Manufactured / Mobile Homes

[Jonathan Feliciano]

Good afternoon. I've been saving money and looking to do something by June of this year. By that time I will have 20k saved up. I live in Southern California and property here is insanely high so I've been looking elsewhere. I had a great trip to Kansas City, MO last year and saw nice homes for 100-120k with average rents from 850-1300. Met an awesome guy who manages properties there and assists with remodels, and they have an amazing team. However as books and some experts say it's usually better to get property near where you live.

So, I have been looking now at Palmdale, Lancaster and Fresno. Can someone please help me understand about the manufactured / mobile listings. In Fresno I found several brand new manufactured / mobile homes priced from 60k-90k near other homes for 130-160k. Are these homes poor for investing? Do they have hidden fees not listed? Do I own the land and property or are these homes placed on land that I have to lease? Do these kind of properties rent? I'm sorry for the novice questions but that is what I am. 

Thanks for any assistance and thoughts, I greatly appreciate it.

[Bill Ayers]

In August I moved to Kansas from the SF bay area for the exact reasons you mention that make it difficult to invest there. Currently, I invest in Mobile Homes in Kansas and I have too many good to great deals that I cannot even keep up/finance them all. So now I am only taking the best ones. I typically invest $6k or less per home. I then sell them on payments of about $300/mo for 60 months with $1k to $4k down depending on the market, condition of the home etc.