Pros and Cons of mobile home investments
New to Real Estate · Chicago, IL · Member since 2020 · 13 posts · 0 votes
I have 15 grand to start investing and I'm considering investing in mobile-homes. Hoping to hear some success stories and learning curves.
My parents live in Iowa and there are a number of mobile-home parks in the neighborhood. I'm curious to know of any mobile home investors in Iowa and if they would recommend mobile home investing for a rookie.
Thanks!
@Hailey Padgett If you're just starting out as a mobile home investor, it's best to learn your market and find mobile home parks that you feel comfortable in and work well with your personality. Every mobile home park will attract a certain type of clientele. The key is working with parks that attract the type of clientele you feel comfortable with and work well with your personality. Otherwise, you'll set yourself up for disaster which is what happened to me. I learned this lesson the hard way.
The mobile home investing business definitely can be done. Like any business, it just takes time and experience to learn the business. Personally, I've been investing in mobile homes for over a decade. I've definitely had my ups and downs. Though, overall I've found it to be quite enjoyable and profitable at the same time.
Hope that helps. Best of luck with your own mobile home investing journey!
I do know of the opportunities in buying house-trailers on city lots, to be rented out, where I live here in Idaho. And this is different from being involved in a trailer court. And I have little idea of what may be available for trailers, in the Mid-West, where you live. However, something to consider, is if you are in a Landlord friendly state. I have gotten on the forums of Bigger Pockets, on July 19th, 2020, in my response to reading a story in the Wall Street Journal, on July 2020, that real estate will rise in value, in the next decade, due to U.S. Congressional spending, in dealing with COVID-19 virus, invading the U.S. in 2020. And in my reading over what's on the forums, I find so often that experienced investors are seeking to be in Landlord friendly states, even going to investing in far away states, from where they live, so they are in a state they like. And this has little to do with who is invested in House Trailers, or not. So that's something to consider, though I don't know if you are willing to live where you are, while doing trailer-Rentals which are in another state.----------------------------------------------------------------------------------------------------------------------------------------------I live in Idaho. And one of the Landlord-friendly provisions in this state, is that you can get a bad tenant in court, in an eviction, in 30 days, with efforts, now going, trying to get this to within 20 days. And this keeps tenants from playing you, for extended months, waiting for a court date, so you can get what's called an unlawful detainer, so the police can be called in to man-handle the offending tenant out, if need be. (The info. on Landlording says to do not anything to do force on a tenant, or you are looking to end up in court, for doing so. And to look to the cops to do so, who will do so, only with the unlawful detainer.) And there are a few other advantages to be in Idaho, as a Property Manager, or a Landlord. So maybe you want to look for a state, like Idaho is, in Landlord-tenant law. Or maybe you would want to do what is called, OOS invest, in Idaho. And you best think in such terms, due to you are dealing with a small amount of money to invest, which can ill-afford to not get returns on doing so.-------------------------------------------------------------------------------If you can wait it out, for the next likely collapse of the U.S. economy, due to the effects of COVID-19 on the U.S. in 2020; then in a likely also collapse in real estate prices, you can make a good buy on an house-trailer on a city lot. And due to older house-trailers are often, not finance-able, through ordinary lenders; in the last crash in U.S. real estate, as it played out here in Idaho, the good buys on house-trailers on lots, were not through realtors, but through quick sales, done in weeks, cash-only, or through auctions. (Yes I know the spiel, that you can't time the market, & to buy now. But I know what I lived through in the depth of the last Recession, 2009-2010. And these conditions are likely to re-play them selves in as early as 2021. But no one knows for sure how this next Recession will take hold, for how long, & for which months. Recession= when economic activity is not in growth, & usually is in reduction, from one month to the next month.) If you are interested in this subject of Recession, as to likely play out in the U.S. real estate market in the 2020's; then there are 2 videos on U-Tube, to watch, doing so with a jaundiced eye, due to it is never how the seers say things will occur in the future. "How The Housing Crash Will Happen" by Neil McCoy-Ward, & " When Will The Housing Market, Crash (Housing Bubble)" by Marko White Board Finance; these are the 2 videos I refer to in the previous sentence. You might also look at videos by Roger James Hamilton, in cluding "The 3 Crisis Waves Coming-Debt, Recession Economic...", as well as his video, "The Forth Turning-How This Crisis Was Predicted 30 Years Ago", dated July 7th, 2020. And Hamilton is useful, due to he presents things, as they often are in Recessions, where there's fear so palpiable, that many fear to act, including to buy real estate. Anyway, don't know if you are willing to wait things out for when deals are unbelievable. And given what money you have, at this time, it might be wise to so wait, so your money can go further. And House-Trailers on lots, as Rentals, are a cheaper way to get into real estate investing.---------------------------------------------------------------Something to consider,if you are to be a Landlord, is what Aristotle cooked-up over 2000 years ago, of what he called the Good Man & the Good Life. And by extention, this can also be called the Good Woman & the Good Life. (He went about polling people he met, on what are these 2 things. And then he devised a compilation of the so results. Hence, this isn't entirely his ideas, but is intended to be the voice of a community of people.) The Good Man=courage, moderation, prudence & justice, with Justice refers to both a wish for the same in daily life with others, as well as internal justice, in one's own conduct. The Good Life=Health, Wealth, Companions & Beauty. And all of this from Aristotle, is part of how I deal with being a Landlord- Property Manager. If you are to succeed in a Recession, then you will need courage, in dealing with every daily & monthly problem. And you will also need moderation, in not over-spending, & to be frugal, so the money you have, goes the longest ways. And you will need prudence-wisdom, in choosing carefully what you buy, as well as in which tenants to accept into Rentals. As for Justice, know the law, & get an attorney, due to this & the cops are your best friend in the Rental game. As for Health, this is you most important ally, due to with it, you can get things done. Wealth is what you seek & once youhave wealth, then it can help you keep your health, as well as attract companions to you. And put around yourself, a group (companions) as part of doing Rentals, due to such a group is handy, at times. And beauty is the most elusive, of all these 4 points of Aristotle. And you might consider adopting something like what Aristotle cooked-up, as part of doing Rentals, due to it's a tough game, which needs some kind of inner resource, to keep going with it.------------------------------Don't know if you would want to hear further form me, on doing Rentals. And if you do; then I have much more on doing so, than what I give here, as my comment to your thread. So let me know, if you want to hear more from me, on this subject, due to am an old man, & don't know how many years I'll live. And would hope that I can pass on, what I have learned in my life.