Anyone have insight into mobile homes?

Question

Hello Bigger Poceketers,

I've started to look at some mobile homes that are on land as opposed to a rented pad. The numbers seem to work out on these homes, and they are much more assessable to me as a newbie, but I'm wondering if repairs and insurance are significantly higher. Does the shorter lifespan of a mobile home cancel out the cheaper acquisition cost? Do they even have a shorter lifespan or am I pulling that out of thin air? If anyone has experience they can share I would very much appreciate it. Thank you.

Account Closed · Answer

I own 6 mobile homes.  They make great rentals!  There are a few things I would watch out for though.  Personally, I don't really want to own anything older then 1990.  In my area, older houses just aren't built well.  You can end up spending a ton of money trying to extend there lifespan.  Newer Mobiles(modulars) in my area are build almost identical to regular houses.  They will have a similar lifespan, potentially longer if they are placed on steel piles.  I also wouldn't buy one where you don't own the land.  I know how they are built, which makes repairs really easy.  Location is still important.  If you can't find tenants it will be difficult.

Good luck!

Brendan S. · Answer

Thanks for the insight, Eliott. I'm still in my knowledge sponge phase so I'm soaking it all in.

Brendan S. · Answer

Thanks, Teagan. I've read on the forums that the early model mobile homes are to be avoided so it's good hear that confirmed. Thank you.

Eliott Elias · Answer

Stay away from mobile homes unless you are cash flowing tremendously or flipping. This is not the path to wealth and is a very short term approach to real estate. I would rather own the land and have mobile homes rent from me.