New MH Investor

Mobile Home Park Investing
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New MH Investor

Rociel Rodriguez
Pittsburgh, PA · Member since 2012 · 4 posts · 0 votes

Hello,

I want to invest in a mobile home, I have found a couple 1-2 K about 50 miles from me. Does anyone think thats a good idea?

Thanks

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  • Don KonipolBusiness Member
    Investor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votes
    14y

    Need MUCH more information to evaluate

    Private Mortgage Financing Partners, LLC
    WebsiteView Page
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  • Rociel Rodriguez
    OP
    Pittsburgh, PA · Member since 2012 · 4 posts · 0 votes
    14y

    Well its a Park with 60 % occupancy, and all the mobile homes are about the same price. Lot rent is $300.

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  • James H.
    Investor · Fort Worth, TX · Member since 2011 · 1k+ posts · 450 votes
    14y

    Rociel,

    Do a search for "Lonnie" on BP to learn about Lonnie Scruggs MH investment stategies

    0Reply
  • Dale Osborn
    Mobile Home Investor · Spanaway, WA · Member since 2008 · 1k+ posts · 578 votes
    14y

    What is your overall exit plan - buy and rent? Buy and wholesale?
    Buy and retail? Nothing closer to your home? 50 miles can get to be a major expense with the current gas prices moving upwards! What experience do you have? These are the kinds of things needed to evaluate your particular situation.

    0Reply
  • Lynn Harrison
    Garberville, CA · Member since 2011 · 193 posts · 6 votes
    14y

    how much can you sell/rent it for (quickly) and how much time and $ will it take to fix it? Can't be a high end park... Do you have experience with park tenants? If it needs repair, do you have experience w/ MH repair?

    0Reply
  • Rociel Rodriguez
    OP
    Pittsburgh, PA · Member since 2012 · 4 posts · 0 votes
    14y

    No experience. I can get $125 out of it. Not a high end park.

    0Reply
  • Greg B.
    Homeowner · Burleson, TX · Member since 2008 · 756 posts · 376 votes
    14y
    Originally posted by Rociel Rodriguez:
    No experience. I can get $125 out of it. Not a high end park.

    $125 per month or $125 one time?

    0Reply
  • Rociel Rodriguez
    OP
    Pittsburgh, PA · Member since 2012 · 4 posts · 0 votes
    14y

    Yes per month.

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  • Bill W.
    Real Estate Investor · Austin, TX · Member since 2009 · 171 posts · 46 votes
    14y

    Rociel, its a bit like pulling teeth to get info from you on this. You need to determine all of your expenses in acquiring the home which includes purchase price, repairs, taxes owed, state transfer costs and lot rent until sold (I budget two months on all of mine).

    Then determine what you can sell it for on a note.

    If my calculations demonstrate I can sell it for twice what it costs to acquire, I move forward. Your requirements might be different.

    There are many other finer details to learn in between but that is a rough sketch.

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