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In this week’s Investor Success Podcast, with special guest, Larry Goins, we talk about investing in mobile homes on land. Larry shares a specific strategy that nets him about $20k per deal with mobile homes.
Discussion Points:
- Why you will want to invest in mobile homes
- Mobile home buying criteria for location, price, size, features
- How to analyze the deal:
- Start with market rent to determine what the mobile would rent for
- Work the price backwards using 9% interest, 20 years amortization and amount you can get for down payment from a buyer
- Example: Market rent = $600 then you should be able to sell for $66,0000 (plus the $5k down-payment) and your buyers monthly payment will be $583.92
- If you want your investment capital back then plan to sell the note with a 12 – 15% yield meaning you would sell your $59,900 note for approx $45k
- If your goal is to net a $20k profit on your deal then you know you can pay $30k for the mobile home by selling the note for $45,000 and getting a $5,000 down payment from your buyer
- Sell using a land contract rather then a deed so it is easier to take the mobile back in case of default using a notice of cancellation
- How to find your mobile home deals
- Questions from “Success Subscribers”
- How did you first start out as an Entrepreneur?
- How can we start to invest outside the area we live in?
- What is a book that had an impact on you?
- Who was an early mentor that helped you on your path to success?
Resources:
Web resources noted in this podcast:
Want to invest in a mobile home note with Larry?
Call him at 803-831-2857 OR Visit: www.privateinvestorsonly.com
BRAG Radio Show – Catch Larry and co-host Kandas Broome every Saturday at 4pm EST on WBT Charlotte (1110 AM, 99.3 FM). BRAG is all about using real estate to Be Rich And Generous. Check out past episodes at: http://larrygoins.com/bragradio/archive-shows/
About our guest:
Larry Goins is a Visionary, CEO, Entrepreneur, Real Estate Investor, and Educator. He has been investing in real estate for over 20 years. Previously, Larry served as president of the Metrolina Real Estate Investors Association in Charlotte NC, a not-for-profit organization that has over 350 members and is the local chapter of the National Real Estate Investors Association. Larry is an active real estate investor and travels throughout the United States speaking and training audiences at conventions, expos, and Real Estate Investment Associations on his strategies for buying and selling houses. Larry has also written several books on real estate investing that are available wherever books are sold.
Between speaking engagements and mentoring other investors, Larry oversees the daily operations of his investing business that wholesales properties, seller finances properties and holds properties for investment.
As a husband, father, businessman, and real estate investor, Larry holds true to his core values and moral integrity. His personal and business motto is, “People and principles before profits.”
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