Hi all, the wife and I live in the country and land prices are pretty low where we live. I'm curious if anybody has had success buying vacant land and placing a nice single or double wide mobile home on it and renting it out? The idea popped into my head yesterday and I have done zero research. Some back of the envelope calculation would indicate it would seem to make sense cash flow wise but I would need to verify the amounts as I am not sure how much it costs to buy and install a mobile home. Any thoughts or experience in this area would be appreciated.
Interested in following this thread. I have a similar situation with plentiful. low cost land and several mobile home dealers in the area. The few things that I have considered roughly were:
- Well and septic cost. Easier to purchase a lot with a existing system even if the house needs to be demolished?
-Cost associated with purchase and set up
-Repairs on mobile homes and double wides? I have zero experience. I assume a new home comes with a warranty?
-Can you purchase a lot with an existing garbage single wide and have it removed? Does the company that sets the new home do this?
Just a couple of random thoughts but looking forward to seeing where this goes
There’s a lot to consider.
First check with the County and the city regarding zoning, foundation, blocking, tie-down, and skirting requirements. Some have home age and insulation and wind resistance requirements too.
See if utilities available from the street and Determine the run length. Around here many counties charge about 15k just for the privilege of connecting to water and sewer.
Also consider new and used home costs and moving tear down and assembly. A couple of years ago used double wides were basically free, now they all seem to be resold at a premium (check your Craigslist)
Very interested in this thread! We have invested in many manufactured homes on their own land, and we have been talking about purchasing lots and putting some double wides on them. Our biggest goal right now is finding a manufacturer we can work with so we don't have to purchase the mobiles at retail prices.
@Adam Soelberg let me know if you find any good values. Fleetwood seems to be popular with investors in the PNW
I know this is a old thread but I am looking to buy a vacant lot and bring in a double wide, well septic , and electricity. I'm hoping to be all in for about 130k with a retail price of about 179k . Looking for anybody that has done this to get some more insight.
@Michael Krakower Hi, Michael, were you able to find out any information? I am looking to do the same thing here in Texas
I ended up selling the land before I got to build on it and made $15k the easy way. I did do alot of research. I might be able to answer some questions.
@Michael Krakower , I'm also considering putting a Mobile Home on a vacant lot. Could you give some ballpark costs if you researched them for:
- Moving the MH (Double or Single)
- Setting up the MH (site prep, skirting etc)
- Installing septic or hooking to sewer
Hi Tom. I have a nice cash flow double wide I did this with. I purchased the home for 15,000 from a seller on Craigslist. I purchased a lot for 7,500 in a D neighborhood that would allow a mobile home. I had to send to the city pics of the home for approval and buy a permit to move it. It cost 3,600 to move it. 3,000 tap fees to hook into city water. A couple of hundred to hook up electric. We had to skirt with either brick or cinderblock. We did block since it was cheaper. There was a certain way the mover advised us to pour the footers for the foundation in order to please a bank in the future if someone wants to buy it with an FHA loan - something to look into if you do this in the future. Home was structurally in good shape. We exterminated, laid laminate flooring, painted, installed new HVAC, and did some minor electrical repairs. My husband did alot of the labor. According to my books we are all in at 44,000 and rent it for 800/month to tenants who have been there since 2018 and consider it home. Hope this helps.
@Patricia Taveras congrats on your deal!
Tom & others asking questions. Moving, set up, and permits have different requirements in every state and even county within the state. Florida is around 5k for a single wide and 10k for a double if you aren’t going across the state. I’ve been told we are an expensive state. Here people don’t typically want or can legally do anything with anything older than a 1980. It’s already been mentioned, but it’s worth mentioning again. Make sure you can put a Mobile Home on the property.
If you are putting a used trailer, I haven’t met a bank lender that will lend of it if it’s been moved from its original installed site. This isn’t a deal breaker, but limits your exit strategy.
If you’re planning to do this in Florida let’s connect. :-)
@Kenneth Ryan I would look into taking that $120K and investing in an out of state multi-family that will cash flow.