All Forum Posts by: Liz Lynn

Like all things, becoming a licensed Agent has its pros and cons. I've been investing in real estate for 30 years. I've never been licensed. Not anti-Realtor by any means. I just was never a good employee and needed to do my own thing. That said, everything I read and Realtor friends I speak with confirm that sales are far and few between in residential housing at the moment. Sales have plunged to 1995 levels according to one stat sheet I saw. Combined with the changing regulations following the NAR settlement, many real estate agents are leaving the industry.

Please use an attorney to write these documents - this is the equivalent of going to see a dentist in the van down by the river - it's great until something goes wrong and then you could be completely screwed 

Hi Liz!

That’s an exciting idea! Buying a mobile home to place on your land can be a great way to generate rental income, but like any investment, it comes with pros, cons, and key considerations.

On the pro side, mobile homes are typically more affordable than traditional single-family homes, meaning lower upfront costs. Since you already own the land, you’re saving on a significant expense that often makes mobile home rentals so attractive. They also tend to offer good cash flow relative to their cost, especially in areas with high demand for affordable housing. Plus, if the property is in a desirable location, you may have little trouble finding tenants.

However, there are potential cons to be mindful of. Mobile homes can depreciate in value over time (unlike land, which generally appreciates), so you’ll want to weigh the long-term returns. Maintenance can also be a factor—while newer homes may require minimal upkeep, older units might need more frequent repairs, particularly for things like plumbing or HVAC systems.

Some things to pay close attention to:

1. Zoning and Permits: Check local zoning laws and permit requirements to ensure you’re allowed to place a mobile home on your land and rent it out. Some areas have restrictions on mobile homes or rentals.
2. Utilities: Ensure the land is equipped with essential utilities like water, sewer, and electricity. If these need to be added or upgraded, that could add significant costs.
3. Tenant Demand: Research rental demand in your area. Are there tenants looking for mobile homes to rent, and what are the going rates? This will help you determine if it’s financially viable.
4. Insurance: Look into insurance for both the mobile home and your land. Mobile homes can sometimes be more expensive to insure, so it’s good to shop around for quotes.
5. Resale Value: If you ever decide to sell the mobile home, understand that its value might not increase over time. The land, however, may appreciate, which can offset this.

If you’re in an area where affordable housing is in high demand, mobile home rentals can be an excellent option, especially since you already have the land. Just be sure to account for the upfront costs, ongoing maintenance, and market demand to make sure the numbers work for you.

Good luck with your decision, and feel free to share updates as you move forward!

Hi @Liz Lynn! Are you still looking for some pros/cons for putting a mobile home on your property? I recently joined BP and just saw your post.