Hey BP so my sister has a friend selling a MH in Chula Vista for $20 k single wide rent $500 a month I was thinking on making an offer originally it was a 1/1 however the husband is a contractor and built a second room so now it's a 2/1
My question is should I buy and rent or should I flip it?

@Carlos Caloca I'd be careful on those types of conversions. Been in homes like that. Has not turned out to be true bedroom sizes. You may need to check with zoning to be sure the home is up to code. Would do a full inspection on the home and make your decision from there. Good luck! 

@Carlos Caloca Where in Chula Vista.  I'm a PM in Chula Vista, I can meet with you to take a first hand look and give you an unbiased opinion of your options.

Make sure you account for space rent as that can be astronomical, even in the inland empire it can be very high.

Originally posted by @Carlos Caloca :

Hey BP so my sister has a friend selling a MH in Chula Vista for $20 k single wide rent $500 a month I was thinking on making an offer originally it was a 1/1 however the husband is a contractor and built a second room so now it's a 2/1
My question is should I buy and rent or should I flip it?

 I personally do not think the margin is there for a flip.  I suspect the margin is not there for a buy and hold but I would need to know what the park rental fee is to determine that.  In general, MH do not appreciate.  Most of the rent appreciation goes to the MH park fee (i.e. the land).  So in some ways it is similar to long term buy n hold in an area with no appreciation (i.e. even if it has cash flow today in real terms it will only go down (taking into account inflation)).

@Justin R. last year did a successful flip of a mobile home in San Diego.  It was larger and in a nice location (nice for mobile homes) with a nice (real nice for MH) lot.  You can search for his summary post.  He made money and learned some things but I do not know if he would do it again (maybe he'll respond).  I suspect that he can tell you more about the process than most others seeing that he did it recently in a nearby market to your target property.

Good luck

@Carlos Caloca Knowing what I know now, if the same opportunity came up again, I would do it again.  In my case, it was a mobile home neighborhood set in the middle of $400-600k SFRs.  So, it compared really favorably.  I know some MH communities have very different feels.

I concur with everything @Dan Heuschele said - one other thing to watch for is a good community operator will also be trying to place new homes on the lots, so they are a potential competitor when you go to sell.  More learnings on the summary post Dan referenced.