TRYING TO PURCHASE MY FIRST MOBILE HOME RENTAL PROPERTY! HELP!

Mobile Home Park Investing
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TRYING TO PURCHASE MY FIRST MOBILE HOME RENTAL PROPERTY! HELP!

Luke Edward
Member since 2021 · 12 posts · 2 votes

I am finally at the point where I have enough capital to purchase a used mobile home. My intentions are to purchase the MH and then spend a couple thousand in renovations (if needed) after the renovations are complete I want to rent it out. I am seriously needing help in finding a MH for purchase, as well as a park that will allow rentals in my area. I have scoured the internet for weeks, I have looked at all of the websites that I can think of and I am coming up empty. If anyone has ANY ideas that can help me I am interested. I have the money, I have the time, I am ready to move forward, I just feel like I am stalled because I can't find anything to buy. I am willing to spend up to 10k total investment (10k with all of the renovations done) Please help, I don't want to waste anymore time, I am losing money everyday that I don't have a MH. Thank you in advance, seriously any help is greatly appreciated. -Luke

P.S. I am located in the Houston area

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Leslie A.
Real Estate Investor · Houston, TX · Member since 2010 · 499 posts · 206 votes
5y

I assume you’re watching Craigslist and Facebook Marketplace?  You have to watch constantly and if you see a deal, move immediately. Good deals go quick. 
Also, drive through parks looking for For Sale signs. Managers of parks also know of deals that come up. 

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  • Leslie A.
    Real Estate Investor · Houston, TX · Member since 2010 · 499 posts · 206 votes
    5y

    I assume you’re watching Craigslist and Facebook Marketplace?  You have to watch constantly and if you see a deal, move immediately. Good deals go quick. 
    Also, drive through parks looking for For Sale signs. Managers of parks also know of deals that come up. 

    2Reply
  • Leslie A.
    Real Estate Investor · Houston, TX · Member since 2010 · 499 posts · 206 votes
    5y

    About being allowed to have rentals in the park—hopefully you can find a MH already in a park or lot. Moving costs are high. 
    Have you already been asking managers about rentals?  My experience with this is several years ago, but I found, I believe, six parks that said yes when I asked them. I’m also in the Houston area. 

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  • Leslie A.
    Real Estate Investor · Houston, TX · Member since 2010 · 499 posts · 206 votes
    5y

    @Leslie A. When I began, I wanted to do mobile homes, but also found it difficult to find one. I eventually decided to rent RVs. They can be rented for quite a bit and are plentiful to buy. Simply hook it up to your truck and take it home. Or pay the owner a hundred bucks to move it for you.

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  • Rachel H.
    San Antonio, TX · Member since 2009 · 3k+ posts · 1k+ votes
    5y

    @Luke Edward If you're looking to buy a mobile home and do business in a park, it's best to narrow down the area(s) you want to work in. From there, you'll have to learn your market and start creating relationships with park managers and/or owners before you can start buying mobile homes. 

    It's definitely a process to create these relationships and you have to give it some time. Though, once you've found a few parks to work with and have good relationships with the park manager and/or owner then it's just a matter of finding homes to buy that meet your investment criteria. 

    Usually, this is done through networking with the park manager and/or owner who are usually in the know of residents living in the park who intend to sell. 

    Hope that helps! 

    2Reply
  • Luke Edward
    OP
    Member since 2021 · 12 posts · 2 votes
    5y
    Hey! Thank you all for replying to my post, I appreciate all of the good advice. Since posting I have found a decent used home, already in a park. I have placed an offer with the property manager. Hopefully everything works out, and I will keep the thread open to update my status. Feel free to continue to post ideas or thoughts! -Luke
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  • Leslie A.
    Real Estate Investor · Houston, TX · Member since 2010 · 499 posts · 206 votes
    5y

    @Luke Edward. Oh yay! That’s great. Would love to hear how it goes

    1Reply
  • Terre B.
    Aurora, CO · Member since 2018 · 180 posts · 166 votes
    5y

    Ive been turned down in every park to rent. One park buys up any available home, and rents it themselves, as well as buying new, cheap units, setting them and renting, but will not allow owners to rent.  It would be possible to do an owner carry, rent to own though.  

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  • Leslie A.
    Real Estate Investor · Houston, TX · Member since 2010 · 499 posts · 206 votes
    5y

    @Terre B. I would love to do owner financing. Better than renting

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  • Terre B.
    Aurora, CO · Member since 2018 · 180 posts · 166 votes
    5y

    Yeah I totally agree.  I m trying now to find a way to buy and move a multi section to a park here so I can do just that.  Comparables are over 100k, and my costs would be about 50k, but getting shot down on financing.    If I manage, it should be a nice owner carry.

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  • Luke Edward
    OP
    Member since 2021 · 12 posts · 2 votes
    5y

    So after everything was set up and ready to go, the property manager came back and said they can't sell me the home because it would break "Habitable" law because of the work that needed to be done, it wasn't immediately ready for someone to move in and because of that she said I could turn around within 60 days and sue them. The entire process was a giant waste of my time, and a complete let down. 

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  • Mark Brogan
    Investor · Roanoke, VA · Member since 2012 · 1k+ posts · 374 votes
    5y

    @Luke Edward, it sounds like the park changed their mind, get outside the Houston area within an hour and ride some other parks I'm sure you will find some 
    happy investing

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  • Luke Edward
    OP
    Member since 2021 · 12 posts · 2 votes
    5y
    Originally posted by @Mark Brogan:

    @Luke Edward, it sounds like the park changed their mind, get outside the Houston area within an hour and ride some other parks I'm sure you will find some 
    happy investing

    Hey, thanks for the reply! What areas do you think outside of Houston I should look into?

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  • Mark Brogan
    Investor · Roanoke, VA · Member since 2012 · 1k+ posts · 374 votes
    5y

    As close to Houston as possible, no farther out than you want to drive too

    Good luck

    0Reply
  • Rachel H.
    San Antonio, TX · Member since 2009 · 3k+ posts · 1k+ votes
    5y
    Originally posted by @Luke Edward:

    So after everything was set up and ready to go, the property manager came back and said they can't sell me the home because it would break "Habitable" law because of the work that needed to be done, it wasn't immediately ready for someone to move in and because of that she said I could turn around within 60 days and sue them. The entire process was a giant waste of my time, and a complete let down. 

    In my experience, usually when the park is trying to sell me something that they own there's more work to be done on the home than I'm willing to handle. This may be a blessing in disguise for you. If the home isn't habitable, there could have been a lot of issues with it. Unless you're very handy and have a crew of contractors willing to to help you out, it may not have been a good opportunity. 

    You may want to look into finding other parks to work with. Best of luck with everything! 

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