any mobile home landlords out there????

[Adam Drummond]

Hey Everybody,

Up to this point my real estate investing has been mostly buying, rehabbing, and selling for profit.  I have kicked around the idea of buying individual mobile homes on their own land and using them as rentals.  I am not interested in a trailer park, but individual homes.  In my area you can get a bank owned double wide 2000 or newer on 3/4 acre lot in decent area for 25k pretty often.  I figured with some improvements and appliances that I would have on avg 30-32k invested, and the 3-4 br models rent out for 650-850 depending on size, etc.  Taxes and insurance are cheap too.  I do realize that the mobile home loses value, but the rental income it would be able to pay for itself in 4-5 years.  Any thoughts on this?  I don't want headache tenants (no landlord would), and I was hoping that if I bought a nicer unit in a decent area, that I could find better tenants, and ofcourse charge a higher rent.  Thanks in advance for your input. 

Adam

[Joshua D.]

I do own a 89 3/2 double wide on its own land. It has been the BEST rental we have to date.  Wa also own duplex from the 40s and a duplex from the 30s.  And matnence and repairs have been much simpler and cheaper in the mobile... If I had newer duplexes it might be a different story. 

We paid 6,000 for the mobile, moved it onto our vacant lot next to the duplex and paid to have all utilities hooked up. Total investment was $17,800. Just had a CMA done on it it it came out at $62,500. It rents for $775 a month.

Will this mobile lose value over the years?  Sure, but it has a long way to go before I lose money... In fact I with rental income I won't lose money. I will have all my money back that in invested in 14 more months.     Don't let people discourage you just because it's a "mobile home".  These CAN be good investments... Not always