Buying My First Mobile Home

[Timothy Cummins]

Hello BP!

My name is Tim Cummins and I am looking at purchasing my first mobile home within the next year. I have just recently started looking into it and doing some research. I was told about BP by my brother so I joined and have been reading discussions, listening to some John Fedro podcasts and I have really learned a lot from experienced investors already! I live in a college town where there is an abundance of trailers and trailer parks. I have lived in a trailer for 4 years now and have just started looking into buying one and renting it out. I am looking at buying one right down the road from me (in the same park) and renting it out to 3 or 4 individuals. I am still looking into the total cost (loan payments, lot rent, insurance, maintenance, "what if" cash supply, ect.) and calculating when I would actually be making profit. I did a rough calculation recently and my tenants could potentially cover all monthly payments for a year and then I would be making profit each month after that. 

Like I said, this is my first "potential purchase" and I am still doing my homework and learning the ropes. I am reaching out to BP members and am all ears for any tips, tricks, and advice! Thanks!