Excited newbie to Mobile Homes

[Jesse Pierce]

Hey, Everyone!

My wife and I have recently saved up enough money to 100% purchase a mobile home. I have been reading about investing, and rental properties for about a year now. I've been waiting for the right moment to come along where we're in a good position to make the move. Today, I saw a unit on realtor.com for the price range we can totally afford. However, I do have concerns and trying to keep my excitement down. After calculating all the variables, the ROI comes out to about 9.7%. Personally, I think that's a solid first buy. The biggest chunk that we're losing is the space rent. Also, we're very concerned about the 55+ rule that the mobile home park has. My wife and I are both 22 so we could not live in it obviously. As long as our tenants are 55 years or older, we should be good, right? What is some advice you all have for this purchase? We already have our long time realtor family member help us out on the buying section, so we're not too worried on that part. Are there any laws and/or regulations regarding renting out mobile home units on a mobile home park? Thanks for the help!

-Jesse

[Paul Moore]

Hi @Jesse Pierce.  Congratulations!  If you want to pursue this strategy, you may want to go to Frank & Dave's Mobile Home University online or in-person. Frank was a guest on the BP Podcast about a year ago.   

Though I don't recommend this strategy, you can also check out deals from a guy named Lonnie Scruggs. https://www.cashflowdepot.com/instructor/lonnie-scruggs/

Good luck!