All Forum Posts by: James Vutchins

I believe that location is a huge factor in whether a mobile home can be a good investment. I currently own 2 double wide mobile homes and wish i could buy 100 more. I paid 26k for one that was a 2006 model on a decent piece of property and a 2004 model for 29k. Total investment was around 30k for each and they rent for $750/month. 

   In Panama City Fl, where i invest, finding a house that will rent for $750 on the mls will cost around $75k-100k and a mobile home could be half of that, so if cash flow is your main focus a mobile home can be a great investment.

    One of the main issues with purchasing mobile homes in financing, very few banks will loan on a mobile home and you have to jump through hoops for the few that will. I circumvented this by just paying cash for my two. Also insurance can be rather expensive depending on location, here hurricanes are a threat so the insurance on a mobile home is more expensive than most SFRs.

  So dont be afraid of a mobile home because they can be a great investment.

Hello BP community. First of all thank you for taking the time to help out a fellow investor in need. This might possibly be my first multifamily purchase; I have multiple sfrs but I am not yet comfortable running the numbers on multifamily.

Now to the deal, the property is listed for $190,000, it is 8 2b/1 units with separate water and power for each. Each rents currently for $500-525. It is 1 block for Famu and 1.5 miles from Florida state University so mainly college students. I believe around 30k in repairs will get it up to par and allow me to get $550 per unit. There is also coin operated laundry.

If my math is even close I believe I should be able to cash flow over 1k per month but I'm not positive. Once again any help or advice is VERY greatly appreciated.