Rexburg, ID · Member since 2018 · 10 posts · 2 votes
Hi I'm pretty new to Bigger Pockets and I am in the beginning stages of real estate investing. I am very interested in purchasing a mobile home. I'm not sure if I will be buying in a mobile home Park or on a plot of land. Where I live in Yakima WA the rental market is HOT. I can get about $1100-1300 for a 3 bed, 2 bath.
I would like to hear positive and negatives about having a rental in a trailer park ie regulations, tenant screening ... What is the typical rental cost for the plot/site that the mobile sits on and do you add that into the renters cost?
If you know anything that I should consider before making this decision, I would love to hear about it. If you know someone I should talk to on Bigger Pockets please post there name here. Thank you for all the help.
@Jordan David Kirsch This mobile home is on it's own land and not in a community? I would think the tenant pool would be the same as a similar house in that case, but I'm not 100% sure on that either.
Generally mobile home renters are at the bottom of the tenant pool unless you are in a very expensive location. They are hard on mobile homes which are generally built to very low standards if older. Landlords must be very hands on to insure issues are reported early and that the tenant is respecting all community regulations. It is common for community owners to not allow home owners to rent out the home. Lot rent is by location and has no impact on market rents.
Mobile homes in a land lease community are a depreciating asset not a investment asset. You and your tenant are under the control of the community owner.
Mobile homes on their own land are of higher value, may appreciate and allow you 100% control of your investment and your tenant.