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Mobile Home Park Investing

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Ryan Moore
  • Newton, NJ
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Renting mobile homes?

Ryan Moore
  • Newton, NJ
Posted Jan 19 2015, 11:56

Hey guys, I'm new and trying to figure out the best way to get started in the REI game.

I was just reading Lonnie Sruggs' book, the part that deals with the SAFE Act. From what I can tell, the SAFE Act/Dodd-Frank applies to seller financing, but it doesn't apply to renting out the home a.k.a. being a landlord. 

So, if I didn't mind being a landlord, and the park was ok with renting out homes, would simply buying and renting out mobile homes be a good way to go? 

I'm asking because even though I eventually want to get into stick-built REI, right now I doubt I could get financing for it. (I haven't tried to get pre-approved yet, I'm prolly going to try in a month or so, I have a lot of reading/educating myself to do still)

I also don't have the cash to buy a double wide w/ land, and not sure how the financing works with those or if I could even get financing for it. But buying a mobile home in cash for $10,000 or less wouldn't be a problem for me.

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