any mobile home landlords out there????
Hey Everybody,
Up to this point my real estate investing has been mostly buying, rehabbing, and selling for profit. I have kicked around the idea of buying individual mobile homes on their own land and using them as rentals. I am not interested in a trailer park, but individual homes. In my area you can get a bank owned double wide 2000 or newer on 3/4 acre lot in decent area for 25k pretty often. I figured with some improvements and appliances that I would have on avg 30-32k invested, and the 3-4 br models rent out for 650-850 depending on size, etc. Taxes and insurance are cheap too. I do realize that the mobile home loses value, but the rental income it would be able to pay for itself in 4-5 years. Any thoughts on this? I don't want headache tenants (no landlord would), and I was hoping that if I bought a nicer unit in a decent area, that I could find better tenants, and ofcourse charge a higher rent. Thanks in advance for your input.
Adam