Are they called mobile because that’s what they become when hurricanes pass by? I’m in SWFL and as you know we have hurricanes. A lot of these look good but don’t you have to pay rent on the lot most of the times? Who invests in these and why? I think I’ve seen some where the lot was included. How does that work?
You might want to order a book call Deals on Wheels by Lonnie Scruggs. Although he passed away last year, he was a leading expert on mobile home investing and clearly explained how to do that. I’ve written a short e-book on the subject too and offer that free for the asking via email.
Consider that for 50 cents, you can receive a payment clear across the continental united states…so investing in S.W. Florida/hurricane alley, is not necessary. I’ve flipped mobile homes in many states where I do not live…it is simple and lucrative if you know what you are doing.
If you own the land, there are additional perks for renting your dirt, which a customer cannot damage…plus you can get a long term lease that matches the number of months you are financing the home.
If you do not own the land, be certain to get a written contract from the park/land owner that will allow you to keep the home in that park when you buy and re-sell with owner financing to an owner occupant…otherwise, if they are upgrading, once a sale is made, you will be required to move the home which will blow out your budget.
In any event, if you like small deals with yields up and over 100%, consider mobile homes…my e-book shows great alternatives such as cars, trailers, business equipment, and the like along with additional measure of security interests when a title is not enough for the investor.
Hope this helps.
Rob