Mobile Home Lots on Flood Land
I recently inherited 10 empty lots which are each a quarter to a half acre each. Electric pole and septic tank already installed on each. I'm looking for advice on whether to sell them or put manufactured homes on them.
Any insight is appreciated.
Thank you in advance!
Flood land as in Flood Plain? The nice part about them being separate lots is you are eligible for conventional financing on new mobile homes.
#2 Mobile Home Park Investing Contributor
- San Antonio, TX
@Eric Simmons You may want to look into the history of the area before you proceed. Check to see how many times during the past couple of years the area has actually flooded. Do some digging around to see how neighbors handled the issue.
Personally, I've been in a natural disaster (flood) with mobile homes in a flood zone. Definitely not fun.
After the incident, I decided not to do deals in these types of areas going forward. Hope that helps!
Quote from @Sean Ross:
Flood land as in Flood Plain? The nice part about them being separate lots is you are eligible for conventional financing on new mobile homes.
Flood plain. It falls into the AE category - 1% annual chance of flooding and 26% chance over 30 years.
Quote from @Eric Simmons:
I recently inherited 10 empty lots which are each a quarter to a half acre each. Electric pole and septic tank already installed on each. I'm looking for advice on whether to sell them or put manufactured homes on them.
Any insight is appreciated.
Thank you in advance!
Have you run the numbers on this? Have you checked competitors in your area? https://www.calculator.net/ren... I like to use this calculator.