Over my 16 years of investing in mobile homes, I’ve heard a similar nasty story to the one below from two other active mobile home investors. If we don’t learn from our own mistakes—and more importantly, the mistakes of others—we are doomed to repeat them.
Disclaimer: This story gets a little gross. Maybe don’t eat while reading this.
The Story
It was November 2002. I was investing in my fifth mobile home deal. This particular home was a three-bedroom single-wide from the 1980s located in a pre-existing mobile home park in a small town outside of Tampa, Fla. I liked the area the park was located in, and the park manager liked me.
The seller was asking less than $4,000, and I thought the home was a bargain. After quickly walking through the home and poking my head inside every room, I convinced myself that I must buy this home. I shook the seller’s hand.
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