Using a SDIRA to get into mobile home investing
I would like to get into mobile home investing. With a lower price point of entry as compared to fixing and flipping brick and mortar homes it seems like it would be something that would be ideal for using a SDIRA. It seems like this would be much easier if I had a checkbook IRA but being that I have a custodian, Equity Trust, it seems like it does make things a bit more complicated.
Custodian has to approve purchase ahead of time, takes time to issue check to seller.
To move a home I would again have to request the funds to be sent to the mover and then again to the electrician, plumber and handyman to pay them for the hook up of the home as well as for rehab of the home.
Additionally, I am not allowed to do any of the rehab myself so that is an additional cost to pay the handyman or other vendor.
Does anyone have any experience or advice in using a SDIRA to invest in mobile homes?
I guess another option is to be a money partner with someone who is already in the mobile home arena. The drawback to that is that I really like to see the before/after rehabs first hand and it seems that getting your initial investment back seems slow. The very real possibility of the tenant/buyer defaulting is ever present then we are back at square one with additional expense in cleaning up the mobile home, doing repairs in preparation for another tenant buyer.
Does anyone have an experience using their SDIRA to invest in mobile homes? If so, I would like to hear your stories and advice.
Thanks,
Sandy