Mobile Homes in Florida is Like 'Eye Candy'

Mobile Home Park Investing
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Mobile Homes in Florida is Like 'Eye Candy'

Sheena Prattis
Homeowner · Saint Petersburg, FL · Member since 2013 · 41 posts · 4 votes

There are mobile homes everywhere for sale, particularly in the Tampa Bay area. HOWEVER, there's no strategy to buying and selling for a decent profit, or at least I haven't figured it out.  The biggest issue is the park owners are operating like a monopoly; lot rents are through the roof as many are charging as much as $500+ per month. So, for example, if a tenant is financing the mobile home and paying lot rent, their monthly cost could be anywhere from $700 or more.  With those type of costs, most people would probably prefer a condo or even an apartment (especially in Florida). In addition to that, Florida law states if an individual buys and sells more than one mobile home, they must be licensed. There must be a way to invest in these homes- has anyone heard of or know of anything new? I don't think the Lonnie Scruggs way work anymore.

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Raymond B.
FL · Member since 2009 · 2k+ posts · 357 votes
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@Rachel Townsend,

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  • Rachel Townsend
    Littleton, CO · Member since 2014 · 17 posts · 8 votes
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    We have some of our rentals in parks that charge around $600 a month in lot rent. It can still work as long as the area can support a nice, higher rent. In our area we can get rents in the $1400 range for a 3 bd 2 ba home. Remember, there are people who prefer mobile home living for a variety of reasons. 

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
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    Do you guys ever run into issue with the Park owners not allowing individual owners to sub let the properties.. I know when I owned a few parks we would not allow owners to rent to others they had to be owner occ .. or resold to an owner occ.. did not want to create a huge rental scene in our park and all that comes with the rental issues.

    Although as @Rachel Townsend 

     mentioned if your at 1400 for rent your self policing your self.. My parks were not that nice.

    when I bought one park the space rent was 250 within 24 months I had it up to market at 450 then sold for a tidy profit... that's the kind of deals I like to do   :)

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  • Joseph Ball
    Residential Real Estate Agent · Groveland, FL · Member since 2012 · 504 posts · 395 votes
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    Sheena, I think you are correct. I know of no way, with prevailing Florida lot rents and mobile home rents. Colorado seems to be different from Florida. I don't think I have ever seen $1,400 mobile home rent.

    I often have people offer to give me, or sell me for almost nothing, mobile homes in parks. I always decline.

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  • Rachel Townsend
    Littleton, CO · Member since 2014 · 17 posts · 8 votes
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    @Jay Hinrichs there are some parks here that allow investors and some that don't. More are allowing it now than several years ago, in our experience. 

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  • Sheena Prattis
    OP
    Homeowner · Saint Petersburg, FL · Member since 2013 · 41 posts · 4 votes
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    Yes, I know of several park owners who do not want individuals to rent, they're required to own which places the investor in the position to buy the mobile home and finance it.  I thought about this situation over and over again, trying to find a way to make it work but it just doesn't, especially here in Florida... I think some of the big developers are coming in and buying out the park owners, tearing down the park, and building condos and such so mobile homes may become a thing of the past within the next 10 - 15 years.

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  • Raymond B.
    FL · Member since 2009 · 2k+ posts · 357 votes
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    @Rachel Townsend,

    To Make the @ work do the following:

    Hold down the shift key and type the following: @?

    Look below this Window, and you will see a list of list of names of people who have posted in this thread.

    Click on the name of the person that you want notified via an email that you responded to them.

    If you are a Colleague with anyone that has not posted in this thread, and you want them to see your post, hold down the shift key, and type the @ and the first 4 letters of the first or last name.

    Look below this Window, and click on your Colleague's name.

    They will be notified via an email about your post in this thread.

    Raymond

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  • Hawley G.
    Saint Petersburg, FL · Member since 2014 · 41 posts · 47 votes
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    I never would have expected to see "eye candy" and "mobile homes" in the same sentence. 

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  • Rachel H.
    San Antonio, TX · Member since 2009 · 3k+ posts · 1k+ votes
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    @Sheena Prattis If you're just starting out and low on cash, it may be a good idea to look for someone who is doing what you want to do and help them find deals. Finding a mentor in your area who can give you guidance can be a priceless experience. 

    Best of luck! 

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  • Sheena Prattis
    OP
    Homeowner · Saint Petersburg, FL · Member since 2013 · 41 posts · 4 votes
    11y

    Yes, thanks...not really interested in partnering when it comes to mobile home investing.  I was just curious to know if there were any new techniques to invest in them. 

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