Buying a lot with SFH and adding mobile homes

[John Romero]

Hello MH investors,

I hope this is the correct forum but Im currently searching for a piece of land that does or doesn’t have a single family home on it and I would add mobile homes. I’ve found a listing for a house on piers and on 1.3 acres. The house would need about $10k to finish upgrades that previous owner didnt get to. 

Currently it’s listed for $80k and new metal roof, new a/c and a few other new stuff including a good amount of interior improvements. Outside of the home improvements I would like to add 3 mobile homes to the lot as I have preliminary approval from parish/county. I would need to add another septic to fit the new capacity which will run $9500. I would also need to add utilities and pads for mobile.

With the prices for mobile home being high I would most likely fix up and rent out the house on piers (3/1 currently but part of upgrades would be to finish it into 3/2). After a year or so and if prices come down then I would make my improvements and add mobile homes. If I can get the listing for $70k I think the PITI would be around $700 and I should be able to rent the house for $900 maybe $950.

From my understanding our local municipalities allow up to 3 mobile homes to be added. I’m looking for some experience from people outside of my network, as I’ve talked to a few local contacts. Also if anyone has done this method or just bought a small piece of land and added a few mobile homes to it then please help.