Rental Pros and Cons for Mobile Homes

[Tyler Geisler]

I am looking to understand the viability of having a mobile home as a rental property. I don't have much exposure to this property type so I am curious:

1) Do people find these the same, easier or hard to rent out? Assuming a decent neighborhood.

2) Do these properties compare to single family homes when it comes to expenses or are they worse or better?

3) Are there any major blind spot items around mobile homes that are often over looked?

Thank you in advance for any advice you may have!

[Nathan Gesner]

Mobile homes can be a great niche but you need to understand the product. I'm in a colder climate so insulation for water pipes under the home is always a concern as they tend to freeze easier. The roof is more prone to leaks than a standard home. The quality of build is usually less than a stick-built home. There are unique features of mobile homes - especially older ones - like aluminum wiring or water heaters designed specifically for a mobile.

One of the most recent podcast guests is a young man that has made a ton of money off mobile homes. As he explains in the video, it can be lucrative but you have got to know the product. 

I bought a mobile for $3,000 cash and spent about $1,000 renovating it. Rented it for two years, made 2x what I paid for it and then sold it for $4,000. So I tripled my money in two years, net. There were a few difficulties along the way and I didn't make enough to buy a new car but it's cheap to get into and could easily be scaled if you're in a large enough market.