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I have a friend who owns several mobile home parks in Texas and Montana. He is fully licensed as a Manufactured Home dealer in both states and has been running these parks for years. He also consults with people looking to buy their own parks and helps them get the parks up, running and profitable.
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, Since 2011 I have been investing with him in my Self-Directed IRA. I have done two forms of investing with him:
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- Provide financing of the homes at 14% with a fully amortized loan over certain time periods (to make the payments affordable to the home owners), or
- Buying the mobile home and letting my friend rent them out (15-17% returns every year)
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In either case, I write the contract only with the park owner. He deals with the people in the mobile homes. He does all the management and maintenance and charges me a 6% (of the rent) management fee. For the notes, he just pays the loan.
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, He also collects the lot rent, so he does ok.
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, All I do is check my SDIRA statement once a month (or once every several months) to make sure all the payments have come in. He has not missed a payment to me since 2011.
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, Now he has 6 mobile homes he is selling as rentals in Texas. An example of one would be:
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, – Cost of the home – $29,500
, – Rent is $480/month
, – Taxes are about $500/year
, – Insurance is about $200/year
, – There are about $250 in closing costs
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, That’s over a 17% return! Occasionally there are a few maintenance bills, but I have never received one more than $200. And I have only received 2-3 since 2011 on the 6 properties I have purchased. Not bad for just cashing checks. I would buy them myself but I have bought all I can in my IRA and don’t have the cash.
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, You can even use a loan such as a HELOC or even a credit card to buy these and still make money!
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, I am mostly just trying to help my friend out to find other investors. I do get a small commission, but I really believe in these investments.
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, If you want any more information, or just want me to put you in touch with the guy, just let me know. My email is [email protected] and my phone is 651-278-6160. You can call or text me. My name is Hal.Hey Hal
Sounds like a good investment op. Would your friend like to do a coaching call about the opportunity? If so, tell him to contact me at [email protected]
Sorry Jackie. Just saw this. I can ask him and let you know. Thanks. Here is a YouTube of him:
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