Mobile homes investment

[Nancy Mascorro]

What do you guys think about investing in mobile homes as start?

I am a rookie investor based in Los Angeles

Let me know your thoughts / experiences.

Thanks in advance.

[Geordy Rostad]

@Nancy Mascorro

I like mobile homes. I've dealt with them quite a bit. I think they can be a great investment if you know what you're doing.

I have a good friend and client who became financially independent solely off of mobile home investments. What he would do is find a crappy mobile home in a decent park, then he would buy it just for the space, then rip it out and replace it with a late model repo. Something about 5 years old that he could pick up for $5k-$25k. He might put $25k-$35k into it and then he would resell it in the park for $80k-$150k depending on what the market could support. He often sold them on contracts to juice the profits even more.

Personally I have done several projects where I purchase a crappy mobile on owned land in a manufactured home community. Then I dispose of the old non-financiable home and install a brand new home. Then I would sell that for a profit. Stupid me though, I never realized how easy it would have been to rent them out and BRRRR them instead.

Mobile homes are a thing that can BRRRR in an otherwise expensive market if you can find your local niche lenders for getting investor loans on them.

If you are dealing with parks, you HAVE to talk to the park owners first. You want to them to know you are serious about improving their park.

Happy hunting!