\
  The most prestigious law school admissions discussion board in the world.
BackRefresh Options Favorite

Anyone real estate lawmos deal with mobile home lot properties?

Looking around for investment properties, most of them have ...
michael doodikoff
  09/12/18
xo 201
.,.,,.,..,.,.,:,,:,..,:::,...,:,.,.:...:.,:.::,.
  09/12/18
I'm just trying to get by man
michael doodikoff
  09/12/18
https://money.usnews.com/money/blogs/the-smarter-mutual-fund...
michael doodikoff
  09/12/18
i know a couple of the bros on bigger pockets are starting t...
empathy incarnate
  09/12/18
you got any links to people discussing this? I'm small ti...
michael doodikoff
  09/12/18
dude get on biggerpockets.com maybe even sell your house ...
empathy incarnate
  09/12/18
Just be careful, the tenant protection laws can vary state t...
Kenneth Pinyan
  09/12/18
you ever deal with these? Tenant protection laws here are...
michael doodikoff
  09/12/18
I did one deal buying a larger park 3 years ago. Things to w...
Kenneth Pinyan
  09/12/18
you don't live in america
.,,,.,.,,...,.,:,:,,...,::,...,:,....:..,:.::,.
  09/12/18
UPDATE: yesterday drove to look at one of these mobile home ...
michael doodikoff
  09/14/18
I looked at doing something like this years ago. I was goin...
30-something sitting in a Pizza Hut reminiscing
  09/14/18
tyty I'm trying to do the opposite - own the land and not...
michael doodikoff
  09/14/18
Understood. All my advice still applies.
30-something sitting in a Pizza Hut reminiscing
  09/14/18
how much of a loan would they give you for this?
Kenneth Pinyan
  09/14/18


Poast new message in this thread



Reply Favorite

Date: September 12th, 2018 11:49 AM
Author: michael doodikoff

Looking around for investment properties, most of them have pretty shitty cap rates with this current economy. Even duplexes barely make sense in a lot of places.

However, there are multiple mobile home lots for sale in surrounding counties. I see one 15-unit park for sale for like $550k, annual net income of $60k. Others for sale for $600kish with around the same net income. Then I read into these a bit, seems like a pretty decent real estate investment because you are only renting land (no real maintenance), and mobile home tenants tend to stay put and not move around a lot.

https://www.forbes.com/sites/brandonturner/2017/07/11/7-powerful-benefits-to-mobile-home-park-investing/#5f0fd2b76e92

I realize that the type of people you deal with are probably pretty low class. But any of you ever deal with mobile home lots in your real estate work?

(http://www.autoadmit.com/thread.php?thread_id=4075585&forum_id=2#36794023)



Reply Favorite

Date: September 12th, 2018 11:51 AM
Author: .,.,,.,..,.,.,:,,:,..,:::,...,:,.,.:...:.,:.::,.


xo 201

(http://www.autoadmit.com/thread.php?thread_id=4075585&forum_id=2#36794029)



Reply Favorite

Date: September 12th, 2018 11:55 AM
Author: michael doodikoff

I'm just trying to get by man

(http://www.autoadmit.com/thread.php?thread_id=4075585&forum_id=2#36794050)



Reply Favorite

Date: September 12th, 2018 11:55 AM
Author: michael doodikoff

https://money.usnews.com/money/blogs/the-smarter-mutual-fund-investor/articles/2016-07-20/mobile-home-parks-are-a-viable-investment

https://cashflowconnections.com/are-mobile-home-parks-a-good-investment/

(http://www.autoadmit.com/thread.php?thread_id=4075585&forum_id=2#36794049)



Reply Favorite

Date: September 12th, 2018 11:56 AM
Author: empathy incarnate (Pederastrian)

i know a couple of the bros on bigger pockets are starting to get into this stuff. it makes money, assuming you dont have the cash to get into actual sizable buildings (300+ units)

(http://www.autoadmit.com/thread.php?thread_id=4075585&forum_id=2#36794052)



Reply Favorite

Date: September 12th, 2018 12:06 PM
Author: michael doodikoff

you got any links to people discussing this?

I'm small time now. Might need a partner, can't get a $550k mortgage on top of my current mortgage.

(http://www.autoadmit.com/thread.php?thread_id=4075585&forum_id=2#36794121)



Reply Favorite

Date: September 12th, 2018 12:11 PM
Author: empathy incarnate (Pederastrian)

dude get on biggerpockets.com

maybe even sell your house and rent for the rest of your life, as living in a house you own is a trap.

(http://www.autoadmit.com/thread.php?thread_id=4075585&forum_id=2#36794142)



Reply Favorite

Date: September 12th, 2018 12:15 PM
Author: Kenneth Pinyan (earl)

Just be careful, the tenant protection laws can vary state to state.

(http://www.autoadmit.com/thread.php?thread_id=4075585&forum_id=2#36794169)



Reply Favorite

Date: September 12th, 2018 12:17 PM
Author: michael doodikoff

you ever deal with these?

Tenant protection laws here aren't that bad. Very landlord friendly

(http://www.autoadmit.com/thread.php?thread_id=4075585&forum_id=2#36794179)



Reply Favorite

Date: September 12th, 2018 12:21 PM
Author: Kenneth Pinyan (earl)

I did one deal buying a larger park 3 years ago. Things to worry about include possible environmental contamination from fuel tanks and the fact that evicting someone who owns a building on your property can be a lot more difficult than someone living in a building you own.

(http://www.autoadmit.com/thread.php?thread_id=4075585&forum_id=2#36794195)



Reply Favorite

Date: September 12th, 2018 12:18 PM
Author: .,,,.,.,,...,.,:,:,,...,::,...,:,....:..,:.::,.


you don't live in america

(http://www.autoadmit.com/thread.php?thread_id=4075585&forum_id=2#36794184)



Reply Favorite

Date: September 14th, 2018 11:30 AM
Author: michael doodikoff

UPDATE: yesterday drove to look at one of these mobile home parks for sale. Its right over the county line, but pretty close to the city by highway, so reasonably good location by that standard.

Place was a fucking wreck, junker cars everywhere, grass was out of control in some places, and some methhead zombies walking around. Homes looked decent, none were falling in.

CAP is around 10%, and they admit that their rates charged to tenants is low and hasn't been increased in a long time. Mannie Mae has a mobile home park loan program (but I'm not sure if it applies for parks under 50 units)

(http://www.autoadmit.com/thread.php?thread_id=4075585&forum_id=2#36807207)



Reply Favorite

Date: September 14th, 2018 12:03 PM
Author: 30-something sitting in a Pizza Hut reminiscing

I looked at doing something like this years ago. I was going to buy the mobile homes, rent them to the occupants, and rent the land from a landowner. I never pulled the trigger, although I got pretty close. It would have been a lot of trouble for not enough of a payoff.

Keep in mind that those net income numbers on which the cap rates are based are probably exaggerated. The tenants may not be as faithful about paying as the owners say, and there may be expenses that the owners are not reporting. A lot of this business is done in cash, which facilitates the fake reporting.

Also, that 10% return is not like the 10% return that you could get from the stock market. You have a lot more risk, less diversification, less liquidity. You will also potentially have to do some work yourself. As in physically mow the grass and pick up garbage. Or pay someone else an arm and a leg to do it.

Finally, sellers love to tell you that it would be easy to make improvements to what they're selling. If it were so easy to raise the rent, I can assure you that the sellers would have done it already. If you drop a big rent increase on the tenants, some will move, abandoning their property if necessary. Others will actively try to damage your property.

All that being said, I like this idea better than a lot of the real estate ideas that I hear. But I would go in expecting the absolute worst of everyone with whom you interact and set a very high return threshold to ensure it's worth your investment of time, money and energy.

(http://www.autoadmit.com/thread.php?thread_id=4075585&forum_id=2#36807410)



Reply Favorite

Date: September 14th, 2018 1:13 PM
Author: michael doodikoff

tyty

I'm trying to do the opposite - own the land and not the homes



(http://www.autoadmit.com/thread.php?thread_id=4075585&forum_id=2#36807854)



Reply Favorite

Date: September 14th, 2018 1:15 PM
Author: 30-something sitting in a Pizza Hut reminiscing

Understood. All my advice still applies.

(http://www.autoadmit.com/thread.php?thread_id=4075585&forum_id=2#36807872)



Reply Favorite

Date: September 14th, 2018 1:34 PM
Author: Kenneth Pinyan (earl)

how much of a loan would they give you for this?

(http://www.autoadmit.com/thread.php?thread_id=4075585&forum_id=2#36807991)