I am currently learning about the different niches that are available in real estate. Mobile home investing caught my interest, but I live in Florida (the hurricane Mecca of the world!) I realize that people will live in a mobile home, regardless of location. I just wonder how safe of an investment it would be to get into. Especially when starting out.
Hurricane zones are not the best mobile home community investment since it is costly for FEMA to replace. Look at some of the communities in the New Orleans area that have never been replaced.
Please feel free to contact me if I can help in any other way.
I've never invested in a mobile home, but iIf you can get it insured (with wind/hurricane coverage) for a reasonable amount then I don't see why it would be a bad investment. I've heard the returns on mobile homes are nice but you will deal with the typical things you can expect from those tenants. Talk with a local insurance rep and see what he says.
@Austin, Nice to hear from a fellow New Yorker! I moved down from NYC in 1995. What you have mentioned, confirmed my concerns about venturing into such a niche. Never the less, it does sound like such an amazing opportunity. I’m at the ground level right now, so I am simply getting to know the pros and cons on various niches. Thank you for the feedback.
@ Craig, The whole idea of missing out on such an opportunity would be a shame. As I mentioned to Austin, I have mixed thoughts about taking such a leap. Must admit though, that I feel like a kid trying to rationalize wanting to do something (even if it carries certain risk). If there is any way to make such a niche work, I may consider it. I think that hurricane insurance is definitely worth looking into. I will also pose this question individually to some of the members who specialize in mobile home investing. Thank you.
I invest in mobile homes in Florida. Your payback on a mobile home can be a year, with that being said we have not had a direct hit from a hurricane in years. Chances are you will have your investment back multi-fold before that ever happens.
@La Nae Duchesneau, It's very inspiring to hear that such an investment could break even within a year. What would you recommend, as far as getting more knowledgeable in this type of investing?... I've seen some online courses and mentor type programs, but not sure if it's worth the money.
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Hey @Orlando Paz
This doesn't answer your specific question, that's really a risk assessment you'll have to make.
BUT, check out this podcast:
I think it will give you a lot of great information about mobile home investing.
Hey @Andrew Davis ,
I've been putting some serious thought into this niche, as it seems to be one that I could initially get into. I've gotten some great advice so far. I had an opportunity to get feedback from John Fedro, and Rachel Hernandez (aka Mobil Home Gurl), and they both gave me an honest and positive response. Right now I am looking at various areas in real estate to see which would be a best fit for me. I am also trying to learn as much as possible. Initially, I am looking at mobile homes. I am also looking into wholesaling, notes, and tax liens. Not sure which avenue to take yet, but I am definitely fired up. I did get to listen to John's podcast. Thank you for sharing!... Very informative.
Hi @Raymond B.
Thank for letting me know. I've used the @ in other posts on other sites, but never knew it could be used as a hyperlink.
I'm also in a hurricane zone and have a couple of deals under my belt, and submitting a LOI, on a park this week. My deals are inland, and agree deals quickly pay for themselves, and threats of a direct hit are few and far between. Mobile homes in hurricane areas are built to higher standards, and require additional anchoring. Low risk high returns.
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