MH Landlords (by Lynda [TX]) May 24, 2018 2:07 PM|
MH Landlords (by Oregon Woodsmoke [ID]) May 24, 2018 2:54 PM
MH Landlords (by livethedream [AZ]) May 24, 2018 8:04 PM
MH Landlords (by plenty [MO]) May 24, 2018 8:32 PM
MH Landlords (by plenty [MO]) May 24, 2018 8:33 PM
MH Landlords (by WMH [NC]) May 24, 2018 8:35 PM
MH Landlords (by Richard [MI]) May 25, 2018 4:53 AM
MH Landlords (by Beth [WI]) May 25, 2018 11:31 AM
MH Landlords (by Lynda [TX]) May 25, 2018 9:20 PM
MH Landlords (by Lynda [TX]) Posted on: May 24, 2018 2:07 PM
Thanks for all who answered my earlier post--good info but not really what I was looking for.
-DJ yes I have read BOTH Lonnie's books DoW and Making Money w/MHs--about 10 YEARS ago! The problem is not KNOWING what to do, I GET IT.
The problem is there doesn't seem to BE ANY MHs on private land to buy in my area. I am only finding MHs in parks, or areas controlled by HOAs where the owner must obey all their rules and pay monthly fees (not lot rent) but still monthly fees. All you folks seem to be able to find/buy private land w/MHs on it. I thought maybe there was some secret I don't know.
I also thought if I could NOT buy the priv land WITH the MH on it, I might fall back to a secondary choice(?). I inquired about the cost of buying raw land and paying for the infrastructure but looks like that cost is closer to $12000 (not $5000) NOT including the cost of the land or the MH or the cost of transport and setup. (HUH?)
At this point I am looking for options that might work for me. What is the point of buying MHs on someone else's land and putting in tenants. Then I am back to the business of tenant problems and structure maintenance. (I want to own the land--not so much the MH on it.) But this will cost as much as a stick build home. I'm just frustrated. --108.87.xx.xxx
MH Landlords (by Oregon Woodsmoke [ID]) Posted on: May 24, 2018 2:54 PM
I've had several old mobiles on their own land and they have all been outside the city limits. Try looking in areas of small farms. --174.216.xx.xx
MH Landlords (by livethedream [AZ]) Posted on: May 24, 2018 8:04 PM
You may have to look in other areas to do this. Here in Methlandia trailers on lots are the norm. The days of getting one for $10-15,000 are gone, now more like $35 and up. But you don't want to deal with the tenant pool here. Even I don't.
In my younger days I had what I STILL think is a great plan. In Florida I was going to buy like 5 acres (all I could afford then). I was going to get it zoned and approved for high density trailers - "manufactured homes..." I was going to run a bulldozer in a big "U" down the middle and gravel a road in place. Then either put in a sewer plant or pipe to city lines. Add in electric conduit in the ground, some gravel pads, build a bunch of picnic tables, sheds and awnings. And "wallah" instant trailer park.
But, instead of trying to develop like 80 spaces at once I was going to start with like 5. Back then - mid 80's - there were free trailers all over the south. I was going to buy an old semi and hire a driver to haul the carcasses back to the park. There we'd recondition them on the lots and then SELL the trailers, but not the land.
I still think this can be done in the right area. Get free or very cheap trailers, rehab (about $5-8K) sell them on the lots for $20,000 - collect lot rent. When they default on the trailer or lot rent, repo the trailer, recondition and resell.
With my health no so good now I won't be doing that, but a younger person could make their fortune I think.
The guys who ran an outfit called mobile home university did well in TX with MH parks. Not sure if they are still around or if the RE bust did them in. --47.216.xx.xxx
MH Landlords (by plenty [MO]) Posted on: May 24, 2018 8:32 PM
Fyi. They are called Trail*ors when you buy them... Mobile Homes when you rent or sell them. --99.203.xx.xxx
MH Landlords (by plenty [MO]) Posted on: May 24, 2018 8:33 PM
Re reading your message... Maybe not work in your area. If price same stick built is always preferred. --99.203.xx.xxx
MH Landlords (by WMH [NC]) Posted on: May 24, 2018 8:35 PM
It's a case of NIMBY, Lynda. No one wants to live next door to a trailer so they are relegated to the outskirts of the worst parts of town, and also way out in the country.
Florida still boasts some nice trailer parks, but they are cash cows and probably $$$$$$$$$$$.
The mobile homes we have purchased have not been listed as mobile homes in the title only descriptions, so you have to look for pictures. --67.43.xxx.xxx
MH Landlords (by Richard [MI]) Posted on: May 25, 2018 4:53 AM
You will need to go to an area where there are lots of these. I agree, finding deals is much harder than a few years ago. Also, quality of tenants is way down. --66.188.xx.xxx
MH Landlords (by Beth [WI]) Posted on: May 25, 2018 11:31 AM
I havenít looked at the possibility of mobile homes in my area for quite a while. Just for fun, I looked at craigslist. Found one, and only one used one for sale. Size was 660 sq feet. Lot rent was $570/month. Just plain ridiculous. In my county, mobile homes are only allowed in existing mobile home parks. Cannot buy a lot or some land and put a mobile home there. --24.177.xxx.xx
MH Landlords (by Lynda [TX]) Posted on: May 25, 2018 9:20 PM
Yes, LTD, that's basically what I wanted to do. But you have to find them in order to buy them. I guess I'll have to look at the areas outside town--on the way to another towns--sometimes the in between areas have less oversight. But that shoots my rule of buying within 30 minutes of your home. OK, so I will now look farther field before I give upon this. Cross your fingers,everyone.
Oh,I just remembered to ask, nanna/poppa and others who have parks: Park owners must maintain the roads, septics, lawns, etc, right? And pay the water bill? And pay the property tax, and keep liability insurance too right? So how do you make any money with all those payouts? --108.87.xx.xxx