A new mobile home park is going up in a nice middle class neighborhood walking distance to schools. Is now a good time to buy a mobile home to rent out? single wide? double wide? Thoughts on this as an investment property for 10-15 years?
Mobile Homes depreciate in value… Traditional homes Appreciate in value.
I know a few people that invest in the mobile home sector and they make money in two areas:
- Own the park and collect the monthly lot and hookup fees.
- Buy a mobile home and owner finance to an end buyer.
That has been my experience.
I hear hedge funds are buying mh parks, doing low cost cosmetic improvements, doubling the prices, and turning out older, poorer residents. Ebenezer Scrooge. Henry F. Potter. They won.