Mobile homes as rentals?

[Eric F.]

Hi Everyone,

I am buying a mobile home this Saturday and have a couple of potential buyers lined up to do a Lonnie deal. Finally, my first success!

The park owner I met with said another man is trying to sell his home in the park as well. It is a 3/2, 10 years old, and apparently very nice and in good condition. I have not seen it yet.

He lives in another state and has it rented for 800 a month. The lot rent is $350 (including sewer and trash). He said the tenant will sign a new lease if he sells it. He is asking 12k, but I am hoping to get it for 9 or 10k.

What type of expense reserves should I factor in? The renters are a couple with no children. He said they were only late on the rent one time in two years and he thinks they will be happy to live there a while longer.

I feel like this should be a good deal however I cannot find much information on people holding mobile homes. As soon as these tenants left unless I found other quality ones I would sell it, holding the note.

Thanks

Eric