I'm looking at some properties within my rehab budget, which is pretty low, and I keep running across a bunch of mobile homes or manufactured homes. Granted they could use some updating and they could be really nice. However, I've never heard of anyone remodeling a mobile/manufactured home to flip.
I'd love to hear everyones thoughts on this idea.
Personally flipping mobile homes isn't always the greatest idea due to the fact that its really hard to make a profit and if you do make a profit, it will be really low equity which isn't worth your time. Also the people moving into mobile homes aren't always looking for the nicest mobile home in the park, they want the cheapest. So my overall thoughts is you can make a profit but just a very small one. I think Mobile homes can work if you think of it as a numbers game and do a lot of them, but that will take a lot of time and money. So basically its possible but just not really worth it unless you can do multiple at a time.
@Ryan P. Kotschedoff is correct however it is a practice I encourage with some new investors with limited funds. I actually started my rehab investing with single wide mobile homes as it was all I could afford. I have built those small profits and most importantly experience and confidence into flipping 8-10 single family homes a year. If it is all you can afford then you need to start somewhere.
When I started there was little to no financing available after the recession for mobile homes. I had to owner finance several. I am seeing a significant improvement in the ability to obtain financing lately. It is starting to show in the double wide market as I have seen a significant increase in retail value of these homes.
@Nick Deterding I've been rehabbing Mobile homes for roughly 5 years. I started with MH as it had lower initial Capital investment and lower risk from my perspective. As a previous person mentioned Flipping mobile homes for profit can be done but from what I've seen they do not appreciate like Single Family homes but profits can be made if done correctly.
All the Mobile homes on Land that I buy , I rehab them and rent them out. I cash flow quite nicely on these homes and they have worked out well..
@Jason Mathew Hello, I'm just getting started in wholesaling and I just received a call asking if I would purchase a MH in a MH park. Can you give me some advice on the types of things to ask about and to look for? I saw on another post that it is important to get a clear title. Being that the MH is already in a park and has a monthly lot fee of $200, do the owners have to sign any types on land lease contracts with the parks?
@quicha floyd I"ve actually never done a deal in a Park but looking to venture into that space this year. John Fedro is probably the go to guy for information on these type of transactions..
Hello, I have done some deals in parks and have learned/worked with John Fedro. Feel free to reach out to me with any questions.