All Forum Posts by: Jeff Sechrest

Is it a rental or flip?

Next is the requirement by the city to have an "improved hard parking surface". The only thing the inspector will pass is concrete. Again a specific size is required. Add another $1,500 to the total. Install a mailbox - $70. Add another $300 for the city permits and inspections. Oh yea all the work had to be done by a licensed contractor. 

Now you're ready to add all the moving damage, repair and reno costs. 

The last one of ours was minimal.  All we had to do was vacuum and wipe down the counters.

All totalled up that's in the neighborhood of $8,200 in addition to the purchaseprice.

 Boom- $625 per month.

Some info to help with the decision.

I'll throw out some numbers but they're specific to South Mississippi. 

Depending on the distance the mobile home will have to be moved. In my area I can expect to pay $2,000 to $3,000 simply to have it moved, set on site, skirting installed and strapped down. Another $300 or so is needed for dirtwork prior to delivery. Then plumbing can be $500 or more depending on the site. Next some kind of deck out the front and back doors. In the city two of our MH's are located,require a specific sized deck and steps. So there's another $600 or so apiece. Don't forget electrical hook up. This can be considerable.  The last one we had done cost us $1,000. Next is the air conditioning.  It'll have to be serviced and charged. You'll have to look aroundbutmyguydoes it for $300 as long as the elecelectrician has done everything so he can just tie into the quick disconnect.

Do you have anything mind or are you open to any kind of real estate?

Sure mobile homes depreciate over time but if you're purchasing them at a great price... Say $2,000 to $6,000 range and you own the property they're on. Rent of $600 a month isn't bad. Or say you get in one for the same money and turn around and sell it for $20,000 or more and simply get a "down payment" of $3,000ish and take payments of $600 a month with $250 of that being lot rent. Once they own the mobile home you still get the $250 every month. Sounds good to me. Anyone getting those returns legally???

Russell and Paul,

Thanks fellas, we really enjoy the BP podcasts and have read BP's Ultimate Beginners Guide and many others. My wife and I are both avid readers and are trying to read everything suggested on the podcasts and anything else we hear about. We'll definitely be getting in touch with the local association and individuals because we do have plenty of questions.

Good morning gentlemen, 

Thank You for the welcome. Right now we're looking closer to Mobile. We actually spent several weeks evaluating and visiting a Mobile home park in Jacksonville,  AL. The final decision to pull out of the deal was simply the distance and not wanting to deal with managing or managing the management company with no systems in place. We'll be there soon though.

Hello Biggerpockets, 

Newbie investors here seeking all the knowledge and "QQUUIIICCKK TIPS" you can throw at us. 

Presently my wife and I are looking for our next SFR and an investment savvy realtor.