Buying Vacant Lots To Rent To Mobile Home Owners. Good Or Bad Idea?
I live in a state where there are a lot of mobile home owners, and lot rents seem to be pretty expensive, especially in parks, and scarce, since the need seems to be greater than spaces available. There are a lot of vacant lots in areas around where I'm located that already have utility setups, and some with driveways, and/or parking available in areas that are zoned for mobile homes. I was wondering if anyone had any experience with this type of investing. What I am thinking of doing is making sure the lot is in a decent area, and cleaning it up well, and then renting it out on a monthly basis, so that I can retain the residual income from it. I would charge the renter around $150 per month for rent, and bascially not have much overhead expense involved, other than yearly taxes, and no maintainance to have to bother with. What do some of my more learned collegues here think of this idea ? I am shooting for buying at least 50 of these over the next 5 years. At the end of that time, I would be collecting $7,500 per month in rents, or even more with eventual rent increases.
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