From Nothing to 26 Mobile Homes and a Park

In less than three years, we have gone from nothing to owning 26 mobile homes that are owner financed and a mobile home park with another 25 units. We have done all of this using less than $2500 of our own money. The rest was OPM–other people’s money. We also did this part time because I am a full-time paramedic, and my wife works full time for the state of Alabama.

The income from the property is around $5,000 net per month. Currently, Marilyn and I are taking only $200 per month and putting it into a mutual fund IRA. The balance of the money is being reinvested into the park to replace some of the older models and remodel the others, so that the rent can be raised in the near future.

Our immediate goal with the park is to sell the units to the tenants via the “wobbly box” method and look for others to move in as these are replaced. Also, there are about 10-15 spaces left that need to be developed leaving room on the front of the park to place 8-12 new units for retailing. We are currently exploring the idea of adding new mobile homes to sell off the front of the mobile home park. Next month we close on the single-family residential next door and possibly two fixer-uppers.

By CREOnline Contributor

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