OfflineJust like a car the older a mobile home the more problems it will have.
I would suggest purchasing mobile homes that are newer that 1980. In 1980 HUD came out with their updated mobile home requirements which means the homes are built better. Most parks and financing companies will not deal with homes that are older than 1980 also.
The older homes had inadequate wiring only 2x2 studs in the wall which were spread wider than today’s mobiles, aluminum wiring and other less than adequate constructions.
You can buy double wide to single wide and may find them from 14' to 70' long. And just like homes some builders build them better. Kelly blue book rates the builders and have books that you can use to value a home. This book can be very valuable when purchasing.
After you have looked at this information you will look for amenities just like a SFR. Some mobiles have deck, fences, pools and the likes.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
I had a 1976 mobile home and it's still in pretty good condition, never a problem with the wiring. I only know because I talk to the owner every now and then. So I guess it's the exception?
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
I am going to look at a mobile home next week in northern California. It is listed in the MLS. It is selling for $4900. But it is only a 1 bed & 1 bath. I've been to the park and I loved the setting. It was beautiful with hills around one side and a lake on the other side. Kind of, in a valley. Far away from the rest of civilization. It's the type of place a UFO might visit at night. I was almost in awe looking at the scenery.
Some things I found out about mobile homes:
>47% of mobile homes end up in eight states, North Carolina, Texas, Florida, Kentucky, Alabama, Tennessee, South Carolina, and Georgia.
>There are approximately 720 mobile home manufacturers in the U.S.
>Those 720 manufactuerers use over 6,100 different trade names.
>To research a mobile home, look up the manufacturer's name, the size of the home (width and length), and the year of manufacture. This information is located on the title or on the data plate located inside the home.
What to avoid if you are trying to buy a mobile home and quickly flip it:
>Double wide (multi-sectional) homes are not recommended because they will not appeal to the greatest number of people. And they are generally out of our price range, and if you need to move it, the cost can be pretty expensive.
>An "adults only" park or a "seniors only" park will limit your marketplace.
>Parks that do not allow pets are not recommended.
>Parks that allow investors are not always as well run as parks that do not allow them.
>Parks that do not allow children or limit the number of children can limit your marketplace. Apparently there are even parks that may have limits on vehicles.
Anyway this is just a portion of information about mobile homes. If you are seriously looking into investing in mobile homes I recommend researching as much as possible before you invest.
I would suggest consulting with nstreet (Nathan) with regard to mobile homes (if he is available) or using another knowledgeable person or source for information.
One additional word about mobile homes, confine your efforts to buying mobile homes in parks that have as few restrictions as possible.
Good luck.
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Michael B
Thank you for sharing those interesting statistics about mobile homes. (I am surprised to hear that some parks can "limit" the number of children)
The setting of the mobile home you'll be looking at sounds like it's worth the cost of the home just for the beauty of it.
Do you know what the cost is per month to rent a space in that park? Just curious.
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
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Good luck with your mobile home venture. They're little cash boxes if you know what you're doing of course.
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
Rina,
The rent is (in my opinion) a ridiculous $545.00 a month. In less than a year I will have paid more in space rent then the price of the entire home. Especially if I offered $2500 and they took it. ($2500 is a good thing)
$545.00 a month is enough for me to say, "thanks, but no thanks". I am looking at several properties this week, that is just one of the properties I am looking at. I doubt very much if I am going to buy it. I'd have to have a very good 'exit strategy' to consider buying this property.
I love the park, I hate the rent.
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Michael B
You wouldn't pay the lot rent your tenant/buyer would. You could finance it and make a monthly cash flow til its sold. Just a suggestion.
Like I said, mobile homes are little cash boxes... LOL!
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
Elena, do you have experience with mobile homes?
I appreciate your suggestions. (As usual)
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Michael B
Yes, as a matter of fact I do. You could make a nice return on your investment with mobile homes. Since they're so cheap to buy, so don't be so quick to walk away, there's money to be made!
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
Awesome!
I wish I had your knowledge.
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Michael
Don't worry you will with experience... I'm happy to help anyway I can if you need it.
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
I want to say THANK-YOU TO ALL WHO SHARE. I learned a whole lot just reading your post on mobile homes. This is all new to me, but I LOVE KNOWLEDGE.
working on making something happen.
God Bless
Raquel