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Updated about 8 years ago on . Most recent reply
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Mobile home - what questions to ask
Need your help BP community. I was looking through Craigslist and came across this mobile home that is located in a MHP near my house. Ideally I wanted my first investment to be a SFH or duplex, but since I am familiar with this park (have a family member living here) and it doesn't require much money to purchase I figured I should look into this possibly being my first investment. I plan on contacting the seller (it's a rural area so I'm sure I know someone who knows the lister), but with this being my first time I'm not really sure what to ask. I want to make sure I get enough info to where I can properly analyze this deal.
1. Im assuming I should ask what the taxes are on the property, what the rents are of other homes in the park (can verify through ppl I know/relatives that live there), but what else should I ask in regards to expenses?
2. Since I have to provide appliances is there a certain brand you personally use for your mobile home projects? I'm assuming I don't want to buy the top of the line equipment so that the place won't be too fancy?
3. In regards to being "fancy" if I do opt to make this home nicer than the other units will that allow me to raise rents or should I just provide the bare bones minimum for the home?
4. There's a good chance a renter will be on section 8, if so does this change anything for how I rent to them? I've been browsing the section 8 forums to gain more insight on catering to this group.
5. Can the repairs be done by general people who have knowledge of repair work (my father and brother are mechanics in the military, electrical and HVAC trained, respectively) or should I opt for contactors who specialize in mobile homes?
All feedback is welcomed, thanks in advance! Listing is pictured.
Most Popular Reply
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Seeing as how I have friends and family on Section 8 I cannot agree with the mold that you're encompassing this group in Sid Leibowitz But I do agree that this will potentially be a bad investment, especially since I'd have to put a lot of rehab money into it and had not planned on treating it as a mobile home flip. Thank you for your input.