Buy and Hold Mobile Home Investors: Are you out there, and are you successful?

[Mike Gennaro]

Hey BP community,

Are there any satisfied buy and hold mobile home investors out there? Why does this niche seem so uninhabited? 

With $50K cash, we recently purchased and rehabbed 6 mobile homes, five of which are in a park, and 1 is on land. After bringing in a thick skinned property manager, we've got all of the fully rehabbed units rented and are loving the cash flow. Two are still being rehabbed. My lot rent averages $220/month, and the rents are $700.  

Compared to my other investments, (single family, SFR section 8), I do sacrifice long term appreciation with mobile homes, and banks won't even think of financing them. Other than that, if you can feel comfortable in this space, it's pretty lucrative.

Since I've heard so many negative points of view on buy and hold mobile home investing, I would love to meet and hear other opinions to the contrary. Is there anybody out there?

Best,

Mike Gennaro                                                                                                                        

Honest Leasing LLC.

225-931-3111

@Ron Garic , @Damon Armstrong 

[Paul Ewing]

I have two doublewides and an old singlewide all on land that are very good buy and hold properties.  The doublewides rent for $950 and $850 to blue collar type people.  The singlewide rents for $650 to a young guy that is a truck driver with a side business gunsmithing.  My parents have three doublewides on land and my aunt another one.  The key is buying them right.  We have from $35k to 45k in any of the properties.  The big issue with them is as mentioned above you are doing all cash deals since it is pretty much impossible to get financing on a mobile home for investment purposes.  They are great for cash flow, but sow to expand with.  This is one reason I am looking at adding a few standard stick built homes that I can get financed.  I am not sure I want to do al the hassles of getting licensed as a mobile home dealer and worry about the DF and SAFE Act regs to do flips and Lonnie deals.