All Forum Posts by: Rachel H.

@Levy Lanie If the home is pre-1976 and needs a lot of work, it sounds like replacing the home with a newer, used mobile home may be the way to go. 

Regarding moving a mobile home on the land, you'll have to check with your local zoning office to see what restrictions there are on the land (if any) when it comes to removing the older home and replacing it with a newer one. 

Based on the location legal description, the zoning department should be able to tell you what you can and cannot do when it comes to removing the existing home and placing a newer mobile home on the land. 

If you have any other questions about mobile homes, feel free to DM. Personally, I've been in this niche for quite some time (since 2007). Hope that helps! 

@Zachary Bannon Great to hear of your interest in mobile homes Zachary! 

As in any area of real estate investing, investing in mobile homes is definitely a niche. If you're just starting out, learning your market and doing your own due diligence in the areas where you want to invest in helps which will set you apart from the competition. 

Personally, I've been investing in mobile homes since 2007. Like any business, it's had its ups and downs. Overall, it's been quite profitable. 

I started as a buy and hold mobile home investor. Now, I have transitioned into wholesaling mobile homes. Been great so far!

If you have any questions, feel free to send me a DM. Hope that helps! 

@Scott Melde You may want to check with local mobile home dealerships and real estate agents who specialize in this niche. They may have a few referrals for you. 

Also, you can try talking to your local manufactured housing association. 

In the past, I've found these resources to be good avenues for information and referrals. 

Hope that helps! 

@Matt McCurdy If the majority of residents in the community prefer to rent, it may have more to say about the community than anything else. Most times, it's the community that attracts a certain type of clientele (not the other way around). 

Personally, I've tried to sell on contract in lower-end type communities which attracted a less than desirable type of clientele. Unfortunately, no one met my standards. So, I eventually sold for cash to an investor who moved the home I was selling out of the park and onto their piece of land. 

If you're not in a position to rent, you may want to just sell for cash and get out completely. The other option is to rent but to hire someone to manage your rentals. Though, you may end up managing that person (or company) which I've also done in the past. 

Hope that helps! 

@Joe Mills If you're just looking at the mobile homes individually (as personal property not attached to land), a good place to start is the tax assessment for the homes. 

From there, you can do more due diligence by talking with surrounding mobile home dealerships and park managers or owners to get an idea of the market values of these homes which depends on factors such as size, age, location, fix-up work, etc. In the past, I've found these resources to be good information for market insight when it comes to doing due diligence. 

Also, you can take a look at what's on the market now in the surrounding area to see if there are any other comparable mobile homes for sale. You may be able to find a few listing agents (if listed) who may be willing to talk with you to help with your market research. 

Hope that helps! 

@David Yandel Regarding your question, it would depend on your immediate goals. Are you looking to cash flow now or wait it out (with less cash flow) using a loan or owner financing? 

Personally, I've seen it done both ways. Though usually, it depends on the investor and their individual goals. If you decide to get a loan or use owner financing, it's best to make sure you've got all the numbers figured out so there's room to make back the payments on the spread. 

Also, you'll have to figure in costs for fix up (if any) and vacancy costs until you get the unit rented out. 

Hope that helps! 

@Nate Raynor You may want to check the zoning on that piece of land before doing further research. There may or may not be restrictions on the land when it comes to placing mobile homes (either new or used) on top of the land. Hope that helps! 

@Patrick Goswitz Check to see what the acceptable air conditioning options are in the area. Get a sense for what buyers are looking for. 

In my experience, homes with window units only require a specific buyer versus having an HVAC which most buyers tend to prefer. This will help sell the home faster, if it's the norm. 

It's possible the home may sell without a traditional HVAC. Though, it may take longer to find a buyer willing to buy it. 

Hope that helps! 

@David Bridgman You may want to check with local mobile home dealerships and other mobile home park managers and/or owners in the area. Usually, they come across or work with other investors when these types of leads come up as well. 

Hope that helps! 

@Jo Lynn Sounds like you'd be selling via owner financing as @Account Closed mentioned. You'd probably have to figure out how much of a down payment you'd like to receive upfront, how many years you'd like to spread out the loan, interest rate and payment amount. 

If you're concerned about the tax implications, definitely talk to an accountant well versed in real estate to go over your options. Also, have an attorney and/or work with a title company to help you draft up the paperwork and close the deal. 

Hope that helps!