Looking into buying mobile homes to rent in beach towns / resort areas.
Hi BP,
So I had thought about even before I looked at REI, I know its not new but what are your thoughts on beach mobile home rentals? Living in Maryland there is plenty of beach towns withing 2 1/2 hour drive for most and OC Maryland is a family tradition for many around here. I have always gone to Rehoboth Beach De. My wife and have always thought about buying a MH as a weekend getaway but I saw the potential for profit.
We drove around last year looking at some MH parks that had homes for sale and wow, we found many that were under 10k that needed work but not a lot, 5k at most. With rents at 1100 - 1300 weekly with ground rents around 450 - 500 month to me the cash flow would be worth it,
Ex.
1100 (week x 4 x 3 months of summer)= $13200 (not including extended sept. season for weekend rentals)
$500 Gr = $6000 year
other expenses = $2000 (est )
$13200 - $8000 = $5200 cash flow year
after the first year I would look to buying at least one more
Anyone here invest in vacation mobile homes? Looking for advise.