I currently have 2 mobile home rental properties, each on their own lot. I've heard that they're are benefits on turning them from personal property into real property; however, I've not found very clear advice on why I should do so, as the internet is fairly vague. I'm sorry if this topic has been covered many times, but my Bigger Pockets search yielded nothing thus far. I live in North Carolina, if that helps, and would like to know the specific benefits, or drawbacks, of turning my MH rentals into permanent housing.
Thank you in advance!
@Matthew Henderson If you decide to go that route, definitely give it some thought as your property taxes may be higher significantly once turned into real property. If the lot (as real property) and the home (as personal property) are separated, your taxes should be significantly lower depending on your area. Best of luck!
@Matthew Henderson Search for "Lonnie Deals" in BiggerPockets and on Google. This is the strategy that I would use for mobile homes. Basically, you sell the mobile home to your tenant with owner financing and you rent the land to them. That way you have cash flow with the cost of ownership of the mobile home. If they pay off your note and move the mobile home, then you can purchase another one and repeat.