Can a mobile home only be an investment?

Question

Someone is giving me their mobile home for free. How can I use this as an investment. I don't own land. Should I rent out space in a mobile park and then in turn rent out the home to someone else? How can I get a return from this home? Thanks in advance.

Marc Faulkner · Answer

I would go talk to the park owner and tell him you got the home as an investment and that you would like to fix it up a little and resell on a contract to a buyer they approve.  I would then go to work doing just that.  I would advertise the home on Craigs List, the newspaper and with a window sign.  I would also talk to all the neighbors and ask them if they would like a bird dog fee for sending a buyer your way.

John Fedro · Answer

hey N.A N.A,

Excellent that your mind is working to learn all the ways to make a longterm profit from this FREE home.  First off I would recommend that you fully commit to this deal and see it all the way through.  I only say this because however this business is SIMPLE it doesn't mean that it is EASY!

With that said:  Contact all the local mobile home communities around the subject property and inquire if any parks have any specials running that would TOTALLY or PARTIALLY pay for any moving expenses. Depending on the year built and the park you may just get a home moved and set up for free.

Once you get the home to the park of your choosing RESELL it for more that what you paid. In parks you can typically resell and hold payments for 5-10 years or more depending on the home.  Thats a TON of cash flow from a free deal.

If you are looking for more specifics you can post more info about the deal on this site at THIS forum and others will give you their advice Or check out my blog.

Best of Luck,
John F