The Mobile Home Business

[Humvy]

Hey, first off I just want to introduce myself.

My name is Zach and I currently am hoping to become a prodigy in the real estate business. Currently, I am twenty years old and taking another year off of college to pursue the real estate market.

I woke up today and realized I need to actually pursue my goals, which is to
get into real estate.

I have been ready about the mobile home trade market and realize that this it it. Definently somewhere to start.

My plan is to buy a mobile home for five to eight thousand dollars. If need be, put another thousand or so into it(like flipping houses).

I found a place with owners that can't pay the rent and need to sell.
If the lot owner says I can have free rent until I sell, then is this the way to go all the time?

Can you still make good profits even paying the 2-250 monthly rent or should you always look for a park manager that gives you the benefit of not paying the lot rent(if the owners aren't even paying it and he just wants someone in there asap?)


Also getting a loan, if I have to. I might be able to borrow 10k or so from a private party, but is it worth getting a loan out if I can't borrow.
What are interest prices on that kind of loan?

Basically if I spend 10k total on a nice place. Then turn around and rent it
for 450 or so(along with the lot rent, but that doesn't go to me).
Then I will be getting 5400$ from rent a year. Or is it better to sell? Rent to own?
Which in two years I would have it paid for, then the rest would be pure profit.
I realize there are different circumstances for each situation, but these are a lot more of advice questions.


Any advice or types of responses will be appreciated.


Thanks,


Zach

[Debbie]

Welcome to the Magic Bullets Fambly, Zach:SM086:

First off, have you read Lonnie's Deal paperback books?

Have you read all of "Alternative Housing Area" forum, especially Jim Johnson's threads? There's plenty of good answers, including Jeffrey (LA) with a twist.

Check them out and come back for any further questions.

Just an observation, Zack. Many of us have full time jobs on top of our RE investments. Just curious why you find the need to skip college again.

[Humvy]

College is really expensive. So, I figure I will give real estate a shot for a year.

[SPIVALAW]

College is really expensive. So, I figure I will give real estate a shot for a year.

"We believe, that is, you and I, that education is not an expense. We believe it is an investment."
- Lyndon B. Johnson, October 16, 1968

"Education is the best provision for old age."
- Aristotle

"To give away money is an easy matter ... and in any man's power. But to decide to whom to give it, and how large and when, for what purpose and how, is neither in every man's power nor an easy matter. Hence it is that such excellence is rare, praiseworthy and noble."
- Aristotle

"Education costs money, but then so does ignorance."
- Sir Claus Moser

"If you think education is expensive, try ignorance."
- Seen on a bumper sticker

"If you think education is expensive, try old age."
- Unknown

"If a man empties his purse into his head, no one can take it from him. An investment in knowledge always pays the highest return."
- Ben Franklin

"Education is not expensive, it's priceless."
- Seen on an envelope from Judson College, Illinois.

"As precious as knowledge itself is the learning. As precious as any reward is the earning."
- John Gray

"A man who has never gone to school may steal from a freight car, but if he has a university education he may steal the whole railroad."
- Teddy Roosevelt, 1907

[DAM]

College is really expensive. So, I figure I will give real estate a shot for a year.

Spending that year off to pursue your goals of investing in real estate is also education, and I might guess more valuable education that you will receive sitting in a classroom on campus.

Degrees are good to hang on the wall but no longer secure your financial future.

Nothing against college education, real estate creates more millionaires than any source.

I say go for it, go back to school when you can pay cash for those $300 text books, and you can buy and sell all your college professors. Then you can really concentrate on learning what you want to without having the pressure of loan debts over your head.

[SPIVALAW]

I disagree.
I have done the degrees and the real estate.
get the degree first.

[DAM]

Lonnie Scruggs - deals on wheels.

Killer book, he thinks you're planning to pay too much for your mobiles.

Here's a quote for you

Every day, you'll have opportunities to take chances and to work outside your safety net. Sure, it's a lot easier to stay in your comfort zone.. in my case, business suits and real estate.. but sometimes you have to take risks. When the risks pay off, that's when you reap the biggest rewards.
Donald Trump