All Forum Posts by: Rachel H.

@Debbie Nunez You'd have to do a full market analysis in terms of purchase price and rents in the area. This involves visiting multiple parks and talking with park managers, mobile home dealerships and others who work in the industry locally in your area. 

Regarding the home itself, you'll have to do a walk through of the home to determine what (if any) needs work and/or replacing in the near future. Items to watch out for include: plumbing, roof, flooring and siding outside. Also, if the heating and air conditioning and hot water heater have not been replaced lately these will be costly items in the future to replace. 

Once you determine what needs to be fixed up and/or replaced, then you'll compare with your market analysis to determine a price you're willing to pay for the home depending on your exit strategy. 

Hope that helps. Good luck! 

@Ebony Coats To be honest, building rapport and introducing yourself to mobile home park managers is more of an art than an exact science. There's a lot involved that helps when you're trying to establish relationships. A lot of it has to do with trial and error.

To get practice, you'll have to introduce yourself to park management multiple times. You'll learn what works and what does not work. And honestly, it can be different for each person you meet as people have different types of personalities and ways of doing things. 

Hope that helps. Best of luck to you! 

@Keritan Shelby Good info to know on the "Lessons learned" area. Congrats on the deal, thanks for sharing! 

@Melissa Johnstone You may want to check out both scenarios to see what your options are. One thing to keep in mind if you're buying in a park is the lot rent which usually tends to go up. 

If you own the home and the land, this is not something you have to worry about. Though, everyone's case is different. 

Personally, I've been in the mobile home investing space since 2007. Have seen a lot of ups and downs, but overall it's been a profitable niche. 

Hope that helps! 

@Robert Deets If you have before and after pics you'd like to post once the project is done, that would be great. Interested in seeing the final result. Thanks for sharing! 

@Nicolas Atherton You may want to check with other investors at your local real estate investment club. There may be others locally who specialize in this niche. 

Also, you can try checking with mobile home dealerships and mobile home park owners in your area. Usually, they tend to know others who own land or lots or may own some themselves. 

Hope that helps! 

@Diandre Pierce If you're looking for financing for the mobile home park, you may want to see if owner financing is available. Other avenues of financing are working with private lenders and/or bringing in partners for the deal. 

Hope that helps! 

@Elaine Ericson Wow, sorry to hear! That's a wild story in the mobile home investing niche. Thanks for sharing! 

@Shema Cochrane Most investors I've known in the mobile home investing space who have transitioned from smaller deals to larger deals have worked with partners to offset the risk especially when purchasing mobile home parks. 

You may want to network with other investors locally through your real estate investment club. Find others who are doing what you want to do and learn from them from a local perspective especially in the niche you're planning to pursue. This can help tremendously as it teaches you the ins and outs at a local level.

Hope that helps! 

@Matthew Strack It would depend on your goals and comfort level. If you're intending to invest in a particular niche as a real estate investor, it's best to study that niche including the local supply and demand in your area before taking action. 

You may want to check out your local real estate investment club. Find others who are doing what you want to do in the particular niche you want to invest in. See how things are going for them locally and decide from there. 

Personally, I've been in the mobile home investing niche since 2007. I've stayed within this niche moving forward which has helped me to focus and find deals easier due to my familiarity with the niche as a local investor. 

If mobile home investing is a niche you want to pursue and you have questions, feel free to DM. Hope that helps!