So I am wondering if this is a deal for a mobile home? It was listed for sale for 39,000. I have got him down to 18,500. The property gets $400 a month rent and has been occupied by the same tenant for the last 10 years. From what it looks like, the place is well taken care of. I am new to mobile homes so I am wondering if this is something to jump on? I have one single-family rental that I just got filled.
Does the mobile home park all you to buy the mobile home and then rent it out?
Yea, that's very important question. I tried to buy a mobile home very old 76, for any reason the woman never allow me talk with the land owner, looks like the land owner will not allow rent in my case
This is a mobile home on a single lot. The 18,500 includes the mobile home and the lot. The owner of the trailer, lives next door and is selling to fund his new business. Hope this info helps. Thanks
@Chaston Farris. Ok bud your losing me here. Your purchasing a MH. Is this on private land or a park? Your saying the owner of trailer lives next door which is throwing me. What year is the trailer? Rooms bathrooms etc. Lots more info needed to give you an experienced answer.
Sounds like you're buying the house and the land it sits on.
Is it newer than 1976? how much are similar mobiles renting for on CL? What type of house can you get at a similar price-point where you're located? What are the comparisons in rent on those houses to mobile homes? Is the land in an area that's experiencing appreciation?
Many times you can get a mobile home and lot for essentially the same or even less than the cost of a compatible lot in the area. That's a no-brainer to me. I'd jump on it as long as it's in good condition. I know many people blast these cheaper properties but I've done well with mine and I wouldn't hesitate to buy more. But NOT in a mobile home park, only if it's on its own lot.
Comparable not compatible.... I need to proofread my posts. I'm new, does it show? lol
@Chaston Farris If the seller dropped his price, it seems like he wants to work with you. Get the folder on the home. Ask to see payment history of existing tenant and any invoices/payments to contractors. Verify the numbers and do your due diligence. Ask to see the paperwork with the existing tenant (i.e. lease contract, etc). Depending on your investment criteria, it may be worth looking into. Good luck!
Sounds like a good deal depending on the condition of the home, bedrooms, age, etc. In my area we can get a decent mobile home for around that price or a little more. Have 3 currently. They rent out so well, we get 500-600 depending on their condition. We have invested in them for years and they have been well worth the investment. A home in a class C neighborhood would cost probably 2-3x what we spend on the mobile homes but give us same rent. Even a class B neighborhood say at 3x cost we could get 900/month max. Just makes more sense for us considering we want the cash flow, rather than a resale. We could turn any of ours around and owner finance for atleast 10-15k more than we invested but we have only done that once. Probably will do it again in the future again.