Yesterday I had a conversation with a girl who runs a mobile home park. She's selling off one of the more run down homes in the park to replace it with a new one, to rent out. The home will need to be moved, and doesn't really need much more than paint and carpet, though new siding could do wonders for it.
I think that mobile homes are a very interesting investment, though I don't own any yet. Rent for a mobile home inside of a park isn't much cheaper than it is for a similarly sized home, yet a mobile home typically costs much less than a traditionally built home on a foundation.
This is the only mobile home park I know of in Cache Valley that rents their units out, most parks are exclusively owner occupied (they require that residents own the home they live in, and they make their money in rent for the lot.) I'm sure that management becomes a lot easier if you don't have to worry about filling homes with tenants, but the business model of a park that can make money both off of lot rents and also renting out homes really intrigues me.
I don't know - I do want to use mobile homes to leverage a land purchase, but I want to investigate the rent market more, that seems like it could be a risky move. I'd maybe consider renting out a unit like that while renting the lot it sits on, just because the exposure would be very minimal. More to come if that idea goes anywhere.
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