Believe me or not, I found a mobile home park in need of repair, and I have no idea what I am about to get myself into. In a few days I will be taking a trip to look at 11 older mobile homes. All of them total will cost less than $10,000.00 for all 11. Now I have the cash to buy each and every one, but since they are in a park, each mobile would have a lot rent of $200.00, so I am planning on taking the best one, fix it up and either flip it or rent it out as quick and efficiently as possible.
The park owner owns 116 units in the form of apartment buildings, condos, and this mobile home park. She said she was tired of renting them out only to have the tenants not take care of the home. She also seems to not have the time to make all the repairs to get these homes in order. I also got the impression she is flexible in the sense that she may allow me to start cleaning these trailers out, basically for her with my free time, and without having to buy them and pay lot rents. I not talking repairs, just clean out to see what I’ve got.
Of course I seem to think that it’s possible that I could buy 2 and only pay one lot rent by offering her 2 years lease in advance for the home I would be living in, that’s where the free cleaning comes in. At one point, as if I sold the first trailer or rented it out, the 2 year lease could be transfered to the second mobile, or broken into two different leases. 1 for the renter and one for the second trailer I had purchased. It doesn’t sound like she needs money though, she need the homes sold and the lot rents flowing. I can;t afford 2200 in lot rents every month for very long, definitely not long enough.
I’ve thought about the worst case scenario here, but lets start with the “best” worst scenario. A tornado wipes out the entire park the day I buy a mobile home. My loss, about $1000.00 for a 3/2 double wide. The worst case scenario is that the tornado waits until I have already purchased, repaired and rented out all the mobile home to touch down, or is it that all the tenants leave at the same time leaving me with 11 trailers in need of repair and $2200.00 in monthly lot rents due the next day.
I’m done with my story and now need some advice. I have visited the mobile home doctor, took a peek at the University, and have sifted through pages of dos and donts. I need to know what to look for when buying my 1st mobile home.
Have a great day!
Post Edited (05-10-08 21:33)