 MH Landlords (by Lynda [TX]) May 21, 2018 7:01 PM
 MH Landlords (by Sisco [MO]) May 21, 2018 7:27 PM
MH Landlords (by DJ [VA]) May 21, 2018 7:43 PM
MH Landlords (by Roy [AL]) May 22, 2018 2:35 AM
MH Landlords (by WMH [NC]) May 22, 2018 4:00 AM
MH Landlords (by gevans [SC]) May 22, 2018 4:07 AM
MH Landlords (by Mickie [OH]) May 22, 2018 4:37 AM
MH Landlords (by Mickie [OH]) May 22, 2018 4:38 AM
MH Landlords (by Roy [AL]) May 22, 2018 4:39 AM
MH Landlords (by Roy [AL]) May 22, 2018 4:44 AM
MH Landlords (by nana&papa [IN]) May 22, 2018 5:55 AM
MH Landlords (by RB [MI]) May 22, 2018 6:09 AM
MH Landlords (by Pat [VA]) May 22, 2018 4:13 PM
MH Landlords (by Lynda [TX]) Posted on: May 21, 2018 7:01 PM
Message:
I've noticed many LLs on this board own and rent out MHs. I have decided to try MHs too. So having almost NO real knowledge of this end of the business, I am trying to find just what type of MH owning/renting do people do. And why that works for you and some other facet of MH renting does not work.
1-do you own the land under the MH? Is it in a park you own or just separate private lots w/MHs on them?
2- did you specifically mean to purchase a MH? Or did you find a good deal when you were looking for stick-built homes?
3-do you buy MHs in someone else's park and just rent them out to tenants and the park gets the lot rent?
4- did anyone buy raw land and pay for the MH infrastructure (septic tank, waterlines, elec hook-ups) them put a MH of your choice on it? I want to hear about all the dif aspects and what you did to get it to work. Thanks!
--108.87.xx.xxx |
MH Landlords (by Sisco [MO]) Posted on: May 21, 2018 7:27 PM
Message:
I have a MHP. I built it 23 years ago. I buy mh’s to fill vacant lots. --72.172.xxx.xx |
MH Landlords (by DJ [VA]) Posted on: May 21, 2018 7:43 PM
Message:
If you have not yet, please read "Deals on wheels" and any other book written by the late, great Lonnie Scruggs, on the subject of MH investing. (He wrote a few) He was a master at profiting from MHs and trained many others. He was local here, and I had the pleasure of meeting & speaking with him and his wife at local investors meeting years ago.
One great thing about MH is the low cost to get started. Another is the ease with which title is transfered. Seriously - READ the book!! --68.10.xxx.xxx |
MH Landlords (by Roy [AL]) Posted on: May 22, 2018 2:35 AM
Message:
In 2010, a MH owner responded to my Handyman Ad. He had a 1975 vintage single wide on a private lot inside a normal residential neighborhood. He wanted $12K for the MH and Lot. We negotiated and eventually we settled at $6K. I still own this place today and it has turned out to be one of my best cash cows. --68.63.xxx.xx |
MH Landlords (by WMH [NC]) Posted on: May 22, 2018 4:00 AM
Message:
We own a few mobile homes and a few modular homes, all on their own land. We'd love to have a park but snob zoning in this area makes it impossible. The few that are out there are older and falling into disrepair because of the strict timing and coordination requirements to replace them.
The mobiles are on foundations and one has a huge addition and a garage with a small studio upstairs. The other has a really nice exterior deck.
Our tenants are everyday people, just wanted a decent place to live. We make the insides as nice as possible - can't do much about the outsides, they are what they are - and they rent for as much as our regular houses. --50.82.xxx.xx |
MH Landlords (by gevans [SC]) Posted on: May 22, 2018 4:07 AM
Message:
We are in a rural area. We have a mix of brick houses and MHs. We own the land under all but one. None are in MHPs, they are all on private lots.
We also have a mix of singles and doubles. The doubles are easier to rent, but the singles bring in more money.
All in all, the MHs are our biggest cash cows, but also the biggest headaches.
Tenants tend to be lower quality, turnover faster, and cause more damage. The MHs break down faster because they are ... MHs.
--98.122.x.xx |
MH Landlords (by Mickie [OH]) Posted on: May 22, 2018 4:37 AM
Message:
Are they easier and/or cheaper to fix up? --174.232.xxx.xxx |
MH Landlords (by Mickie [OH]) Posted on: May 22, 2018 4:38 AM
Message:
I'd love to get my hands on a MH park --174.232.xxx.xxx |
MH Landlords (by Roy [AL]) Posted on: May 22, 2018 4:39 AM
Message:
Gevans,
What is the difference in rent between a single and a double,...all else being equal? Will a double wide rent for twice what a single wide does? It would seem logical. --68.63.xxx.xx |
MH Landlords (by Roy [AL]) Posted on: May 22, 2018 4:44 AM
Message:
Mickie,
The only thing I don't like about MH's is they are not built with standard sized building materials,..you can't shop at Lowes for spare parts. You have to find a MH dealer who stocks new and used parts for MH. That has been my experience with a 1975 single wide. --68.63.xxx.xx |
MH Landlords (by nana&papa [IN]) Posted on: May 22, 2018 5:55 AM
Message:
We own a small mhp. We would rather not rent mh, as the tenant pool is different than your typical renter. Our goal is to have owner occupied units, as most, but not all, owners take pride in their homes. We had had rental property for 30 years before venturing into mh. We instituted rules and leases, something the previous owner was lacking. After we bought the park, we found out that 1 individual owned 10 homes and was renting them out. He, and his tenants, were the least cooperative. He got mad and pulled them all out of the park. So we bought 2 used homes from a dealer and moved them in as rentals. We have since sold one of those to an ownerboccupant. We are partnered with Clayton homes and have brought in 4 new ones, and sold 3. We acquired one from a previous resident in the park and bought it to keep it from leaving the park and updated it. We will rent it for awhile, and eventually sell it. We evicted one gal who owned her own home for being a pain in the tush. Was chronically late on her lot rent, and refused to abide by the park rules. The other homeowners cheered the day she left! Yes, you can evict someone from their own mh in a park in Indiana. It may take some time yet, but we are slowly improving the park. It is located in a small town, and pretty soon it will be the best part of that small town. --104.152.xx.xx |
MH Landlords (by RB [MI]) Posted on: May 22, 2018 6:09 AM
Message:
They come in on wheels
and (eventually) leave in a Dumpster. --47.35.xx.xx |
MH Landlords (by Pat [VA]) Posted on: May 22, 2018 4:13 PM
Message:
Yes, RB, but that can be as long as in my case, 1981, bought used in 1999 for 1,500.00, 1,500 for 3 decks added to it, 5,000. for well & septic on land we already owned.
We're still renting it for 475. a month. Oh I forgot the 1,500 for central A/C
We're getting 650. for one small doublewide. $600.00 for large singlewide. $550.00 for 2 bedroom/2 bath singlewide. I saw one large doublewide advertised here today for $800.00. but I don't ask that much for mine like it, I get 675.00 for it due to the neighborhood, but I have a clean single mom in it, so..... --71.51.xxx.xxx |
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