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OP, I think the house buying with no money down is a hard way to make a living and there is a lot of risk. Some of the people doing it aren't very honest.
HoweverFOR FREE!!!!you can go over to one of the forums where the people who do it for a living are discussing it. You can look into "Lonnie Deals" which actually do work. I don't remember what the forum name is, but you could probably google it.
You can go to Bigger Pockets or REIClub and listen in. Nobody will tell you "do A,B,C" but they talk about what they do and if you sit quietly and listen and ask a few reasonable questions, you can learn a lot.
Don't make the mistake of thinking it is easy money for doing nothing.
Then I must be mistaken. So HURRY!! Run out and buy a mobile home park!!
The thing is there are not enough to sell to all the people who take the course even if they had money to buy one. Every once in a while I see a person wanting to buy a mobile home park and placing an ad on Craigslist. I'm sure that works out all the time.
OP, I think the house buying with no money down is a hard way to make a living and there is a lot of risk. Some of the people doing it aren't very honest.
HoweverFOR FREE!!!!you can go over to one of the forums where the people who do it for a living are discussing it. You can look into "Lonnie Deals" which actually do work. I don't remember what the forum name is, but you could probably google it.
You can go to Bigger Pockets or REIClub and listen in. Nobody will tell you "do A,B,C" but they talk about what they do and if you sit quietly and listen and ask a few reasonable questions, you can learn a lot.
Don't make the mistake of thinking it is easy money for doing nothing.
I looked up that Lonnie Deal. It's about buying an old mobile home for a few thousand and fixing it up and reselling it for twice as much with you financing it to them.
The problem is that you have to pay lot rent from the day you buy it, You have to sign a lease with the park, they have to let you sell it. The Lonnie thing says to sell to people with bad credit who don't have the say $8K but will pay you $250 a month for a few years. The problems is that it's kind of a rent to own thing, and the person still has to pay the lot rent and if they don't you have to pay it. Also you have to evict them thru legal channels which can take months, and also they may not qualify to live in the park if they have bad credit. It's a bad deal.
There is still a US Govt backed home loan 100% financing, it applies only in smaller cities and towns, it is called a USDA loan. Better for you to try for an FHA 3% down pmt loan though. Self-discipline and will help you learn to save money because when you become a homeowner there are a lot of extra things that need to be paid for maintenance and taxes, water heater, roof, insurance etc.
Actually I am going to show you why, not tell you.
Quote:
Originally Posted by SOON2BNSURPRISE
I see books, seminars, ect offering to teach me how to buy properties with no or little money. Anyone have any experience with this? As a kid I read a couple books on the subject, Nothing Down I think was one of the books. Maybe the name is differant.
Recently on Facebook a page is being pushed in my area about flipping homes with other peoples money. Not sure how that works.
Are their legitimate ways to do this or is the real deal that it will cost a lot of money to get involved in real estate investing.
Quote:
Originally Posted by SOON2BNSURPRISE
Recently on Facebook a page is being pushed in my area about flipping homes with other peoples money. Not sure how that works.
There's a new scam going around about investing and owning mobile home parks. A weekend seminar costs $2000 or more. And in theory it's great. You buy an old mobile home park and fix it and rent lots. The problem is that if 100 people take the course in each city there won't be enough parks for them to buy, plus where will they get the money to do so.
Seminars are mostly scams. They are selling the get rich quick scheme. If there was real money to be made they would make it instead of telling you who to make it.
Quote:
Originally Posted by jackmichigan
That's even dumb in theory. Most mobile home parks are incredibly expensive.
so954 is right but also wrong. They buy old mobile home parks but sometimes they don't actually repair them.
I am familiar with mobile home parks. Back when I was facing being homeless I found a smelly rent to own trailer park with very little down and it is how I was able to move there so easily. The trailer is so old and smelly and not worth repairing it is very expensive. I will get to that in a moment. And then the new manager moved in and her daughter burned the new manager's house down and then they lived off the insurance money and eventually rebuilt and also the new manager said there will be activities, funded by donations. She signed the newest trailer to her daughter for like no money and her and her daughter and these really smelly old people and their extended family run the trailer park. They don't really do anything. They just sit and smoke and occasionally go gambling and so many problems I could tell you everything but
the point is it is expensive for you to move in as a tenant and it might be expensive to own or even just manage a trailer park but based on my description it does not sound expensive if you want to become a slum lord.
It sounds like OP wants to invest. I thought OP was broke and needing a primary residence but OP is probably talking about investment property so if you want to be a slum lord, I don't think it is easy as 1 2 3 more like $123,000,000.00 USD instead.
Quote:
Originally Posted by so954
Where will they get the money to do so?
I guess that is why people become slum lords. That way they can make plenty of money But please don't become a slum lord. There are too many slum lords in existence. And then like so954 said they will run out of smelly trailer parks to buy.
But they are cheap to run, buy the land, rent it, you don't have to pay for any repairs. No roof, electrical, hot water heater, windows, AC, nothing.
I recently read that their biggest expense is water, and many places put in meters so the tenants pay it themselves, and it's only about $30 or less per home, per month.
So if you have a way to get a loan it's a good business deal in practice.
Exactly! They are slum lords!
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Mobile Home Parks
No It Is Not True. I Will Tell You You Why.
I found a smelly rent to own trailer park with very little down and it is how I was able to move there so easily. The trailer is so old and smelly and not worth repairing it is very expensive. I will get to that in a moment. And then the new manager moved in and her daughter burned the new manager's house down and then they lived off the insurance money and eventually rebuilt and also the new manager said there will be activities, funded by donations. 
