North Texas Landlords (and others)

[James H.]

Can you tell me what your experience has been like when investing in a mobile home on land?

Common sense tells me that the structure itself is a little less durable. What about the quality and sophistication of the tenants. I have a low income rental in the city which requires me to pick the rent up at the door as these people deal in cash. If I had a property some 40 to 60 miles out, I would rather collect rent via internet or snail mail.

How about the option to owner finance? I've read up on Lonnie deals, but since there is that impending lot rent, I don't think its for me. Plus it looks like most parks do their own Lonnie deals in house from what very limited market research I've conducted.

I would think that if you offer owner finance, you could really get a great return on a 20-30k investment. Those of you who have offered owner finance on mobiles with land; what kind of default rate would you expect.

If renting a 3/2 on 1/2 to 1 acre, what would your target rent be? If owner financing, what woud your target down payment and monthy payment be (principal and interest only).

What are any other things to consider?