80 Units with Mobile Home Park Investing & Beating Big Buyers
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- Опубліковано 29 чер 2024
- Mobile home park investing wasn’t very attractive until a few years ago. Thanks to big names in the mobile home park space (like BiggerPockets’ own Brandon Turner), the mobile home investing game has become one of the hottest commodities in the world of real estate investing. But it must take a huge jump to go from investing in single-family rentals to double-digit-unit parks, right?
Today’s guest, Amanda Cruise, is here to tell you that bigger doesn’t always mean more challenging. She actually got out of single-family rental investing due to the non-stop headaches of dealing with contractors, property managers, and tenant maintenance problems. She started doing “Lonnie Deals” where she would seller-finance mobile homes to local buyers. Soon, after enough success, she moved on to tackling entire mobile home parks!
But how did Amanda beat out the competition when the mobile home park space is so hot? Thankfully, Amanda shares her three top tips on getting around institutional investors so you can purchase cash-flowing mobile home parks, without the headaches of syndicating or raising vast amounts of capital.
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Join BiggerPockets for FREE:
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Connect with Amanda on BiggerPockets:
www.biggerpockets.com/users/a...
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Listen to Sarah Weaver’s Episode of The BiggerPockets Podcast:
www.biggerpockets.com/blog/bi...
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Will Mobile Home Parks Be the New Hottest Real Estate Investment?
www.biggerpockets.com/blog/mo...
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Grab Sarah’s Freebies for Aspiring Mobile Home Park Investors:
voyageinvesting.com/freebie/
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Follow Amanda on Instagram:
@investingwithamanda or / investingwithamanda
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Check Out the Video on Rob and David’s new $3.25M Property!
• Why I’m buying a $3,25...
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Connect with Rob (Roubilt) on UA-cam, Instagram, and Tiktok:
UA-cam: / robuilt
Instagram: / robuilt
TikTok: / robuilto
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Connect with David and Rob on BiggerPockets:
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Rob: www.biggerpockets.com/users/r...
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Follow David on Instagram:
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Episode 596
Show notes at: www.biggerpockets.com/blog/re...
00:00 Intro
03:28 Quick Tip
03:49 From Single Family Rentals to Mobile Home Parks
06:41 Note Investing & "Lonnie Deals"
14:41 The Flea Story
16:42 Finding Mobile Homes/Parks & Due Diligence
27:46 Scaling Your Team & Analyzing a MHP Deal
33:22 3 Strategies to Beat Big Buyers
40:22 Deal Deep Dive
46:02 Famous Four
Can we all appreciate that he uploads consistently? 💕
I met Lonnie a few years before he passed. One of the nicest humblest men I’ve met
Amanda this information was much appreciated and wishing you and your partner much success
Great info. Amazing guest and really great question! Thanks guys
This guest was awesome, she was so detailed in her strategies. Great listen
Thank you :) Glad it was useful!
Very...very good information. Thank you I learn a lot from this episode
Thanks, Melvin! Glad you got value from it :)
Really enjoyed the webinar. I took a lot of notes. It was very informative. I am very excited to join the team. I am going to sign up. Will call because i have a couple of questions.
18% interest is absurd
Alternative real estate like rv rentals on airbnb mobile homes and trailers can have a great roi for a beginner looking only for cash flow.Rental arbitrage too
Great point TDIOO. You can definitely air bnb a mobile home!
Actually with fleas you want to either wear shorts or light colored pants. You want to be able to identify them on you before you get in your car or take them home with you. I had flee issues on several occasions with two properties
ha ha thanks Phil! I'll try to avoid them altogether going forward but I'll keep this in mind!
What do you do before getting in your car?
This guest was amazing
I currently wholesale Mobile home parks i recently closed on 2 in GA and 1 in TX i would love to connect with her
God is good 🙏🏾
Just got a mobile home park offer yesterday and this pops up in front of me
Ready to dive in
How much is one of your mobile home?
@@heruone3249 idk yet
I go to look at Saturday
That's awesome IceMan!
How did you come across this mhp?
why is everybody complaining about the percentage rate on the loan? Are you trying to scare the guests that are sharing their stories? Also it's not the hosts job to criticize or question the investors that come on the show? Shut up and learn. Then when and if you get onto this time of business charge the interest your heart tells you
This woman is just trying to make a living she doesn't deserve to be judged by the audience that's trying to learn from her
I mean, she screws people over so yeah, she can be scrutinized.
So interesting to learn more about mobile home parks. They feel unknown to me.
I’m really surprised 😮 none of the host inquired or pushed back on that 18% rate charged. I know Josh Dork would have inquired about that.
Update: Is it 18% one time on the $20k or is it 18% the remaining balance monthly?
Good interview, information and knowledge otherwise!
Heloc interest rate on a property. Real property s here up to 18%
A mobile home s a basically a car . So interest rate s higher.
Lol it jumped out at me too
@@dyquanbowers7316 Like a Scary 🎥! 😂 😳
Was gonna comment but everything I wanted to say is against tos. But if she were struck by lightning, I think that’d be proof that god is just
it's fucking usury
Diddy's assistants name was Fonzworth Bentley. You know, if you didn't get that info five months ago.
She never mentioned complience with Dobbs Frank act with her "Loonie deals" she may be a walking lawsuit.
What's your concern? The 18% interest? Just curious where the line needs to be drawn.
How many years is the note for? Thanks
Tenants read and understand your states landlord Tenant law. These small time investors always violate the law. Most of them dont have the funds to retain an attorney. They try to get around the legal requirements to save money. Or they are new to this stuff, and just break the law on accident. Either way its money in your pocket because courts dont care that you are a small-time investor. Its why they say dont rent to Tenants that know the law. Because we will definitely take your profits in court.
Did she said ,” win win ?!” Win for her! She changed the end buyer 18% interest rate??? Wow no one think that is wrong? Lol😅
Manufactured home owners have absolutely no need for landlords or property management company's. Once the home is sited on the land, inspected and certified for occupancy, there is no difference between a manufactured home and a stick built home. Traditionally in the United States we do not come across many situations involving ground leases for residential properties. But if that's what you people think is the best way for Americans to own real estate than we could certainly switch to the freehold owner method where you buy the home but the freehold owner continues to own the land your home is built upon. In fact, many of you homeowners that live in a condo or HOA neighborhood may not realize that the HOA or condo association that you belong to controls the common areas and the rules that you must follow. They control the amount you pay in monthly dues and special assessments as determined by the board. If you don't have the money for assessments or fall behind on your monthly dues you can lose your home to the association. Yes, you may have an undivided interest in the common areas along with all the other homeowners but what good is a 1/500th interest in property when the board controls the monthly dues, major expenditures and all the rules and regulations you must follow as a resident of your development? Are you sure you have the full bundle of rights that traditionally come with the ownership of real property?
My favorite thing is when they show up to court without an attorney lol. $$$$$$$$$$$$$$$$$$
Most people cannot even find a mobile home park for sale.
Can you create one?
It's not hard to find one but it's extremely hard to find one that's actually worth buying. Most of them are so overpriced right now.
@@heruone3249 As noted, to create one you'd have to get the right zoning and then put in utilities... Not a simple matter!
@@Drew-sy2bn Yes, and have to deal with the competition.
Andrea, all of real estate and business is very competitive right now. Very true point. They are out there. We are still buying. Just like with anything, you'll need to work a bit harder to find a good deal right now :)
Sounds like a loni deal is a land contract
You have an assistant to make 2 phone calls?
lol :) The assistant doesn't just make these 2 phone calls each month but she does do that in addition to other items
What happened to the tall guy with the beard
I usually love bigger pockets podcasts, but I had a really hard time with this one. I nearly spit out the coffee I was drinking when she said 18% interest. That’s predatory. She is not doing anyone a favor charging them 18% interest. That’s near what credit cards charge and is illegal in many states. I really am disgusted that this is promoted as a “good strategy” and from the comments I am not alone. There are lots of opportunities in real estate, but promoting predatory loans is disgusting
I was thinking the same thing immediately when I heard that. I can understand making a profit which I agree with but 18% is predatory. I’m surprised both host didn’t pull her up on that. There has to be rules around a ‘reasonable’ interest rate to be charged.
@mitchinvestor a bank will determine that. If a trailer park sells in house its a garage park. Avoid it.
You should be ashamed of yourselves, our park, our home a 55+ mobile home park who's residents are LOW INCOME, disabled, elderly, and veterans, a larger investor group came in and offered the owners of the park with a ridiculously exaggerated price. They are known to raise the rents, unbundle the water, sewer, and trash, increasing the strain on the park residents. They don't care anything about the residents. LEAVE THESE PPL ALONE. GREED!
18% interest is scam. Predatory.
Getting into a place to live that you own for 5k seems legit to me.
@@jgn1977 I have some beachfront property in AZ you can buy
I agree. Although this is legal, I don't think it's ethically right.
@@jgn1977it’s taking advantage of the most vulnerable population out there. Morally it’s very wrong but some people just don’t care. Obviously she falls into that category.
This is great information but I had to drink 12 cups of coffee in order for me to stay awake. Come on guys when your guest is as fun as watching paint dry, try to liven things up. Just saying
You are too loud. I have to turn the volume way down for you, the i cannot hear the other people. Mudulation is needed.
Hah of course a woman had to be asked in order to give her husband the credit he deserves. Shocker.
18% rip off
Is that female a robot?? Why does she sound exactly like a robot would?? Weird
Congratulations to this guest who successfully took advantage of less than well off people by way of 20% interest on a trailer home justified by the guise of "providing housing " over and over until she could take advantage of entire communities. Awesome job bigger pockets you guest hosted yet another crook
It’s likely illegal in some states to have a loan with that high of interest rates.
@@kkfolsom the 30 year fixed will be 18% soon
@@user-ru2hf1sg4e but it was not when she was doing these; the max in the last 10 years or so was about 5%
@@kkfolsom ya i know it was partly sarcastic
It's predatory to say the least