All Forum Posts by: Rich Ferradino

Is the note on just the home or land as well?

What is the land currently zoned for? If it is not zoned for multifamily you should consider the costs with re-zoning. I would recommend doing some more market research before investing into building single/multifamily units. If it were me I would a cheaper route and subdivide the land and sell 2-5 acre lots. If you want to buy and hold, sell the lots owner financed with a low down payment. See what restrictions are on the land before doing so.

You should be able to get layouts and specs and even a video of the home from the manufacturer or dealer selling you the home. It doesn't look like this is a custom ordered home so it shouldn't be difficult to do so. You could also search for the make and model of the home online and see what comes up.

Honestly, you need to put in either time or money for real estate. Since you don't have the money put in the time. In this case, MHPs are super hot and there's more MHP buyers out there than good deals on the market. Create a database of the MHPs or other commercial types of properties in the area you want to invest in, and send letters or talk to owners and see if they want to sell. If you get a sweet deal, something that is undervalued or under performing with minimal work; you'll have investors lining up to partner with you. I know if someone showed me a 50 pad park and the lot rents we $100 under market rates, and there were some vacant spaces but was a decently good looking park with paved roads and city utilities in a metro area I would jump on that thing to partner if you showed me that deal. @William Noel would probably do it too. You could also just wholesale that park to an investor and get paid immediately.

@Mike Reynolds Do they have a website or have pictures?

@Mike Reynolds You can actually buy new MHs as duplexs. I believe there is a community of duplex MHs in Waco, TX.

I'd try to get it on your own land for more desirability. I don't think I'd want to vacation to a MHP. A private 1/2 acre lot with privacy and ability to bbq, camp fire, etc is more appealing.

Hi Sam,

I'm actually in the process of doing this. There is a lake north of San Antonio, Texas called Canyon Lake and I'm putting a used mobile home on a vacant lot. I am gutting the inside and putting SFH materials to make it look and feel like a home. I'm taking a chance on this but I think it will fair pretty well as this is a common summer get-a-way destination, and mobile and RVs are common to the area.

To answer to your question of "why everyone isn't doing this?" I'd ask how many people like or even invest in mobile homes? Not that many compared to SFH investors.

Hi Roland, 

All of my MHPs I've purchased have been Owner Financed. The seller's weren't at first open to the idea but I was able to negotiate and convince them into the idea. When you buy a commercial deal or MHP you work the cost of repairs/maintenance that you found during due diligence back into your numbers, or ask for lower down payment to pay for the costs. If you do a through due diligence inspection nothing outrageous should come up that you didn't plan for. The only thing I've found which could trip you up is private infrastructure, increased county taxes, and water leaks.    

Welcome! I'm an investor in the San Antonio market focusing on  mobile homes and mobile home parks. If you're interested I could partner with you on current and future mobile home, mobile home park, and land deals. Feel free to PM me.