Updated almost 7 years ago on . Most recent reply
Slumlord = Cashflow ???? 🤷🏼♂️
I apologize in advance for being so new but is buying an inexpensive mobile home in a mobile home park, rehabbing and renting a good or bad method. The one I am looking at would cost me roughly $5000 to make it a nice old beach town mobile home and would cash flow around $250-$300 a month after paying lot rent. Do ANY of you use this method, What are some pros and cons??? Thanks in advance???
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Make sure you run your numbers right including ongoing repairs, insurance etc. That's the major issue with rehabbing old MH's, they were not built to last 40+ years. Yes you can make money doing what your planning, a lot of people do it. but must know your numbers or that $200 month will get ate up with repairs and time. Another strategy a lot of people use is fix them up and seller finance them to the tenant so they're responsible for repairs and eventually own them. But you have to make sure you're Dodd Frank compliant.