Realtor · PHX AZ · Member since 2017 · 48 posts · 20 votes
Is it possible or worth it to just buy a mobile home and rent it out? Everyones seems only post about creating a rent to own situation. Is this the only way due to the park rules not allowing sub lease?
It all depends on the park rules. Where I live, in NH, most mobile home parks do not allow renting, and you have to live there. So that keeps investors out.
It all depends on the park rules. Where I live, in NH, most mobile home parks do not allow renting, and you have to live there. So that keeps investors out.
@Michael Mastantuono It all depends on the landowner. Some parks do allow rentals while others do not. If you decide to buy land with a mobile home, then you can do it either way as the landowner. Good luck!
Michael Mastantuono - the play on this strategy will vary state by state. While I'm no expert by any means I have experience putting homes in other people's parks and taking back a note and trying to create cash flow. Some on here refer to this method as a " Lonnie Deal". If you don't know what that is or who Lonnie Scruggs was look him up it's a great perspective but as I found out the hard way, not at all an applicable approach to mobile home investing in today's mine field of laws and legal quagmire. It worked great in the 80's and 90's in the pre Dodd-Frank Safe Act era but today it just isn't worth the headaches for so little in return. For more info on this I believe the best source is contacting Ken Rishel as he is very well versed in this area of mobile home parks and the applicable laws in a variety of states. It would wise to PM him and talk with him as I'm sure u will find his expertise to be superior to say the least. That's my .02
Wow. Thanks for the perspective and the reference to Ken. I'll will read up on this and contact him. See your from Vegas. That's the area I was thinking of doing this, so your input means a lot.
@Michael Mastantuono Hope you reached out to Ken. I tried doing the MH thing out here, specifically for Nevada this state is not the state to be taking back notes as the MHD Manufactured Housing Division hates investors and has a barrage of laws in place to make it very difficult and punish and fine investors as well. The MHD is all about protecting the uneducated, poor, unscrupulous buyer and sticking it to the investor. Thats the real deal holyfield. . . . . . @Ken Rishel is more versed in MHPs and that is where my focus has shifted too and not out here in NV im looking back east.