Mobile Home Rental Property

[Patricia Taveras]

Investment Info:

Mobile home other investment.

Purchase price: $10,000
Cash invested: $13,000

Rental Property

What made you interested in investing in this type of deal?

I needed a cheap place to live at the time.

How did you find this deal and how did you negotiate it?

I bought it from my landlord at the time and moved it to a lot for $100/month. I lived in it for a fews years, then later bought a HUD foreclosure to move into and rented out the mobile home.

How did you finance this deal?

Personal loan

How did you add value to the deal?

Moved it to a lot. Before renting it out, painted and changed the flooring.

What was the outcome?

I still own it and rent it out.

Lessons learned? Challenges?

I learned how to finance a mobile home and what is involved in moving one. I also learned about screening tenants and leasing when I decided to rent it out.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Not at that time.