Investing in Land with mobile homes
I have the opportunity to purchase a piece of property in Florida, with two mobile homes on it. They are both income producing mobile homes. One is a 1980 model and other is a 2000 model.
Is there a way to finance the purchase?
Most Popular Reply
I don't have much experience with owning them, but I work around mobile homes all the time. As a new investor I'd have to ask what is the upside here?
A 40 year old mobile home is near worthless as it is past the typical life cycle to many, and might not be insurable. A 20 year old one is a little better. So even if they are income producing, if the land it only worth 60k, what makes the 2 units worth 60k? Mobile homes lose value with age, while the land under it appreciates sometimes. Is it still a good deal if you need to replace one or both units?