Osteen, FL · Member since 2008 · 9 posts · 0 votes
Hello
n I have a friend who keeps telling me how great owning a mobile home park and all the mobile homes and rent them out. He says it costs about 3K to rehab a mobile home and I could get $700.00/mo on each one. Does any one have experience with this and the type tenants you get and if it is worth it. I currently have rental houses that I have been selling off.
I'd do a lot of research on the park / area before getting into that kind of thing. Personally I think being responsible for the repairs, etc, would be a nightmare.
Could your friend advise you on how much maintenance he has to do? Did he 'inherit' tenants with the park, or was he just very selective when taking applications?
Investor · Morgantown, WV · Member since 2008 · 207 posts · 33 votes
18y
there are a lot of variables, i.e. the condition of the trailer, how many bedrooms, the location of the park and how much you have to subtract in lot fees, taxes and insurance. I would say that if you are renting the mobile home, $250 to $450 a month clear is decent. If you resell, get a downpayment of about %20 to 50% and which may pay you back your investment, finance the rest and leave repairs and headaches up to the tenant , owner.
Downside is that if the property sits, you are paying lot rent etc. Now if you buy the park that is different, you may collect closer to 700 if you rent the space and trailer, but 700 sounds high to me.
San Antonio, TX · Member since 2009 · 3k+ posts · 1k+ votes
17y
Honestly, it's a business that needs to be learned. I've met park owners who have lost a lot of $ because they don't know the business. To learn the business, I'd recommend reading up about mobile home investing and then going out there and doing a few deals to see if you like it. Some people I know have done a deal or 2 here, and didn't like the business. It's better to do a few deals first, see if you like the business and if you do then you can look into buying parks. Hope that helps!