Good deal for first mobile home purchase???

[Jared Lillard]

I’ve come across two mobile home deals that look very good on paper. The cap rate on both us in the 25-30% range, depending on the final purchase price. They are on private land and currently rented. This deal looks too good to be true. What am I missing? I know virtually nothing about this niche of investing, so I’m depending on my fine BP friends to show me the way.

[Jared Lillard]

@Blair Poelman To be honest, I don't really know.  However, this is a package deal that can be 4-7 units.  

@Rachel H. Thank you for your help.  I have requested those, plus financials.  I have legal representationI know that the rent on some of them is collected weekly.  Good advice on the contractor.  I don't know yet if these homes have had any reno work done.  A couple of them look pretty old....but I could just not buy that listing.  It's a package of multiple properties/listings.

What I really don't know are the risks of mobile homes. What am I on the lookout for that's different than other SFH and site-built homes? Septic tanks? Foundations? Insulation? Materials? What else?