Trends and Strategies for investing in 55+ communities

[Christian Knutson]

Hi Everyone!

I was exploring the Bothell area just north of Seattle, WA the other day for deals in the area. When I started querying sub $600,000 I started getting a lot of hits for Manufactured, Modular and Mobile homes in the $150,000 - $250,000 price range, and they were all located in Retirement Communities for persons over the age of 55+. 

I was wondering if anyone in the BP community has had any experience purchasing these kinds of properties for investment or personal use. I haven't ever really explored this space or strategy and wanted to see if anyone here had tips, tricks, watch-outs, pitfalls, or other knowledge and could pass on the learning? Many of them have the Senior Exemption constraint listed as False, which I imagine means that investors can purchase these properties and rent them out to folks older than 55+? Very new to the space and looking to learn more.

Thanks!

Christian

[Sherief Elbassuoni]

@Christian Knutson, Manufactured Homes in 55+ not great in renting them back. Lender requirements are also tougher.

[Christian Knutson]

Thanks for letting me know Sherief. When you mention renting them back, do you mean finding tenets for the long term or selling the units back after you are done renting them?

[James Dainard]

Quote from @Christian Knutson:

Hi Everyone!

I was exploring the Bothell area just north of Seattle, WA the other day for deals in the area. When I started querying sub $600,000 I started getting a lot of hits for Manufactured, Modular and Mobile homes in the $150,000 - $250,000 price range, and they were all located in Retirement Communities for persons over the age of 55+. 

I was wondering if anyone in the BP community has had any experience purchasing these kinds of properties for investment or personal use. I haven't ever really explored this space or strategy and wanted to see if anyone here had tips, tricks, watch-outs, pitfalls, or other knowledge and could pass on the learning? Many of them have the Senior Exemption constraint listed as False, which I imagine means that investors can purchase these properties and rent them out to folks older than 55+? Very new to the space and looking to learn more.

Thanks!

Christian

 Hey Christian,

Usually you have a hard time getting renters for those because the community is age restricted and a lot of your potential tenants are on fixed income.

If you're looking for a better return you're likely going to want to shoot for a house hack, BRRRRR, or a flip.

[Scott Mac]

Quote from @Christian Knutson:

Hi Everyone!

I was exploring the Bothell area just north of Seattle, WA the other day for deals in the area. When I started querying sub $600,000 I started getting a lot of hits for Manufactured, Modular and Mobile homes in the $150,000 - $250,000 price range, and they were all located in Retirement Communities for persons over the age of 55+. 

I was wondering if anyone in the BP community has had any experience purchasing these kinds of properties for investment or personal use. I haven't ever really explored this space or strategy and wanted to see if anyone here had tips, tricks, watch-outs, pitfalls, or other knowledge and could pass on the learning? Many of them have the Senior Exemption constraint listed as False, which I imagine means that investors can purchase these properties and rent them out to folks older than 55+? Very new to the space and looking to learn more.

Thanks!

Christian

Interesting that these trailers would appeal to over 55's due to being so high off the ground.

The over 55's I've seen tend to be (small) 1 story ground level places with ease of access, low barrier walk in showers, etc...

[Dave Skow]

@Christian Knutson- these properties can  be a  challenge to  find "  regualr "    financing for  ..the  combination of  "  Manuh home "   " rental property " and   " over  55"   will  make  most lenders   avoid  wanting to make loans .....there is a chance that  someone  buying to  live in one  could get a  loan ( but this could prove to be  difficult too)