there is not many mobile homes in the area.  Idk

So I looked at/ and am wanting to pull the trigger on a deal in the near future/tomorrow. I don't want to make a dumb decision either. So maybe some advice. The home is in a park near to where i live. the location is good. its a late 70 model so its old and needs to be fixed up. I kind of told myself that 3000 was the max considering the year and age, but at the same time, from what i have seen the only thing you can get in that range has to be moved, and cant be lived in as is. This ,however, could be if i had to. I would need paint, floors, and some more basics. Also, i need to replace the hot water heater and buy a window unit or two. Other than that its a small 2/1 place. I "made friends" with the park manager, and he is really easy to talk to and offered to reduce the lot rent (which recently went up, and is little high) So i was looking to buy, and flip it, or rent, or rent to own if the right person asked. My question is, whats a good buy price. the owner now seems to have a lot of interest at 6500, but i just think that because of the work needed that i need it cheapier. however, even if i just rented it. here is some fast basic numbers.

lot rent: 300

could rent for: 600

Thats 300 a month, and 3600 a year. no maybe not the ideal price. but for less than 10k still not bad. I don't know, i just feel that for less money the homes need to be moved and everything else i have seen is 10k +. I was in a hurry typing this before getting to work, so sorry in advance. Let me know thoughts... Thanks, Will

@Bill Neves I just recently have started to look into this type investing. Honestly it never crossed my mind. My first thought was rental, but then I really liked how selling the home and financing "could/sounded" like a better option. I figured that way you get about the same cash flow but they buyer is more invested, and turn over was less likely. Is that what most do that don't own the actual park?

@Neil Goradia I appreciate that, I do currently have a HELOC, and can see why you feel that way, I try to use that for situations like now where i am renovating a house, and need the heloc to compensate for bigger purchases and then any extra money at the end of the month all goes to getting that balance down. I am curious, how to you invest in the mobile homes, my biggest question is what is the average price range for a used mobile home (assuming its on a lot and doesn't need to be moved, and without land) I am sure that is a very vague question, but i see them for all kinds of prices.

Thanks for all of the responses! I got them all last night, but i was laying tile at the new place. I also didn't mention that i am doing 98% of the renovation myself after work. I enjoy doing it (most of the time) but I am able to save and get some equity that way. 

First post after reading a lot of topics, and figured id ask for some advise. 

I got interested in real estate investing from the start after purchasing my first home in 2008. It was a foreclosure in the area that i grew up in, and i was able to purchase it for roughly 150k. I have lived in the house since that time and I also rented out each of the guest bedrooms, basically paying the mortgage, since i have owned the place. The house now is "roughly" worth about $250K, yes I have money in the house from renovating it, but basically I owe right at $130K. So good equity... 

I currently am renovating another home that I intend to move into in a few months.  Once i move into my new home I am not sure what to do.  I am in a good position with my first home. I roughly have 100k in equity  (assuming j don't pay a agent to sell) and I have a "roommate" that is "looking" for a place to rent who will stay and make up for MOST of the mortgage on the house till i can get it sold (if i decide to go that route). I like the idea of using it to get my feet wet in rentals, but part of me says to take advantage of the higher home values in my area by selling it now and then getting into rentals with some of the proceeds. 

I admit that i am leaning to sell the house. The neighborhood is good, but not great, and home values are high for the area. Also, this house has been a good first home, and i wouldn't mind trying the rental thing out for a short term, but i am not sure that i would want it as a long term "buy and hold" rental home.

Lately I have been thinking about getting into the mobile home investing, but have some more homework to do. I like the idea of buying and reselling them (notes) because of the lower cost to purchase outright. 

I am 28 years old,  work for my family who owns a small retail store. I don't make a huge salary, therefore, debt to income does come into play with the bank. I have a high 700 credit score, and I feel like I have done ok thus far. In the past 7 years I have been able to stay debt free (other than the house) and renovate this home and my newest home, as well as pay for my truck and my wifes suv in cash therefor I dont have a car payment. We also flipped a home about 2 years ago.

What i am looking to do is to get into some type if not mulitiple types of RE investing to create some additional income for now, as well as long term income. I have no problem admitting i dont know it all, I try to read about all of the opportunities Real estate can offer, and I'm open to any advise anyone may have.  

Thanks, Will.