My name is Dwight. I am interested in the idea of “mobile home investing”. However, since I don’t have any money…I want to try and do the following.1. Purchase a mobile home2. Do my best to make it family friendly3. Rent it out.4. I want to do this in a local mobile community parkHow can I do this? I can read all day long on these websites, no money down etc…do this…do that…I need real advice! Can you help?
We generally do not advise owning just the home. Could you partner with someone or save up a bit more to own a small park, or a land/home property (one mobile home on 1/4 acre or so). There is too much maintenance required to make it a profitable business, unless you have a very friendly arrangement with the landlord (e.g. you are charged lower lot rent than other regular residents and probably also get a break from having to pay rent when your home is vacant).That said, the definitive book on the subject of owning mobile homes is Lonnie Scruggs’ ‘Deals on Wheels’ and it is available on Amazon.We do offer investor-friendly arrangements for folks like you that want to own mobile homes. I do not know where you are located, but if you are in KS, OK, WY, or IN, feel free to reach out to me.Good luck,-Jefferson-
Renting a mobile home is not a good idea. The tenant pool is the worst of the worst. They will beat the hell out of the home and likely leave owing money. Lot rent, taxes, insurance and repairs eat up the majority of the income not leaving enough to make it worth your time and effort. Deals on wheels concentrates on buying and selling homes not renting homes.
Dwight, gain some skills and save money–presently it needs to be only a dream.
Dwight,Mobile home parks require some degree of capital to get going in them. However, given your plan, you might want to look into billboards, in which you can get started with small amounts of cash (like $3,000 or so). I was a billboard owner before I was a mobile home park owner, and billboards are about the lowest entry fee type of real estate there is.
Dwight, it sounds like a good idea for starters, I actually went to the local park and wanted to buy (5) homes, but what I found out is, most parks will only allow owner occupied homes.And like previously stated, not much of a margin.