does anyone have experience investing in buy and hold rental mobile homes in Florida?
It seems like a low cost way to generate significant income, pros,and cons?
I've done this in Texas. Cash flow is great. Financing them is more challenging. Selling them, too, for the same reason. I like to buy them on acreage in the way of growth. You get land appreciation that way.
I'd be buying single units--what makes a unit stand out in the multitude of availables?
Would you spend the money for newer units and place them in low lot rent parks?
Or would you buy fixers?
I like newer model doublewides on their own land. A fixer is OK, but make sure you count the whole cost. For example, does it need new septic?
I wouldn't buy them in parks unless I owned the park.
Do you like the home/land packages dealers sell or do you look foe your own land?
How much does it run to prep a site if the unit isn't already on it?
In Florida a MH will have its own land only if it's out of town a bit. What do you think about that?
The land/home combos the dealers sell are usually not a good deal. I've bought most of mine at HUD auctions, from MLS, and REOs.
All of mine have come with land, usually 1 to 4 acres.
I wouldn't prepare the site and then move one on, just too much expense. You'll be looking at water meter, power, sewer tap or septic, and driveway. You can get a better buy if you get something existing that is distressed.
All of mine are out of town. I want them to be in a good area, have good schools, and in the way of growth.
Very helpful, thank you.
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