Due Diligence on Mobile Homes

[Katie Courtney]

Newbie here who has watched webinar after webinar on analyzing properties. I'm ready to get my feet wet. I've been watching this particular property online for a few months now, it's owned by HUD and the inspection says it possibly needs a new well, new flooring, etc. basic stuff I analyzed it at $10,000 in repairs and after other expenses, it cash flows 300-400 a month depending on different variables I have thought of. Also CoC 11-12%. This is base hit according to beardy Brandon. I won't why nobody has jumped on this yet in my area.

It’s a double wide. I want to go look at it. I’ve never looked at any properties before with my agent.

What should I look for in particular?

What are the negatives about owning mobile homes as single family rentals?

My long term goal is to rent for a couple years and then owner finance to a responsible tenant once I have paid down the mortgage. What are y’alls thoughts?

I’m interested in opinions on this topic. Investing in mobile homes NOT in a trailer park.

[Rachel H.]

@Katie Courtney Usually I inspect homes as if I were going to live in them. Not sure how old the home is but you definitely want to check the roof, plumbing, central heat and air conditioning (which sometimes can be a deal breaker), and any siding that needs to be repaired on the outside. Also, you'll need to get estimates on the cost of a new well if it needs one. Best of luck!