What Mobile Homes Should I Look For??
I have an interest in buying mobile homes and either selling them or renting them out. I would like to know what some of you experienced guys and gals look for in a mobile home ( such as age, make, size, etc. ) that
A.) is either already placed or would be placed in a mobile home park to be rented out .
B.) that would be purchased to be placed on a permanent foundation on a piece of land that would either be rented or more than likely sold.
Thank you for your time !!!! <IMG SRC="images/forum/smilies/icon_rolleyes.gif"> [ Edited by MikeWood on Date 02/10/2004 ]
Please identify the market that you desire to participate (city, state, etc)... also, the MH deals with land are the best investments; they attract higher rental payments.
There is a lot of money to be made in tin cans. Like Mike said, you need to identify your niche. That said, i don't neccessarily agree that MH's attached to land make a better investment. True They bring in higher rents, but the acquisition costs are higher because of the land value. Long term they are great, short term older MH's in Parks give you a better cash on cash. There is a great book out by Lonnie Scruggs, called Deals on Wheels which should become the backbone of your strategy. Get it, it is a great revelation in diametric opposition with conventional thinking.
Good luck,
Shawn(OH)
Thanks for the replies. To identify the area that I am looking at is in central VA. I have been interested in renting MHs that are situated in parks as they are easy and cheaper to setup. I am also interested in MHs on land to sell as they sound simpler and quicker to setup.