Let’s talk about mobile home park investing. This is not the first area most investors think about because of the stigma of mobile home parks. But, everyone person, no matter their financial situation, wants a roof over their head and we can help them with their needs and financially benefit from helping them.

Purchasing Mobile Home Parks:
The best way to get into a mobile home park is by purchasing it as a seller financing deal from a pre-existing owner of a park. This allows for an easy transition because the business license is already in place at the county or city level. We can take a park that is not being run well and boost it into a great income by taking the right steps.

It is a land play with incredible cash flow:
A mobile home park is just a business of renting the acreage of 10-20 acres of the park. You are in essence leasing the land to people which makes it a very attractive investment.

It requires a minimum of maintenance and management:
Once the occupancy of a mobile home park has stabilized, you can hire a caretaker or a part-time manager who will collect the rent the first five days of the month, and then for the remainder of the month be responsible for enforcing the park’s rules. Additional work is required when bringing in mobile homes into the park and selling on lease option or a note.

Provides an opportunity for creating additional profit centers:
There is also the possibility for many profit centers. For example, there is the option to bring in homes to provide tenants with a lease option (or sold on a note). So you are not only leasing the land, but you are selling the mobile home on terms as well. Another option is to provide lawn service a monthly fee, or even bringing in storage containers and offering self-storage services.

Many benefits:
The best investment by far comes from investing in a solid, well located mobile home park that has great infrastructure and high occupancy. Purchasing a mobile home park with these attributes can create an incredible income stream that will give you the freedom to be financially independent for life!

Thanks to Corey Donaldson for much of this content.

Real estate investors need to use the benefits of the internet and use free websites that can allow them to understand more about specific properties and areas. We can not just rely on others but we need to learn how to back up what others on our team might tell us about properties and areas.

Trulia.com

We can search for a particular area or zip code to bring up properties. After focusing on a particular property we can click on the google map of the property and click on the street view. Many properties will allow us to see a photo of the property and also see how around the neighborhood. This can allow us to get a feel for how old the neighborhood is and if there are discouraging points that we see. This allows us to assess it without having to drive out to the neighborhood. We can also look at sales graphs and see the reports on properties sales in that area. We can also use the comparables tab and see the whole list of similar homes have sold in the area. Look over the list and compare the latest comparables and eliminate those that are much older sales.

Education.com

This website can be helpful for us to determine the insight of the schools in the same area we are searching for properties. We can click the links to all of the schools in the area. Click on the details and look at all of the statistics of the teacher to student ratio etc. We then could click the link to the school district. We call them up to determine which of these schools are OK to the better schools. They are more likely to give us insight if we quote them statistics that we have already researched out. Our intent is to target properties in areas that don’t have the really rough schools that buyers and renters would not like their children to attend.

Bestplaces.net

This website can allow us to get statistics on areas of interest. We can see a percentage of projected future job growth. We can call the chamber of commerce and determine based on their statistics as well what the projected jobs will come from. The intent is knowing that buyers and renters want to be in areas with more jobs.

These websites are free and allow us to become more savvy real estate investors. We don’t want to just take our teams word on their insight but we want to verify it by doing our own due diligence. These websites can feel more confident in our investing.

Success Story

We are constantly working all the avenues we can as investors to make money from real estate. Many people get turned off by the concerns about the hassle of managing the repairs of rehab work. Others don’t like the idea of having to deal with renters who might call them in the middle of the night with a plumbing problem. We understand that there will always be some kind of problem that we are solving to help others and to help us earn an income.

Let’s consider an area of real estate that doesn’t require rehab or late night repairs.

Note Brokering:

How to find notes:

There are many sources online that we can pay to get a list of personal note holders.

If we want to find them without paying a fee we need to go to the county records to look at the public records on real estate. There we can look up properties based on the counties search tools. Many times, counties will have this information on a county website. We can do a search for address after address and focus on who the lien holders or mortgage holders are on that particular property. Most will list bank after bank that holds the mortgage on each property. Look at the rare ones that list an individuals name or family trust. These are the properties that were sold by seller financing. We can either send a letter to the address listed or do further research to find a phone number for the note holder.

What to ask the note holder:

Tell them who you are, and that you found that they are the note holder of a certain property from the public county records. Ask them if they have interest in selling off their note for a discounted one lump some of money. This is all about finding a motivated note holder. If they have interest, get all information about the property and the details of the payments and interest rate that they receive. Let them know you will get back to them when you can find a buyer for their note.

Where to list this note:

Do a search online for “note selling, note buying, and note brokering”. You will find many websites where notes can be posted to sell. One could also list the note in the classified section of the newspaper.
We only want to list generalities and never the address of the property. If we get an interested party we can give them more details about what is owed on the note and interest rate etc. We need to factor in the cost of the note changing hands through the services of a title company or real estate attorney. We should also factor our brokering fee.

Finalize the deal:

Talk to the note owner about what their final lump sum of funds would be after the discounted asking prices, the transfer fees, and your brokering fee. The deal can be finalized and all benefit. The seller of the note, the buyer of the note, and we receive a brokers fee. This is a process that can take time to get a system down but it can result in funds that we can make without the typical hassles of real estate.

If we are going to make a significant income from real estate we have to look at and evaluate many potential deals. This is the start to gain the end result of making money. We are only in the business of real estate to help us with more income. We also have to use our time wisely to sift through many potential properties. A big business like “Coke” would not make any money if they didn’t get the work out what their product is and what it can do for others. In the same light, we need to implement marketing strategies to bring deals to us. We can market in many ways, and we need to try several ways to figure out which area will generate the most leads. What are the strategies we can use to find real estate deals?

Ways to market to find properties:

Letters or postcards to those with homes for sale
Fliers showing that we buy houses
Business Cards
Getting others to find properties for us

Details of Letters or postcards:

Letters or post cards can be sent to all types of home buyers. We could send them to For Sale Buy Owners. We can see ads or signs and send letters to them. We can also purchase lists of FSBO’s. We can send them to those in the 1st phase of foreclosure. Once an owner of property is so far behind on their mortgage payments they receive a legal document call Notice of Default, Complaint, Publication, Notice Hearing, or Notice of Sale. Depending on your state these mean that if the owner doesn’t get their past mortgage payments paid they will be foreclosed upon. We can get a public list of these and mail to them as well.

Details of fliers:

A flier could be posted at places where there is a community board that people can post fliers or notes. Examples of these could be at a grocery store, laundry mat, payday loan store, community college, golf course, golf driving range, or condominium complex. There are many areas where we could post a flier that states that we buy property. People that are motivated will be contacting us which speeds up the process to look at potential properties.

Details of Business Cards:

We could get our business card that looks like an advertisement stating that we can buy property to many strategic people that interact with others that could need to sell a property. We could give our card to a probate, bankruptcy, or divorce attorney. We could give our card to a massage therapist, beautician, contractor, or bail bondsmen. Others that interact with many people are marriage counselors, divorce mediators, landscapers, or debt counselors. We can post our card at some restaurants too.

Finding Bird Dogs:

We realize the best ways to bring in leads are when people are calling us on properties. We can tell others that for their work are in neighborhoods every day. We can talk to them & tell them if they let us know about a property that they see that is for sale that fits the mold or what we are looking for that we would like them to let us know about it. We can tell them that if from that lead we get that property, we could pay them $500 for that lead. This can allow others to let us know about properties that we didn’t’ know were for sale. Examples of people on a bird dog list could be fed-ex and ups drivers. We could also talk to USPS carriers. We could talk to tow truck drivers, landscapers, sprinklers repairmen, newspaper and pizza delivery people. Anyone, that has to be in different neighborhoods.

Let’s work marketing to get are deal engine moving so that real estate can bring in more income. We need to use marketing to use time management to get to more properties with motivated sellers.