Rental Property Investor · Washington, DC · Member since 2020 · 16 posts · 29 votes
Hello!
I’ve been doing a lot of research on the niche market of manufactured & mobile home investing and I’m interested in hearing about the experience of investors in the DC, Maryland, and Virginia (DMV) area.
This metropolitan area is a more expensive and a smaller market compared to hot spots like Texas, Florida, etc. I’m interested in learning more about the general approach of some DMV investors in the space:
- How much do you normally purchase a home for?
- Do you typically put a bit of sweat equity in before you sell, or are you able to sell quick without cosmetic upgrades? I’d assume buyers in this area would be more attracted to a home that has been updated, but I’d like to prove or disprove that assumption
- What’s your typical deal structure: cash sales or notes?
- Do you typically have to travel further to get better deals?
Realtor · Washington, DC · Member since 2013 · 91 posts · 32 votes
6y
Hi Adrienne, I've invested in mobile homes in Maryland over the past couple of years and would be happy to talk with you about my experience if you like. There's a bit too much to write here so feel free to reach out personally. But I've renovated and re-sold 12-15 mobile homes over the past couple of years. I've gotten homes as cheap as $99 even! I've resold some with owner financing (probably 75% of them) and some for cash. It's a nice niche with good potential profits and cash flow, if you spend the time and learn some of the particularities. I stopped this year because I had to travel so far around Maryland to find good deals and wanted to focus on sales of single family homes closer in DC and the MD suburbs.
Investor · Waldorf, MD · Member since 2018 · 1 post · 0 votes
6y
Hi, I'm interested in investing in the mobile home market. I'm located in Southern MD. I'm really interested in fix and flip and holding for passive income as I gain a little more knowledge. Is the MD market doable? I hear so much about ppl killing it in GA, FL and TX, but I hear very little about MD (could be a plus). Since I would be new at this, I'm nervous about investing out of state. I've looked at all the YouTube folks including Fedro (who I like), purchased a book and a program, but it's time to jump in! Any direction would be greatly appreciated.
San Antonio, TX · Member since 2009 · 3k+ posts · 1k+ votes
6y
@Adrienne Wilkins You may want to check out your local real estate investment club. As I recall, I think there was one in VA with a mobile home section where Lonnie Scruggs spoke at from time to time. Another route is to visit local mobile home parks and mobile home dealerships. Try to build a relationship and rapport with park managers and/or owners and mobile home dealerships. They may be able to point you in the right direction as to the mobile home investors they work with. From there, it's just a matter of getting in touch and hearing the experiences of others who invest in mobile homes in your area. Hope that helps!