All Forum Posts by: Rachel H.

@Mary Ainsworth Good question! When I buy homes in parks, it's just the home. Usually, the park owns the land/lot where the home sits on. 

Regarding moving mobile homes, I've done it several times in the past. Usually, it's because it's on a piece of land and needs to be moved. Or, it may be in parks I usually don't do business in and move them to other parks I do business in that give me incentives (i.e. pay for moving costs, hookups, free lot rent, etc). 

Feel free to let me know if you have any other questions. Hope that helps!

@Mary Ainsworth Learning the market when it comes to mobile homes is similar to single-family homes. You just want to be as close to the subject property as possible when running comps. 

In the mobile home investing space, I've found the best source of information for market insight are the park manager and/or owners (if you're buying in a park) and mobile home dealerships (if buying out on land) as well as real estate agents who specialize in the niche. 

Personally, I've been in the mobile home space since 2007. It's been quite a rollercoaster with its ups and downs. I started out buying and holding homes for cash flow. Now I've added to wholesaling mobile homes as a revenue stream. 

Like any other niche in real estate, it has its ups and downs. Overall, it's been quite profitable. 

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

@Jamie S. You may want to branch out and start looking for private lenders to help fund your deals. 

Check out your local real estate investment club which is a good place to start. Many times, there could be members there who are looking for deals to fund or know others who fund deals. 

You may also want to see what other local sources investors are using to fund their own deals. This may help you to expand your options when it comes to funding.  

Being local to the area where you're buying is important and can help you find local funding sources such as private lenders and/or future partners. 

Hope that helps! 

@Paul Ross I agree with @Adrian Smude. It's best to scope out your options and talk to multiple sources. 

Check with your local real estate investment club. See what local funding sources other investors are using to fund their deals. This may be a good start. 

Also, you may want to see if there are any private lenders in the group looking for funding options. If not, there may be people there who may know others who are looking for deals to fund. 

Hope that helps! 

@Jennifer Long Brenner It would depend on the private lender and what terms they're looking for. It's best to ask first and then work from there. 

Those investors I've known to work with private lenders ask for a figure in mind and try to work with the lender on making it a win/win situation. 

I knew an investor who did this for multiple mobile home deals (as personal property not tied to land) and worked with one private lender. I believe it was at a ten percent interest rate. This investor made sure to pay the private lender every month until the loan was paid off which led to multiple deals. 

Best of luck with your deal. Hope that helps! 

@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!