Hi. I am looking at mobile homes to invest in as rental properties. Specifically, I'm just looking at one for right now, and then I plan to move up to SFH. My questions are:
Am I looking at comps the same way I would be for SFH?
Is the market to high for investing in mobile homes right now?
Are there any specifics I should be looking at that are inherently related to mobile homes?
Pay attention to whethet the land is being sold with the unit, has it been converted to real property or can it be, also be cautious of high hoa fees that may kill cashflow.
You also want to know if the unit can be replaced with another unit. Some can't.
Converted to real property or not is a big question.
Second big consideration would be the tenant profile; typically poorer than SFR, more vacancy cost/turnover, higher risk of late payments/evictions.
Outside of that, my experience working with investors for mobile homes has been pretty similar to SFR, although I have not owned one myself so can't speak from personal experience here.