Researching Mobile Homes as Rentalss

[Calvin Brubaker]

Hi Everybody,

I am just starting out and have been doing a little bit of research on different real estate options and am very interested in buying a mobile home and renting it out to start, given it is a relatively small investment to learn with and can develop from there. I was wondering if anybody had any recommendation on what to really watch for when trying to determine the right mobile home or things that might be unexpected from a other single family home.

[Rachel H.]

@Calvin Brubaker Yes, it can definitely be profitable to invest in mobile homes like any other asset class in real estate. Though, you really have to study the market and know what areas you want to invest in so that you can recognize opportunities when they come to you. 

Regarding the inspection process, it's just like inspecting a single-family home. Usually, when I'm looking at mobile homes to buy I go in there with a homeowner type of mentality. I look at the home and the surrounding neighborhood as if I were going to live there myself. I take note of any issues with the home along with pictures (since I may forget and visuals help). 

If there are things you notice while inspecting a mobile home, bring them up with the seller. Ask them if they plan to fix up those issues or if you can negotiate them into the price. Most times, sellers do not want to do any fix-up work when they're selling their own homes so you may be able to negotiate the work needed for the home into the deal. 

If you're looking at homes in mobile home parks, then you'll have to establish a relationship with the park manager or owner and get the OK to work in the park. It's important to do this beforehand as it can make or break any potential deals you find in the community. 

These are just a couple of things to think about. I've been in the mobile home investing business for a while. Feel free to send me a DM, should you have any other questions. 

Hope that helps!