skrealestate8 0 Report post Posted March 21, 2011 Hi what are pros or cons if any with LO mobile homes? Share this post Link to post Share on other sites
MichaelC 160 Report post Posted March 21, 2011 I'm not a mobile home guy, personally, so there may be others here with a more hands on perspective than I have. But I see a major downside being trying to get any sizeable option money from a t/b. They are a depreciating asset. Folks either rent them, or buy them outright because they are unable to afford more traditional housing. I don't see a large market for Rent To Own mobile homes. Again, this isn't my niche so if someone has a different opinion I'm listening. Share this post Link to post Share on other sites
colehaynes 0 Report post Posted March 21, 2011 SProfits, I work with mobile homes in Central Florida. I also offer them using the Rent to own strategy. Like MC said, they are a depreciating asset, like a car. Actually in Florida they are titled through the DMV just like a car! I would NEVER touch a mobile home that sits on a rented lot! Ever! But, there is a HUGE market in the Counties that surround me for mobile homes on their OWN private land. They are referred to as "land home packages" by people in the mobile home business. It is very possible currently to buy a 3/2 double wide "land home" package on an acre of land for less than the value of the land. I only value a mobile home deal for the cash flow and don't consider any appreciation. A few years ago they weren't very difficult to flip to a retail buyer using an FHA loan. But as the market started falling apart almost all of the banks financing them went under(could be a sign...haha). Good luck! Share this post Link to post Share on other sites