I have been doing some research and I have been looking into mobile home investing as a low barrier to entry. Giving me a chance to buy an asset that cashflows.
After some research I have thought about this: Buying a mobile home with land. Then listing the mobile home without the land for sale. Once I get a buyer they will pay me a fee every month for the land they have the mobile home on. Am I missing something, this sounds to good to be true. Cash-flow without repair expenses?
I would love to hear feedback and ideas.
You're thinking outside the box and that's good. But you've made it more complicated than need be.
We do this deal type exclusively now. Buy double wide on land, fix up, advertise rent to own, owner will finance in 12 months of no late payments rent to own. We take $1500 option to buy fee, rents between $750 and $850.
Do a Dodd Frank compliant owner finance for 10 or a bit more years. Now it's repair free cash flow. We buy in each of my wife and my name and IRA names keeping total deals per year under 3 in each name... See the other Dodd Frank threads.
Buyers are used to the above. Your deal type would be foreign to most non-park buyers. But there are the rare land-home communities that are lot rent. I have heard of them and even bid on buying one. But this one was older homes, some trash. I like doing one off fixed up properties to good families rent to own, owner financed.
That is a fantastic idea to pursue. As long as your county or city codes allows for mobile homes to be added to your land you can begin getting the land and utilities ready for 1 or more mobile homes.
With that said you are really deciding to be in the mobile home park creating and investing business for cash flow. If your wallet/financing can support this and proper due diligence is performed you should highly consider moving forward. If you move forward on this path I am sure there is a "How to develop a mobile home park" how-to book somewhere to help some.
If it is cash flow you seek you may also aim to invest in some mobile homes already located in preexisting parks to then resell. By helping current sellers you will naturally find inexpensive mobile homes for sale and empty tracks of land for sale by motivated sellers. It is at these times you can increase your mobile home knowledge by creating a small park, or even single home-land package.
Just trying to present options.
Great advice Curt.
Thanks for the response.
I am looking for investments that have a lower barrier to entry and Cash flow nicely. I like the idea of flipping but that isn't a passive investment. I like the idea of money coming in every month. My goal is to create multiple streams of income.
I have also looking into multifamily homes but seeing as I only have 12k as of right now I figured mobile homes would be a nice way to start building up cash flowing assets.
I am really looking forward to hearing any other advice or recommendations
Thanks for the response.
I have read into mobile homes in existing parks but I am really looking to build long term cash flowing assets. Being in a park can put alot of regulation on what you do. You also do not own any land which I see as a problem.
I will also look into the dodd frank financing as I have never heard of it before.
Thank you @Chris Lynch for this idea. That's very inspiring.
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