Some people have asked me about using Craigslist to find buyers and sellers for mobile homes.
Overall, I think Craigslist is a great website with good intentions. Though, it's one of those things you have to be careful with - buyer beware. Craigslist does not monitor their postings - they leave it up to the community to do that. So, you have to be extra cautious when using it - I've heard both good and bad experiences people have had with craigslist.
Personally, I think Craigslist is hit or miss - there are buyers and sellers there for mobile homes. However, you have to learn how to screen people and figure out if they are a good fit to work with. On the seller end, I've done one deal with a seller off craigslist. For buyers, I've never found a buyer through craigslist but it has been a source of constant leads.
I use Craigslist on and off. However, my main source of leads is still through my network - mostly people who know me like the park managers, my contractors, and the dealers.
The mobile home business is a people business - most of my time is out there talking to people and that's how I find most of my deals. It involves a lot of driving around and knowing the area - it really is a local business.
Tuesday, February 24, 2009
Wednesday, February 11, 2009
Who Says You Can't Buy a Mobile Home for $2,000?
There seems to be a lot of people out there doubting Lonnie Scruggs, the Godfather of mobile home investing, who says he buys mobile homes for "...$2,000-$3,000 and sell for $4,000-$6,000." People have said they can't find mobile homes for $2,000-$3,000 and Lonnie's system does not work.
Folks, Lonnie's system does work. There are mobile homes out there for $2,000-$3,000. But, they are not advertised and most times do not start out at that price.
This is a people business and your success in this business heavily depends on your people skills - simple as that. Most times to get good deals, you have to make them into good deals.
The deals are out there. How do I know? I bought this one for $2,000.
How did I do it? People skills - simple as that.
When I first spoke to the seller, the asking price was a little more than the market value of the home. When pricing a home, most sellers will go with what they think the home is worth and in most cases, it's very close to market value.
I spent time getting to know the seller and asking lots of questions - this is the key to negotiation. Information is the key and what you do with that information will help you to better negotiate.
Don't focus on price - focus on finding out as much as you can about the seller and the seller's true motivation for selling. Problem with most people is they focus too much on the home and the price. Stop looking for homes and the prices - start looking for motivated sellers.
Let the seller get to know you and get to know the seller. Again, it's a people business and your success will highly depend on your people skills.
Personally, I'm a people person at heart. I have a sincere interest in getting to know people and creating win/win situations. This will show when you are with both sellers and buyers. If they suspect you are there only for you and not interested in helping them out, they will not work with you.
People like to work with people they know and trust. Focus on working on your people skills and the deals will follow.
***By the way, I will be posting lists of books that have helped with my people skills on a regular basis.
Folks, Lonnie's system does work. There are mobile homes out there for $2,000-$3,000. But, they are not advertised and most times do not start out at that price.
This is a people business and your success in this business heavily depends on your people skills - simple as that. Most times to get good deals, you have to make them into good deals.
The deals are out there. How do I know? I bought this one for $2,000.
How did I do it? People skills - simple as that.
When I first spoke to the seller, the asking price was a little more than the market value of the home. When pricing a home, most sellers will go with what they think the home is worth and in most cases, it's very close to market value.
I spent time getting to know the seller and asking lots of questions - this is the key to negotiation. Information is the key and what you do with that information will help you to better negotiate.
Don't focus on price - focus on finding out as much as you can about the seller and the seller's true motivation for selling. Problem with most people is they focus too much on the home and the price. Stop looking for homes and the prices - start looking for motivated sellers.
Let the seller get to know you and get to know the seller. Again, it's a people business and your success will highly depend on your people skills.
Personally, I'm a people person at heart. I have a sincere interest in getting to know people and creating win/win situations. This will show when you are with both sellers and buyers. If they suspect you are there only for you and not interested in helping them out, they will not work with you.
People like to work with people they know and trust. Focus on working on your people skills and the deals will follow.
***By the way, I will be posting lists of books that have helped with my people skills on a regular basis.
Sunday, February 8, 2009
Tuesday, February 3, 2009
Why Invest In Mobile Homes?
Mobile homes are the last source of affordable housing available out there - providing this service is a definite need in any community. Unlike single family homes and apartments, mobile homes are in a class in themselves.
What I like about mobile homes is working with the parks and feeling a sense of community helping to make the park a better place to live by providing affordable housing. Basically, the homes are bought in the parks and are sold with owner financing.
The buyers have the homeowner type mentality - they want a place to call their own. Most times, these people are previous renters just tired of throwing their money away at rent and need something affordable they can call their own. For most of these folks, buying a single family home is out of their price range. So, a mobile home that offers about the same monthly payment as rent is very appealing - affordable housing.
The great thing is you're just like a bank - just collecting the payments on the home. The buyers take care of the home - there is no maintenance on your part. If there is a problem with the home, they take care of it. How does that sound?
Many people I have talked to have brought up the question, what if the buyers stop paying? Then, what happens? Well, if they stop paying you do just what the banks do - take the home back and then do it all over again. Simple as that.
In all honesty, there are risks with everything. People are afraid of taking risks. If you don't take any risks, how will you ever succeed?
If you would like to read up more on mobile home investing, I suggest reading this book. It is a good way to start learning about the business. I'll be honest with you, it's not for everyone but it's definitely for me.
What I like about mobile homes is working with the parks and feeling a sense of community helping to make the park a better place to live by providing affordable housing. Basically, the homes are bought in the parks and are sold with owner financing.
The buyers have the homeowner type mentality - they want a place to call their own. Most times, these people are previous renters just tired of throwing their money away at rent and need something affordable they can call their own. For most of these folks, buying a single family home is out of their price range. So, a mobile home that offers about the same monthly payment as rent is very appealing - affordable housing.
The great thing is you're just like a bank - just collecting the payments on the home. The buyers take care of the home - there is no maintenance on your part. If there is a problem with the home, they take care of it. How does that sound?
Many people I have talked to have brought up the question, what if the buyers stop paying? Then, what happens? Well, if they stop paying you do just what the banks do - take the home back and then do it all over again. Simple as that.
In all honesty, there are risks with everything. People are afraid of taking risks. If you don't take any risks, how will you ever succeed?
If you would like to read up more on mobile home investing, I suggest reading this book. It is a good way to start learning about the business. I'll be honest with you, it's not for everyone but it's definitely for me.
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