Mobile Home Investing | Real Estate Investing

Have you thought about investing in mobile homes?

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Evaluating whether a deal is good or bad is a hard task. ?The first question is what are you looking for out of the outcome?

Next, is the financial evaluation to see if this meets your needs.I got a call today from a friend and she found a mobile home for sale.?She is looking for a stream of income for her IRA and has under $10,000 in the IRA. ?She found a single Mobile Home in a park with the following financials:

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Option 1
$7,900 Purchase Price
$585 Lot Rent
$164 Expenses
$1,000 Rent
$251/month Net Income
Repay back period 32 months (This is how long it takes to pay yourself back all the money paid out)

Option 2
What we did is determine if we can buy this and meet her needs of cash flow. ?This was the first proposed offer we put together for her:
$7,000 cash (she is buying this using her IRA)
$1,100 Lease option payment
$749 Lot Rent & Expenses
Net Income $351/month
$1,000 Option Fee
$17,979 Home Price (to buy new is $35,000 & buying on terms is very valuable)
Repay back period 17 months (1/2 the time it would take just to do a normal rental with the numbers they gave you)

Option 3
$7,000 cash (she is buying this using her IRA)
$17,979 sell the home with a new mortgage (owner carry)
$1,500 Down Payment
$251.78 Mortgage
No lot rent or expenses because you don?t own it
Sell the note in 6-9 months at 80% of its value to a note buyer (know which one you are going to sell it to before you create it that way you know what they like to see verify with 2-3)
$14,383 Cash in 9 months!
Repay back period 9 months (1/2 the time it would take to do a lease option and have to deal with tenants that entire time)

I hope this makes sense it is easier to explain via video, but I did my best here!
We have 3 options rental, rent to own, or owner finance. ?Which option is best for you and why?

There are also?hybrid?s?of each of these than can be created. ?The?goal?here is to open your eyes to the ways these properties can be financed.

By?Thomas Dault

Thomas Dault is a Real Estate Mentor/Coach to many. ?He has been investing in real estate for 4 years focusing on residential short sales, lease options, and buy and holds. ?Last year he made the decision to move into commercial real estate and decided on Mobile Home Parks.

Source: http://realestateinvesting.com/blog/2012/03/29/mobile-home-investing/

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