Thoughts on starting REI with mobile homes?
Anybody have advice or thoughts on this? Seems to be a cheap way to start, while also providing solid cash flow. Would you recommend homes w/ land, in a park, or from a used dealer? Also, anybody have any tips on how to get one fincanced?
Hi @Bradley Heath,
I started in mobiles homes with "Lonnie Deals". I would suggest buying Lonnie Scruggs' book "Deals on Wheels". Heck, get the whole course. It gives a great basic intro into mobile home investing. Be sure to check into your own state laws and the SAFE Act. Shoot me a message if you need any help with mobile homes specifically. Happy investing!
- Gabe
@Steven J. may have some insight on this?
You want to buy mobile homes without the land because they are a lot cheaper and you can buy more of them. You need to call the parks around your first and ask some questions, such as: Is this an all age park or a 55+? Do you allow rentals? What is your lot rent? And do you have any for sale?
Personally, I like all age parks not the 55+, why should you limit who you can rent to. You need to make sure they allow rentals or you can't buy in that park. You want to see what the lot rent is because you want to make a minimum of $200 profit per month (if not more) in my opinion. And the park may have some for sale or you can drive through the park looking for For Sale signs.
Thank you for the input. That defiantly makes sense. I am still trying to decide what my first purchase will be, but I am intrigued by mobile homes due to their price and I work for the largest mobile home lender in the US. Would anyone have any recommendations on how to purchase an mobile home as an investment?
If you do not have the money to buy them outright, sometimes the office of the mobile home park will let you buy them for $500 down and $100 per month. This does not include your lot rent of course.
However, depending on where you live you may be able to afford one. You can find 1 bedrooms for $1500, 2 bedrooms for $4500, and 3 bedrooms for $7000 in Florida. These are rough figures they are sometimes less and sometimes more.
Yeah i could afford that. What is tge best way to find a deal like that? I have been checking out craigslist and mls for the most part.
I want to buy the land and the mobile homes and rent them out. Any suggestions?
Originally posted by @ANGEL NOWLIN:
I want to buy the land and the mobile homes and rent them out. Any suggestions?
@ANGEL NOWLIN from what I've been reading, there are great opportunities within that market space. @Lisa Philips has a great video about it- https://www.youtube.com/watch?v=AVYWcBWDlEA
Thank you, you have the same first name of my ex-husband and the last name of my current husband. LOL. Must be fate that we I buy a mobile home.
Welcome. And yes there are several of us on here who do well with mobile home investing. Low cost of entry and well received by the masses. The market and economy dictates how this niche goes. And it's going very well.
Enjoy and Have fun!
Originally posted by @ANGEL NOWLIN:
Thank you, you have the same first name of my ex-husband and the last name of my current husband. LOL. Must be fate that we I buy a mobile home.
Thats pretty neat lol! Best of luck to you, please keep us posted on your progress. Im always interested in these niche ideas/markets...
I will. Going out tomorrow to look at some parks in my area, but I am willing to go further.
Good afternoon, I've been looking online for some land that is already level, many of them say they have utilities (gas, sewer, water, electricity, telephone), would this be an easier way to go and just buy my own mobile homes to rent or sale on the property? My first option was to buy in existing parks and resale or rent. Suggestions?