Should You Invest in a Mobile Home as a Rental Property?

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Should You Invest in a Mobile Home as a Rental Property?

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Coach Carson

Күн бұрын

Пікірлер: 113

@Nubibabe 4 жыл бұрын

Thank you, Coach. Appreciated the information. I gained a great deal of insight. I call them Mobile Homes and also Manufactured Homes. Keep them coming.

@CoachChadCarson 4 жыл бұрын

Thanks for watching and for subscribing, Jasmine! Great to have you on the team!

@grouphomeu 4 жыл бұрын

Thank you for the information. I am doing my research now on purchasing mobile homes.

@CoachChadCarson 4 жыл бұрын

Glad it was helpful! Good luck with your mobile home purchase.

@dannytaylor2865 4 жыл бұрын

All of mine are simply ATM machines

@CoachChadCarson 4 жыл бұрын

Ha, ha. That's a good way to look at it!

@trihuynh5840 3 ай бұрын

We mostly rented out single family house. Now we want to invest in our land. It’s different and a lot of work..Hopefully it works out for us

@trihuynh5840 3 ай бұрын

I just started my manufacturing home rental on my land. I just had my electric meter installed. We contracted with a guy to put in a water well, septic system and repair for the land

@peninaromero8787 3 жыл бұрын

I talked to a real estate agent and said i would like to buy it to rent it out to people. She said the people of the land wouldn't allow that unless it was the owner living in it. My dad said she was just trying to upsell

@CoachChadCarson 3 жыл бұрын

the agent might be talking about the rules of the mobile home park. It's true that sometimes they don't allow you to rent out your mobile home. But I would double check and talk to whoever manages the park to be sure. If they won't let you, then you may have to move on to another park.

@Erratic63 Жыл бұрын

Very informative, Coach. Thanks for the video!

@CoachChadCarson Жыл бұрын

Thanks for watching!

@SteveAubrey1762 Жыл бұрын

Id like your opinion. I have 3 acres in Florida. The way its zoned , I can put no more than 2 houses on a property. So I thought Id create 3 LLCs, " break the land up" by giving each LLC an acre, then put 2 mobile homes on each acre. Then rent the houses out. Does this sound reasonable?

@larrybates5857 3 жыл бұрын

Hi Chad, I have a desire to help the homeless with travel trailers. I have the money to invest in several trailers but am working through the problems of where to park them and the water, electric, and sewage hook up. My main desire is to help the responsible, hard working people that are living in there car. They are just one step away from being out on the street. Any ideas on how to make this happen? It would only be a temporary solution. 9 months in one of these trailers rent free to save $ and get back into an apartment. Am I crazy for wanting to do this?

@CoachChadCarson 3 жыл бұрын

Larry, I love your creative thinking and your desire to help people. And you're thinking like an entrepreneur trying to figure out a sustainable, cost-effective way to deliver housing and solve this real problem. I don't think you're crazy at all. Part of the trick will be finding the product (travel trailers, land, etc), part will be getting funding (donations, grants, loans, etc), and part will be operating the trailers (maintenance, services for tenants, etc). There may be some government programs or non-profit groups that already do this and are looking for the housing. If you could partner with them it may short-cut some steps. Let me know how it goes!

@joyj2851 3 жыл бұрын

Omg this is something I want to go as well!💕💕

@Zest4life890 Жыл бұрын

Here in Arizona where snowbirds flock, there’s a minimum of 400 square ft of a park models can only be, there’s a lot of old park models that are not under code, there’s internal problems with them, and they have to be removed from the lot

@MrKCDME 3 жыл бұрын

Looking at a "double wide" as a fixer upper with the intentions of possibly flipping, but likely renting. In my area, a residence having 4 beds is rare, and this opportunity allows to obtain a 4 bed, 2 bath home at a very low price because it needs significant work. This being said, the town it is located in is becoming popular and has low taxes compared to the surrounding towns (greater profit margins). Fingers crossed!

@CoachChadCarson 3 жыл бұрын

That sounds like a property with promise! Good luck. I hope it works out for you.

@ljreynolds7877 2 жыл бұрын

You described my town!

@jodykurt9935 11 ай бұрын

Putting up a 3 bed, 2 bath 1024 sq ft new Fleetwood on my rear quarter acre as an adu in Southern California,, semi rural area but only 25 minutes from downtown san diego, the manufactured home costs 118K, all done will cost about 200K (super expensive here, especially permits & septic changes) . Loan will be 1700.00 per month. Rent will be 3,500.00 per month! So yes, excellent investment in the right place, stick build would of been no less than 400K & would take probably 2 years to do, this project is only 6 months....

@kdkdkd4153 Жыл бұрын

Could you do a show on condo- hotel Investment in resort area, Coach? Blessings

@admirialh 3 жыл бұрын

I'm from Charleston SC. Great stuff. Been thinking bout buying land and putting mobile homes on it.

@kdkdkd4153 Жыл бұрын

Land rentals are high in NJ and tough to sell.

@carynneheck7070 Жыл бұрын

Great video

@commercialand 11 ай бұрын

My wife owns 25% of a decent size mobil home park with about 45 homes. We are looking to to buy a few mobil homes and renovate and put them in the park that my brother in law who owns the 75%. He said we could put 3 of them in the park to work on and not have to pay for the monthly lot space while fixing them up. The park is mostly full of renters and it needs work on roads and about 7 mobil homes that I have already been renovating to rent. Since the park is not in the best shape or best neighborhood, I'm being encouraged to rent them instead of selling them due to less undesirable area. I prefer to sell and not have to deal with maintenance issues that will inevitably arise. My brother in laws plan is to make it a senior park one day, but I'm guessing this is 10 years down the road and I'm 55. Really dont want to be caught up with tenants renting. what are your thoughts?

@coleblack6126 Жыл бұрын

I'm thinking of investing in mobile homes, but I am thinking about doing it on multiple pieces of land. I don't see myself being able to do an actual trailer park. I'm about to buy my first three lots for pretty cheap, and my idea is to put cheap but nicer older trailers on the lot and rent them for 500. What do you think of this idea?

@nancyquevedo2940 6 ай бұрын

Is it a good idea to buy a double wide and add it to our back yard in our primary house in CA

@nickocean7587 2 жыл бұрын

I've seen a few of your videos and just now realized you're in the clemson area lol. I'm in Pendleton and am about to start my real estate journey that I've been planning for the last few years.

@CoachChadCarson 2 жыл бұрын

Nice Nick! Pendleton is a great place to start. Best of luck and let me know how things go.

@buddyscott3490 2 жыл бұрын

Would love to see an update on this

@jackpinnell3204 3 жыл бұрын

Just found your channel and subscribed. Excited to hear that you are kinda local to my area of the south. My wife and I are retired and I have a ton of questions for you! We've been giving serious consideration to buying rental property, which is how I found you on KZfaq. I have "layers" of questions as there are a few different directions we can go investing in real estate in our area (southeast NC). Another factor is my brother has been in the rental market for quite awhile and his health is declining. Should I think about buying some of his rental properties? Thanks for all the great content in your videos.

@CoachChadCarson 3 жыл бұрын

Thanks for following along, Jack. I do my best to answer the limited questions I can here in KZfaq comments. I also do a more involved course called Real Estate Deal School where we have 10 weeks of active course, office hours, and the ability to repeat the course 2x / year. It won't open until September, but you can see details here: coachcarson.com/reds

@williamday7132 Жыл бұрын

The question was "Should I invest in a mobile home as a rental property" The answer was "Buying a mobile home park can be profitable." Your cut to the other video was also a cut to a different question.

@wyckede356 4 жыл бұрын

Great video. Im in a small investment group and we are thinking about getting into mobile homes for our first investment. My question is that when you buy a small mobile home park like the one you mentioned with 3 units are you responsible for all the maintenance similar to that of a landlord in addition to paying the lot rent? Or does the seller provide a Property Manager to handle that. Thank you in advance!

@CoachChadCarson 4 жыл бұрын

In our case, if we just own the lot we are responsible for lawn maintenance and any issues with sewer and water hookups (which is not common). And the owner of the mobile home is responsible for the maintenance on or inside the home. But we also own 2 of the homes as well, so we are responsible for maintenance on those.

@rubyroman941 Жыл бұрын

Show the numbers I live in south Texas and I’m renting mine for $1,110 monthly and if something is messed up than we got it first month no issues we should profit $7,000 yearly and we rent the lot. It’s a car basically with a upside

@robertvilain1920 4 жыл бұрын

There’s definitely a market for these in California because of how expensive houses are. I’m Going to buy my first mobile home soon and start mapping out my plan to own a few as rental properties. Do you think it’s realistic?

@CoachChadCarson 4 жыл бұрын

Sure. As long as the numbers work and the location is decent, mobile homes in California or anywhere else can be good choice. Best of luck and thanks for watching!

@chitofloriano 4 жыл бұрын

Same

@Muffy703 Жыл бұрын

the mobile homes around me have huge land leases fees. i thought that was typical, but you didn't mention it so now i'm wondering

@missl849 Жыл бұрын

It’s pretty standard

@weekendhomeprojects 2 жыл бұрын

Looking into the same in Tennessee my Hennessee

@thyslop1737 4 жыл бұрын

Got an oppotunity to buy a mobile home park with 60 hookups. 50 are occupied. Sits on 33 acres. Asking 495k.

@CoachChadCarson 4 жыл бұрын

Sounds like a big deal! Good luck

@HelenMichellecupcake 5 жыл бұрын

Do you have any forms that you could share?...like a selling on payments contract ? Would be interested in seeing what these contacts consist of. I know it varies by state. But that would be interesting. Mobile homes in a park.....thx in advance

@dpurplepalm 4 жыл бұрын

I'm new at this but all the forms I need is in the book (you can get the ebook on Amazon Kindle) MOBILE HOME WEALTH by Zalman Velvel. Trust me, you won't get many answers from people doing it because they want you to buy their help through an online course, trng, etc.

@moabman6803 2 жыл бұрын

I found a single wide on a nice piece of property about an hour from a popular tourist destination. I was thinking of buying it, fixing it up a little, and then using it for air bnb. Or should I just rent it out normal? They are asking 77k for it all. The home is from the 80s but nice.

@user-vm1om8zu9o 7 ай бұрын

Hi I just came across your video and im glad I did, I was looking if you can give me some advise. Im 24 years of age living in Cali, there’s Mobil homes 1000-1500sqft going for 100-150k. Would you recommend buying one at cash and renting it out? How much can one even rent them out for ( ik it varies since CA is expensive state ) also usually after how many years of tenants renting does the owner see profit, if anyone can help I’d appreciate it thank you

@decaturmoore 3 жыл бұрын

Hey coach! Got a quick question for you: I’m a senior in high school and plan to work on getting my real estate license immediately after graduation. But I still want to go to get my 4 year degree, so I’m trying to figure out what major would be most beneficial to do more in real estate and possibly later in the future start a small business. Curious on your thoughts on that. Thanks 😊

@CoachChadCarson 3 жыл бұрын

I studied Biology and German. Lol. So, not exactly practical. Honestly, anything during college you can do to learn how to think well and communicate well helps you in the long-run. That can come from a lot of majors. But if you're interested in business/finance, you could major in something related to that. I'm personally biased towards a broad education, so I'd say also take something impractical that's fascinating. You never know how that will serve you, but it'll also be fun!

@ljreynolds7877 2 жыл бұрын

Finance

@jacobreed9379 4 жыл бұрын

I'm from Texas, and I currently own a 1998 single wide mobile home. The house wasn't in bad condition when I bought it, but I have been working on remodeling the interior. I'm almost 100% complete with the interior. It's currently in a nice mobile home park that's kept up very well, but I'm interested in getting a nice sized yard that I can live on for a while. I cant decide whether I want to keep the mobile home at its current location and rent it out, or move the home to some land and live in it myself. Any input?

@CoachChadCarson 4 жыл бұрын

Thanks for sharing Jacob. Eventually i like idea of owning some land. You could either move this trailer or just rent this one out and buy another for your land. Maybe you could start looking for land deals now. I am not sure about Texas, but when people are delinquent on property taxes here in South Carolina it presents an opportunity to buy at a tax auction or just buy directly from the owner. You could look for small pieces of land on that delinquent tax list and reach out to owners of some that you like

@AaronEstebanSEO 4 жыл бұрын

Hi Chad, maybe you can coach me a little on this idea & maybe you can tell me if it seems to be realistic. So I was thinking about buying a vacant half acre to 1 acre lot, but already have the electricity, well, & septic utilities in place for around $15K . Then I'd go get a used single wide for another $6-$8K and have it transported for another $4-$5K over to the lot with utilities already in place. So maybe about $25k-$30k invested total in this rural mobile home property (located somewhere out in the country, but not too far out of course). My fiance and I would live in it for a couple years while saving up to buy real property's and then move out to begin renting out this mobile home for around $550-$600 a month. Does it sound realistic to you to only need investing $25k-$30k to make this possible? I await your reply. Thank you!

@CoachChadCarson 4 жыл бұрын

Hey Aaron, i do think it is possible and it is a very good idea! The trick will be talking to local mobile lots and other places where you can find good deals on used mobile homes. And then also don't buy too old so that you don't have to many repairs and deferred maintenance. An alternative to renting is selling the property for cash or with owner financing. Maybe $60,000 with $10,000 down and 500/mo for 15 years. Could be a good deal for eveyone. Good luck!

@cathlee4456 3 жыл бұрын

hi, Does this mean it's better for me to buy one not on a leased land where I have to pay space rent as well? per month ? I am interested in financing and also same time as an investment to rent it out. Thank you

@CoachChadCarson 3 жыл бұрын

Hi Cath. I would always prefer to have an investment on land I own - not on a rented lot. You just lose some control because the lot owner can change the rules, ask you to leave, etc. But that doesn't mean there aren't some parks where you could make some money leasing a lot and buying your home. I'm just not as familiar with it. Good luck!

@ritathomas75 2 жыл бұрын

Do you have an attorney you recommend in south carolina to draw up the contracts in rent to own/ owner finance?

@bkfromtherockies 5 жыл бұрын

Is the return on investment for buying a newer mobile home worth the initial purchase of the new home? I own my land, but I'm wondering if investing in developing the land (adding power, water, sewer, etc.) better used with a newer house than an older house. Your thoughts? Thanks in advance. BK

@Ap32023 4 жыл бұрын

I was just in your shoes. I went with a newer house. I didn't want to deal with mold problems or any problems that come with a used/old manufactured home. Going the new route, I figured I would avoid having alot of maintenance/repair issues in the beginning.

@CoachChadCarson 4 жыл бұрын

It's a good question. And it may be a tough call without comparing numbers side by side. I buy houses and mobile homes kind of like I do cars - i like them used but not too old. So, on a 5-10 year old mobile home you may get a good deal. The numbers on a 30 year old may be VERY low but probably a lot of extra repairs and hassles too.

@weekendhomeprojects 2 жыл бұрын

Why not buy $40k land and $15k trailer to pull in $1,100 month rent? Seems way better than SFHs, right?

@CoachChadCarson 2 жыл бұрын

Those numbers are excellent. If you can make that happen In a good location, go for it!

@bullhead520 8 ай бұрын

Hi coach, I recently was left a mobile home, and I am wanting to rent it out, and was wondering, do I need to have a licensed inspector check it over first, and make repairs before renting it out? Are there legalities I must follow before renting it. It's in Mississippi. Thanks for any advice you can give me.

@CoachChadCarson 8 ай бұрын

Thanks for reaching out! I doubt you're required to inspect it, but if you don't have a lot of experience, it might be a good idea. Instead of inspector, I might get an experienced repair contractor to inspect it AND give me an estimate to fix anything he finds. And even better, go out there with the contractor so you can learn and take notes. The reason to do all of this is have a nice home without major problems for your tenant. There may be cosmetic issues if it's an old mobile home, but you just want to make sure the plumbing and electrical work, no rotted floor issues, no leaks, etc. Good luck!

@daniellatiscareno8528 Жыл бұрын

Hiiiii, how can I determine the rental value of a mobile home I might want to buy.

@CoachChadCarson Жыл бұрын

Hi Daniella. I use Zillow or Rentometer to find comparable properties for rent. Here's the link: www.zillow.com/rental-manager/price-my-rental/

@user-jr4bl6ji8h 4 ай бұрын

Hello 👋 i have about 55k ive saved up and am seeing if thats enough to invest into a mobile home to rent out to family. In your personal experience is that enough?

@CoachChadCarson 4 ай бұрын

It depends on the location. In some areas, it could be enough for a used mobile home.

@Nubibabe 4 жыл бұрын

You gained a Subscriber.

@CoachChadCarson 4 жыл бұрын

😀

@vce.john1734 3 жыл бұрын

Since I live in California there a lot of mobile homes for sale I’m not sure if I would rent few out when I start to be an real estate investor

@CoachChadCarson 3 жыл бұрын

Affordable housing is so hard to find these days. So, mobile homes can be a great niche in California and other places with high cost of living. The key is finding a good location and prices that make sense as an investment. Good luck!

@RunnersUniteCoaching 4 жыл бұрын

Will the bank give you a loan for a mobile home ?

@CoachChadCarson 4 жыл бұрын

Some newer mobiles that meet guidelines set by the lender (like how they are secured to the ground) can get bank financing. But i would not count on it as an investor. Instead, cash, private loans, or seller financing are more common.

@calpark6183 3 жыл бұрын

@@CoachChadCarson hello I work for a bank who lends money on sw or dw manufactured homes that comes with land as real estate. We finance thrubfhs with little as 3.5% as down payment and conventional thru fannie and freddie with 5 % down. Home must be built after 1976.

@traciyancey6704 2 жыл бұрын

@@calpark6183 - do you mind sharing the bank name?

@reyrodriguez1768 3 жыл бұрын

Don't forget to advise people to buy land 1st them buy mobile home. Don't get stuck in mobile home park

@CoachChadCarson 3 жыл бұрын

Yeah, I'd much rather own the land + home or maybe just the land. But I guess it would also depend on the park owner and the price of a mobile home. There might be scenarios where owning just the mobile home could be ok. But many parks would not be ideal. Rey - do you have any specific horror stories that show how it can turn out badly?

@Soullessservant 3 жыл бұрын

Hey man. I’m thinking about purchasing a mobile home and covering it to a sober living home. What are your thoughts

@CoachChadCarson 3 жыл бұрын

That's cool that you're combining mobile home investing with helping people. I've heard of other people doing that, so as long as the numbers work for you it could be an interesting project (and would certainly be needed). Maybe you can work with a local non-profit who already does some of the services.

@andreascarfone3199 3 жыл бұрын

for an older person around 76 is it okay to buy one in a development where you rent the land? built 2008

@CoachChadCarson 3 жыл бұрын

As long as it's a place that fits your personal needs and the rent is affordable, could be a nice, affordable retirement place. A lot of people do that.

@LifeX2Find 5 жыл бұрын

Thanks, very interesting!

@24hrs62 Жыл бұрын

are you allowed to rent out your own mobile home in a park ?

@CoachChadCarson Жыл бұрын

Sometimes. It depends on the park rules.

@herbalistklg8017 4 жыл бұрын

do you need to have a dealers lic. to buy,sell, list mobile homes in S.C ?

@dpurplepalm 4 жыл бұрын

Hi neighbor! I live in Charleston and just started studying about mobile home investing. The answer is YES, however, you can buy and/or sell 2 mobile homes within a 12 month period before having to have a license.

@elizabethstagg448 Жыл бұрын

Looking at mobile home in a park lit rent is 525/mo i want to rent it out is that worth it..its 8,000 to buy.

@CoachChadCarson Жыл бұрын

What could you rent it for? And what would all your other costs be? Those are the numbers you need to run. If you make a cash flow that gives you a good return on the $8k then maybe it's a good deal

@alanbailey5621 Жыл бұрын

The worst thing you can do with a mobile home is put it in a park that charges rent.

@wadesuhr 4 жыл бұрын

The typical terminology we use in the upper midwest USA are trailer or trailer home/trailer house.

@CoachChadCarson 4 жыл бұрын

we use that a lot in South Carolina, too.

@fernandosoares8619 4 жыл бұрын

i would like to understanding your language, cause i have a dream to spend my vaccation in the mobile horme parking.

@russlea6383 2 жыл бұрын

"If you own a home with wheels on it and several cars without -- you just might be a redneck." ~ Jeff Foxworthy

@CoachChadCarson 2 жыл бұрын

😂

@JayJay-ne9nh 4 жыл бұрын

Is that a Fresno State helmet in the background?

@CoachChadCarson 4 жыл бұрын

Clemson Tigers!

@JayJay-ne9nh 4 жыл бұрын

@@CoachChadCarson ok go tigers 👍

@alexsmiles252 2 жыл бұрын

how do you find a small mobile home park for sell?

@CoachChadCarson 2 жыл бұрын

Driving for dollars is my favorite. Just ride around your area (or pay other people to) and when you see one contact the owner. You can also research owners in public data bases and send letters or contact that way

@alexsmiles252 2 жыл бұрын

thanks -I am in California/looking to buy out of state -west Virginia - do you cover this area?