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Started By
Message
Investing 100k
Posted on 6/26/16 at 9:20 pm
Posted on 6/26/16 at 9:20 pm
(no message)
This post was edited on 6/20/22 at 12:25 pm
7
Posted on 6/26/16 at 9:30 pm to CRope28
I'm on phone and can't see where you live, but I'm currently interested in boat/rv storage. Maybe consider that?
Posted on 6/26/16 at 10:14 pm to CRope28
(no message)
This post was edited on 1/10/21 at 10:59 pm
Posted on 6/27/16 at 5:51 am to CRope28
quote:
Thinking about buying an acre of land and putting two mobile trailers on it to rent out.
In my mind, I can't see how this could be a good idea... Talk about asking for trouble and headaches from the type of people that will likely be your tenants.
I'd personally think you'd be better buying a townhouse for a rental.
Posted on 6/27/16 at 6:51 am to CRope28
You could put more than 2 on an acre if you go that route. Lots of folks are looking to downsize their housing costs.
Posted on 6/27/16 at 7:28 am to iknowmorethanyou
buy RDS.B today
Posted on 6/27/16 at 8:34 am to Lsut81
quote:
I'd personally think you'd be better buying a townhouse for a rental.
You could also put down $20-25K on four $100K houses and rent them. Money is still cheap enough, there is no reason to spend all of it on depreciating assets (mobile homes).
Posted on 6/27/16 at 10:22 am to stevengtiger
So I'm in the middle of doing something similar. I have 1 mobile home one the property now. I stumbled across an acre of land for 10k and just bought it about a year ago. It's in a developing area and I think the day I closed it was worth 20k.
I went with a mobile home bc I think in 5 years the land will be worth 35k. At that point I can move everything off and build a spec house or duplex.
A few thoughts...make sure zoning requirements allow for more than 1 dwelling. If there is a zoning hearing required do the deal contingent on it getting approved.
Check on sewage requirements. If it's land that allows a mobile homes it might not tie into parish sewage so you'll spend 5k on a mechanical system.
Buy a used mobile home. While it's true mobile homes depreciate if it's a well kept home it seems to bottom out at around 10k. I paid 17k for a very well kept non smoker no pets single owner home.
Plan for a 5 year payoff as much as possible to protect from the depreciation. My numbers show I should be able to do 5. Sounds like it's an all cash deal for you.
I went with a mobile home bc I think in 5 years the land will be worth 35k. At that point I can move everything off and build a spec house or duplex.
A few thoughts...make sure zoning requirements allow for more than 1 dwelling. If there is a zoning hearing required do the deal contingent on it getting approved.
Check on sewage requirements. If it's land that allows a mobile homes it might not tie into parish sewage so you'll spend 5k on a mechanical system.
Buy a used mobile home. While it's true mobile homes depreciate if it's a well kept home it seems to bottom out at around 10k. I paid 17k for a very well kept non smoker no pets single owner home.
Plan for a 5 year payoff as much as possible to protect from the depreciation. My numbers show I should be able to do 5. Sounds like it's an all cash deal for you.
Posted on 6/27/16 at 10:43 am to tigereye58
(no message)
This post was edited on 6/20/22 at 1:46 pm
Posted on 6/27/16 at 10:45 am to tigereye58
^^ This guys knows what's up.
Posted on 6/27/16 at 11:32 am to iknowmorethanyou
I know people that own 30-40 mobile homes. Every type of deal has its risks. I'll say the tenants I have so far with the mobile home have been great. It's been about 4 months. There are bad tenants across the spectrum. I'd say do what "fits" the land best and look at it from a long term and short term perspective. Your investment is really in the long term potential of the land. The rest is more of a how do you create income with it now and then. If I build a duplex for 200k right now on this land I probably wouldn't rent it for any more than I am 2 mobile homes. But if the land develops as I think it will it'll rent for more. Worst case I sell the land for a profit.
Posted on 6/27/16 at 2:19 pm to tigereye58
Solid. I heard about this venture. However, it's the shitty people you have to deal with that would get to me.
Posted on 6/27/16 at 2:23 pm to stevengtiger
quote:
You could also put down $20-25K on four $100K houses and rent them. Money is still cheap enough, there is no reason to spend all of it on depreciating assets (mobile homes).
END THREAD
Posted on 6/27/16 at 5:14 pm to CRope28
That's a great investment
You can't find a better return for your money
I just paid off my third rental, the extra cash is unbelievable.
You can't find a better return for your money
I just paid off my third rental, the extra cash is unbelievable.
Posted on 6/27/16 at 5:37 pm to stevengtiger
quote:
You could also put down $20-25K on four $100K houses and rent them.
This is insane compared to mobile homes.
I paid 32k for a used double wide, 20k for a used single wide. Double wide has rented for 4 years at $1200, single wide wide has rented for 6 years at $800
I paid cash for both so it's easy to figure the return on your money.
Both are still rented and I just added a third rental, will be available this month.
4 years at 1200 = 57,600
6 years at 800 = 57,600
Paid out 52k for trailers, made $115,200
Posted on 6/27/16 at 6:11 pm to BigD13
(no message)
This post was edited on 6/20/22 at 1:43 pm
Posted on 6/27/16 at 7:11 pm to BigD13
quote:
Double wide has rented for 4 years at $1200
Wait... there are people willing to pay $1,200 a month to live in a trailer?
What in the actual hell.
Posted on 6/27/16 at 7:17 pm to BigD13
You sure about the 1200 per month? You were charging someone 12 racks a month to live in a trailer, 
Posted on 6/27/16 at 7:27 pm to Tuscaloosa
quote:
Wait... there are people willing to pay $1,200 a month to live in a trailer?
This.
Posted on 6/27/16 at 7:42 pm to CRope28
Just to post another side of it, my dad had a small park when I was growing up (6 lots or so), where he owned the lot but not the trailers. It made him a little money, but evicting people whose don't have a hundred bucks or so for rent (much less a few grand to actually move the trailer) was a pain in the arse.
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