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Mobile Home Investing
Posted on 11/13/13 at 2:24 pm
Posted on 11/13/13 at 2:24 pm
Has anyone had any experience with this? I have an opportunity to purchase a REO property with 4 sites on it. I was originally interest in the land itself (Borders my property) but I started thinking about possibly renting of the spaces to mobile home owners (Comps say $225-250/month). Definitely wont make me rich, but I thought it would be a good way to bring in some income off a piece of property I wont be using.
Any suggestions or am I just asking for problems?
ETA: I live about 15 miles away from the property if that makes any difference.
Any suggestions or am I just asking for problems?
ETA: I live about 15 miles away from the property if that makes any difference.
This post was edited on 11/13/13 at 2:29 pm
5
Posted on 11/13/13 at 3:00 pm to DontTazeMeBro
A friend of mine's father makes his living off owning a few mobile home parks here in Texas. He does quite well. That's about all I got for you. 
Posted on 11/13/13 at 6:50 pm to AngryBeavers
Sis-in-law owns two trailor parks. Over 100 mobile homes in each and most are government assisted . She makes a killing
Posted on 11/13/13 at 7:02 pm to BowDownToLSU
Check around your area to see what the market is. Also, check there rules on the trailers. If you try to run a half arse park, that could be the biggest mistake you ever did.
Posted on 11/13/13 at 7:37 pm to fishfighter
Nothing beats residual income my man
Posted on 11/13/13 at 7:46 pm to DontTazeMeBro
How much are you paying for said property?
There was a thread on here a while back. I think a poster owns a park or two and he was talking about it.
I personally hate residential real estate investments.
There was a thread on here a while back. I think a poster owns a park or two and he was talking about it.
I personally hate residential real estate investments.
Posted on 11/13/13 at 9:23 pm to DontTazeMeBro
I own a small mobile home park here in shreveport. It has a better return than all of the other properties we own. If you don't have homes on the property already, expect to have to buy some and have them moved in. They don't need to be new or fancy. Our park homes are late 60's and 70's models. You could then sell them to your tenants for 1000 down and whatever a month and make a decent profit carrying the paper on the houses too.
Posted on 11/14/13 at 10:42 am to TigerRealtor
quote:
TigerRealtor
quote:
I own a small mobile home park here in shreveport.
Where is your park located, if you don't mind me asking? Me and a friend buy older mobile homes and do owner financing in the Shreveport area. I always like talking to people that do this kind of thing and pick their brains.
Posted on 11/14/13 at 11:45 am to roguetiger15
quote:
Nothing beats residual income my man
quote:
It's the cash flow stupid
Posted on 11/14/13 at 1:40 pm to thedogman
It's over on greenwood road. I've been thinking about buying some mobile home lots around stone wall and Keithville bringing in homes, financing the homes and renting the land. Made an offer on one earlier this year but we never could work it out.
Posted on 11/14/13 at 2:06 pm to TigerRealtor
quote:
It's over on greenwood road. I've been thinking about buying some mobile home lots around stone wall and Keithville bringing in homes, financing the homes and renting the land. Made an offer on one earlier this year but we never could work it out.
We are looking to buy a park now and do the same thing. How many spots does your park have now? We have looked at parks with 10 - 100 spots. To be clear I am not hinting that I want to buy your park, I'd just be interested in talking with someone who has bought one and things you looked for when buying it. I've read a couple of books on it but would rather hear from someone who has actually been through it in this area.
Posted on 11/14/13 at 2:18 pm to thedogman
It's small. Only 5 spots. There's one for sale in haughton. 17 homes 83k revenue per year. They want 385k for it. If you'll give me your email I'll shoot you all the info I have on it. This one would only work if you kept the houses though.
Posted on 11/14/13 at 2:36 pm to TigerRealtor
thedogmantd@gmail.com
Thanks I'd be happy to look at it
Thanks I'd be happy to look at it
Posted on 11/14/13 at 4:24 pm to TigerRealtor
quote:
TigerRealtor
If you don't mind will you email me the info as well to silstang23@yahoo.com. What agency are you with?
Posted on 11/14/13 at 4:36 pm to silstang23
I'm at Realty Executives. Just sent an email to both of you.
Posted on 11/15/13 at 7:53 am to TigerRealtor
check out lonnie scruggs books. buy you a few trailers and tote the note for the buyers. Once the notes are paid off you will still have lot rent
Posted on 11/15/13 at 8:15 am to bobaftt1212
Yeah deals on wheels is a really good book.
Posted on 11/15/13 at 8:58 am to bobaftt1212
Can you still hold notes without a license? I thought the SAFE act did away with a bunch of that?
Posted on 11/15/13 at 10:01 am to bobaftt1212
quote:
check out lonnie scruggs books. buy you a few trailers and tote the note for the buyers. Once the notes are paid off you will still have lot rent
That's what got me into this
Posted on 11/15/13 at 10:16 am to DontTazeMeBro
I'm not sure what the limits are, but I know you can at least hold them in some situations because sellers are still able to owner finance homes.
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