I’m curious if anyone has experience or can provide insight on putting a new manufactured or modular home on vacant land for a long term rental. Pros/cons? I am investing in North Florida (greater Jacksonville) and see a number of opportunities for cheap land in popular areas and figured with the lower cost of this type of home, the numbers could potentially work for rentals. I’m not familiar with some of the extra costs potentially involved though such as getting city water/sewer hooked up (if needed), home installation costs, etc.
I feel like there’s even potential to just flip these properties too. Any insight is greatly appreciated!
Have thought of this myself and one of my partners even has plans already made up for build-outs of storage containers.
I havent looked into the costs for water/sewage Hookup as that was my biggest question as well.
I see what we (the REIT I work for) pays for these hookups for our potential shopping centers and it is rather large amounts (I know it's not apples to apples comparison)
I never found land that was going to make a good deal when I was looking in high desirable locations however to do much more than back of the napkin analysis.
@Tony Borman modular will not save you much money but can save some time depending on the manufacturer.
Modular can be a good option for rentals but not flips as they do not carry as strong of a resale value as site built homes. You still have all the costs associated with site development, permits, utilities etc so you will need to check with the city on some of those items.
The numbers will be easy to compare from an cost standpoint but in the end the value will be the real issue for modular.
I can help analyze that with you if its still on the burners