Mobile Home Investing for Beginners: Learn How to Buy, Sell, Flip, and Rent Mobile Homes and Parks – Create Passive Income and Generate Wealth

By Ryan Richardson

Tap into an incredible real estate market and unlock a new source of income with this complete beginner's guide to mobile home investing.

 

With a straightforward and down-to-earth introduction to the fascinating world of mobile homes, this complete handbook offers you an easy-to-digest approach to investing in your first mobile home. Ranging from first-hand insights and anecdotes to practical advice on buying, selling, renting, and flipping a wide variety of mobile homes, Mobile Home Investing for Beginners reveals how you can tap into this lucrative market and use it to achieve financial security.

 

If you dream of creating a reliable passive revenue stream, or if you want to take advantage of our expensive modern housing market, this guide will give you the confidence and knowledge you need to begin investing in mobile homes and parks like an expert.

 

Here's just a little of what you'll discover inside:

 

• The Top Reasons You Should Start Investing In Mobile Homes (Including Some You Might Not Have Thought of)
• Simple, Beginner-Friendly Ways To Finance Your First Mobile Home
• Tips and Tricks To Make Sure You Get The Perfect Deal
• Must-Know Rules and Regulations For Managing Your Mobile Home Park and Being a Responsible Landlord
• FAQs and Answers To All of Your Burning Questions
• And So Much More…

Even if you've never invested in property before, Mobile Home Investing for Beginners lets you take your first steps into the world of mobile home investing, so you can try your hand at this incredible market and discover the benefits for yourself.

• Language: English
• Publisher: LZ Publishing
• Release date: Apr 2, 2022
• ISBN: 9798201935726

Book preview

Mobile Home Investing for Beginners: Learn How to Buy, Sell, Flip, and Rent Mobile Homes and Parks – Create Passive Income and Generate Wealth

By Ryan Richardson

© Copyright 2022 - All rights reserved.

The content contained within this book may not be reproduced, duplicated or transmitted without direct written permission from the author or the publisher.

Under no circumstances will any blame or legal responsibility be held against the publisher, or author, for any damages, reparation, or monetary loss due to the information contained within this book, either directly or indirectly.

Legal Notice:

This book is copyright protected. It is only for personal use. You cannot amend, distribute, sell, use, quote or paraphrase any part, or the content within this book, without the consent of the author or publisher.

Disclaimer Notice:

Please note the information contained within this document is for educational and entertainment purposes only. All effort has been executed to present accurate, up to date, reliable, complete information. No warranties of any kind are declared or implied. Readers acknowledge that the author is not engaged in the rendering of legal, financial, medical or professional advice. The content within this book has been derived from various sources. Please consult a licensed professional before attempting any techniques outlined in this book.

By reading this document, the reader agrees that under no circumstances is the author responsible for any losses, direct or indirect, that are incurred as a result of the use of the information contained within this document, including, but not limited to, errors, omissions, or inaccuracies.

Table of Contents

Introduction

Chapter 1: Know the Basics

What Are Mobile Homes?

Single-Wide Homes

Double-Wide Homes

Triple-Wide Homes

Advantages of Mobile Homes

Disadvantages of Mobile Houses

Who Can Own a Mobile Home?

Chapter 2: Get Started With Investing

Ask Some Questions

You Want to Become a Homeowner

You Are an Investor

General Considerations

Different Types of Investment Options

Process of Purchasing a Mobile Home

Chapter 3: Financing Your Mobile Home

How Is Mobile Home Financing Different?

Types of Mobile Home Financing

FHA Loans by the HUD

Fannie Mae

Freddie Mac

VA Loans

Chattel Loans

Personal Loans

How to Select the Correct Loan for You

Steps to Obtain Financing for Your Mobile Home

Challenges in Mobile Home Financing

Chapter 4: Tips, Tricks, and Best Deals

Making It Easier on the Pocket

Searching for the Most Suitable Home

Investing in a Mobile Home Park

Finding the Right Parks

Why Building a Park Is Not Feasible

Some Best Practices Before Getting Started

Chapter 5: Become a Responsible Landlord

Lease Provisions in a Mobile Home Park

Screening the Tenants

Duties and Responsibilities

Rules for Subletting, Sale, and Closure

Rules for Evicting a Tenant

Protect Your Rights

Chapter 6: Managing Your Mobile Home Park

Defining a Management Structure

Hiring a Manager

Is It Possible to Manage Your Park From Far Away?

Mobile Home Park Management Software

How to Select the Right Software for Your Park

Different Types of Software Available for Mobile Home Park Management

Chapter 7: Making Mobile Home Investing Profitable

Why Mobile Home Parks Are Better Than Single-Family Homes

Some Best Practices to Follow

Tips for Increasing Profits From Your Park

Profit From Mobile Home Flipping

Wholesaling a Mobile Home

Flipping Mobile Homes on Your Own

What Are the Benefits of Flipping Mobile Homes?

Disadvantages of Mobile Home Flipping

Expected Income From Mobile Home Flipping

Treasure in the Trash

Conclusion

References

Introduction

As a child, we used to have a neighbor called Mr. Lewis. He was a strange man—almost like a gypsy. He said he couldn’t stay in one place for too long and kept on traveling throughout the country. I always found him very fascinating because our lives were pretty regular. His house was a block down from ours, and it stayed mostly locked because he was never there for more than six or seven months. He would come for a few days, spend almost a month cleaning up the house, and then leave after a while. I often overheard my parents saying that he worked as some kind of technician in the movies which is why he always had to move around. A few years later, Mr. Lewis sold the house and bought himself an RV. It seemed logical because he had to move around so much. There was no point in having a house because he never really lived there, but he had to bear all the establishment costs related to it. When he started living in the RV, everyone around the neighborhood started saying weird stuff about him. I was still a child, so I never understood the negative attitude he got from people about living in a van. It was still very interesting to me.

About a decade later, I was in Florida for some work, and I saw Mr. Lewis was picking out some groceries at a store. I was still fascinated by my childhood hero, and I decided to go up and talk to him. To my surprise, when I told him who I was, he recognized me right away and asked me how I was. After exchanging the basic pleasantries, I asked him how long he would stay in Florida. He laughed and told me that he finally settled down because his age-related physical conditions didn’t allow him to travel so much anymore. He even invited me for dinner at his place, and I accepted because I didn’t really have much to do after work. He gave me the address and asked me to come at 7:00 p.m. I didn’t notice the address very well then, but when I was taking a cab, I saw his place was at some mobile home park. When I reached there, I was surprised by what I saw. It was a beautiful park, carefully organized, every house evenly spaced, and with lush green grass. I saw a couple of kids playing with their dogs, two women chatting, and another girl sitting on the lawn with her laptop. It looked like something out of a movie. I was about to enter the park when a guard stopped me and asked me where I wanted to go. When I said I was there to see Mr. Lewis, he took me around the park to a brilliant-looking house. There was a nameplate on his door that said: Howard Lewis, Owner and Manager. When I entered the house, I was taken aback by the beautiful decor and roomy interiors. Mr. Lewis told me that all his years on the road made him miss the luxuries of a normal house. An RV was good enough for traveling, but it certainly did not have enough space or modern amenities. He said that he was the kind of person who liked to live properly which is why he always spent so much time cleaning up his house whenever he came back. As he was getting older, he was beginning to feel the need for a more comfortable living. Yet he could not give up his job yet, so he sold his RV and started living in various mobile homes. Mobile homes are better than a trailer because they are basically like a real house—just not built on the site. The whole house is produced in a factory and then transported to the site. I asked him about the park and how he ended up becoming an owner and manager. He then told me that after he started living in mobile homes, he saw that it was a really great way to live and an even better investment to make. Eventually, he did some research, hired a financial consultant, and started investing in mobile homes. Within a few years, he earned enough money from rent and reselling to invest in a mobile home park. He even had another park in Alabama, and he has hired a manager to look after it. He keeps his check on that through surveillance software. I was surprised to learn that the beautiful and luxurious house where he lived was also a mobile home.

Mobile homes cost significantly less than normal homes, and they are good for people who want to buy a house but cannot afford a proper mortgage. Other people, like Mr. Lewis, also prefer to buy mobile houses because if they have to move, they can move their house with it—especially for people who have to travel a lot. Investing in mobile homes is a really good option right now because out of all the real estate asset classes, it provides the lowest cost investment per unit. You can either choose to live in them, or you can invest in a mobile home park which would allow you to yield much higher returns with significantly low investment.

Another reason why mobile home investing is a smart option is that there is very little competition in that area. Not many people know about this investment opportunity, and that makes it an unexplored gem. This book covers everything you need to know, in great detail, about mobile homes and investing in them. You will gain knowledge and clarity about all the aspects relating to mobile home investing like what type of houses there are, how to obtain financing, how to maintain a mobile home park, and so on. If you are having doubts, be patient and read on. All your doubts will be cleared, and you will be absolutely confident about investing in mobile homes. By the end of the book, you will be convinced that this is one of the best forms of investment, and it has the capability to turn your life around. Happy reading!

Chapter 1: Know the Basics

I was out for my regular morning walk when I overheard two friends talking at the park. The conversation seemed too heavy for 6:30 in the morning, and I didn’t pay much attention to it. But later that day, when I was sipping coffee at my desk with a pile of work in front of me, that conversation came back to me. They were talking about peace. What is the most peaceful thing, according to them? One of them spoke about how a gentle breeze on a hot day gives them peace. I thought that was pretty poetic, but could that alone be peace? Then the other one said that the biggest sense of peace comes when you have a loving family, food on your plate, and a place to call home. That seemed more like what I would think. That’s what most of us want, right?

Basic necessities which bring us peace can also become difficult to procure in an unstable economy. In America, nationwide rent increased in 2020, and tenants are getting hardly any time to move to a better place. This phenomenon has increased with the opening of the economy after the COVID-19 pandemic and more people coming back to the cities. One of my friends, Cathy, has lived in Phoenix all her life. A few days ago,