All Forum Posts by: Rachel H.

@Grady Gilman If the mobile home has not been lived in for a while, it may need more work than it's worth costing more time and money. This could delay your plans moving forward. 

Unless you and your friend are handy yourselves, it's best to talk to contractors who specialize in mobile homes (in their respective areas of expertise) to find out exactly how much it's going to cost to fix up the home. Figure in all the numbers and do all of your research before doing anything. 

Personally, I see value in the land since the infrastructure is already in place. You may want to look into other options such as putting mobile homes on the land in better shape or figuring out how much the land is worth for resell purposes. Think about your options and exit strategy before you move forward with any plans. 

I've known other investors to remove older mobile homes on land and replace with newer, used ones in better condition. So it can work depending on the numbers and the market. Though, this will take time and money. It's good to weigh out all of your options and decide on an exit strategy including what you and your friend want to get out of the deal. 

If you have any other questions, feel free to DM. Hope that helps! 

@Zachary Palmer Great way to find a deal! Congrats on getting the mobile home fixed up and sold. 

Thanks for sharing! 

@Carter Buckingham Definitely check with the park manager and/or owner to see if this can be done there, if you decide to go this route if purchasing mobile homes in a community. 

Some parks allow rentals while others only allow homeowner occupied units. 

Hope that helps! 

@Carter Buckingham If you're planning to purchase a mobile home in the community where the land is rented, you'd have to check first with the park manager and/or owner to see if you can move forward with your plan. 

In my experience, there are some parks that allow investors to do business in their parks and others that only allow homeowners to live in the homes in their communities. It will depend on the owner and park management what you can and cannot do.

Regarding renting to section 8, it can be done. Though, you'll have to be aware of the rules and restrictions regarding the program. Before venturing into this area, it's best to talk with other investors who have been through the program before with their rentals. 

If you're just starting out, you may want to try renting to the general population in the area before diving into a specific niche with more rules and regulations like section 8 which may cause more time and delay. 

Personally, I've been in the mobile home investing space since 2007 without going the section 8 route. It has its pros and cons. If you have any other questions, feel free to DM. 

Hope that helps! 

@Liz Lynn Yes, I agree with @Henry Clark. Those trailers seem pretty old and may not help with the valuation for the property. 

The value is in the land especially since there are already utilities set up. If you can find anything comparable that has sold in the area as well as if there's anything similar on the market, that may be a good start. 

Regarding the trailers, you can try to find out what the going rates are for those types of rentals in the area. You can always check with park managers and owners in surrounding mobile home parks as well as mobile home dealerships. In the past, these sources have been pretty reliable when I'm looking to get a second opinion for market insight and analysis as well as a source of referrals. 

Hope that helps! 

@Logan M. Great advice and stories, thanks for sharing! 

@Andrew Borner Regarding your question, no I would not buy expensive investor toolkits from gurus if you're just starting to learn about land investing. It's probably best to start by reading up on some books on the subject as well as networking with others here who have done these types of deals already. 

If you're interested, feel free to DM and I can send you some recommended resources. 

Hope that helps! 

@Karina Rojo There are a couple of routes you can go depending on what your goals are. 

If you're planning to buy and hold, you may want to bring in a partner or private lender in on the deal. Though, if the home needs a lot of work and you don't have the rehabbing experience - it may cost a lot of time and money. 

Another option is to look into selling the mobile home (or giving it away depending on how much work is needed) and looking for another used mobile home in better condition to move on the land. This will save you time when it comes to fixing up the home. Though, it will require you to spend money on the move and the hook ups (i.e. electrical, water, gas, etc). 

If the deal seems like there's just too much work involved, you could also end up wholesaling the deal to another investor. Either you sell the land and the mobile home to someone else. Or, you just sell the mobile home and keep the land. Both of these scenarios would avoid fixing up the mobile home all together. 

If you have any other questions, feel free to DM. Hope that helps! 

@Kalin Edwards You may want to check with your local real estate investment club. There may be some people there able to help with the funding or know others for referral sources. 

Another options is to seek out private lenders and/or partners. In many cases, investors I've seen who have funded deals are those who know the niche especially when it comes to manufactured homes. 

Hope that helps! 

@Rehaan Khan Welcome to BP, great to hear your interest in mobile homes! 

Personally, I've been in the mobile home investing niche since 2007. As in any other area of real estate, it's had ups and downs. Overall, it's been pretty profitable. 

I started out buying and holding mobile homes for cash flow when I first started out. Now, I've been wholesaling mobile homes for cash. It's been a fun journey so far!

If you have any mobile home investing related questions, feel free to DM. Hope that helps!