Mobile home rehabbing

[Chad K.]

Over the past few years I've been wholesaling residential homes an will continue to do so, however I sold my first mobile home this year an would like to get more involved in mobile homes. I want to do some buy and holds for mobile homes an wanted to know is the rehab for residential the same as mobile homes? Because there are a few mobile home parks I would rehab the old mobile homes they have as rentals for me.

[Curt Smith]

I hold some 20 double wides on their own land.  I'd never buy a MH in a park.  Buy the park instead.  Read past threads going back a few weeks to months re buyng homes in parks, the challenges and problems.

But single or doublewides on their own land are good deals if all in is kept under $35k. Here in GA I was buying off auction.com or zillow from REO for $15k to $25k tops for a double wide on 1 acre or more newer than 1996 in good shape. I've never bought one with buckled up floors, which is common when the roof goes and it's ignored. I only buy good shape homes and still only pay $20k ish with 1acre or more.

Watch out though, buying off auction.com or REO you rarely get a good home title. You will have to hire an Attorney to go through your state/counties steps to get the home title then I recommend you retire the home title to land.

lots more, like I don';t rent my doublewides.  I do rent to own, seller will finance.  I market for "aspirational" tenants wanting to move up, bounce back, improve them selves.  Having a bank account with move in plus the option fee is a simple (but not the only) indicator of tenant success.  We rent for $800 to over $900 with only $35k cash in, makes for unbeatable cap rate.  

Renting vs rent to own will be a TOTALLY different business with dramatically higher expenses an capex.