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Manufactured/Mobile Homes for renting out
Posted on 1/4/22 at 7:52 pm
Posted on 1/4/22 at 7:52 pm
Anyone on here have any experience? Or renting out RV slips for those who own their own trailers?
9
Posted on 1/4/22 at 8:07 pm to UFownstSECsince1950
That sounds like something that would get destroyed with a quickness by the tenants
Posted on 1/4/22 at 8:42 pm to UFownstSECsince1950
I worked with an operator that rented out trailers to a bunch of Messicans. He said they were the most low maintenance renters he had. There wasn't water run to several trailers so they daisy chained a garden hose to them.
Posted on 1/4/22 at 8:44 pm to UFownstSECsince1950
The rv thing seems to be a money maker. A person in opelousas opened one up in what i thought was a bad spot. He put about 5-10 portable buildings finished out as 1 bedroom apartments and then the rest is rv spots that seem to be long term rentals. Prob clears a few thousand a month on 2-3 acres of land max.
caribbeancampground.com
caribbeancampground.com
This post was edited on 1/4/22 at 8:48 pm
Posted on 1/5/22 at 10:07 am to UFownstSECsince1950
quote:
Or renting out RV slips for those who own their own trailers?
This is the answer. Extremely low maintenance and you can make a buttload of money if done right in the right area. I know a couple of people who have mobile home parks and it makes me sick I didn't get into these 10 years ago. I'm talking clearing 5 figures a month with minimum maintenance. You just have to make sure you do not own any of the trailer so therefore you aren't responsible for any issues with it. Only rent out the trailer spots.
Posted on 1/5/22 at 10:16 am to J_Hingle
I lease purchase several of them and they are an amazing value. I can typically get a double wide and half an acre for 50-60k. I lease purchase it to a tenant for 10 years with 8-10k down, charge between 1000 and 1200, and my pro forma is like $550. If they default, I keep their deposit, evict them and do it again. Because they are so cheap and I have them insured, I am not worried about them destroying them.
Posted on 1/5/22 at 10:37 am to UFownstSECsince1950
There is no way in hell that I would own trailers/mobile homes for the purpose of renting them out. There are simply too many headaches that come with that.
However, what I would do (if I were serious about doing this kind of thing) is buy an old trailer park, evict the tenants, tear down the mobile homes, and then turn it into a R/V park. By using an existing trailer park you can eliminate a lot of the pesky things (like zoning) and save a lot of money on infrastructure setup (of course you'd have to consider the cost of razing the old trailers as well). I know a guy that did this exact thing. He now has about 80 spaces in his R/V park. They go for $400+/month and his occupancy rate is 80-90%.
However, what I would do (if I were serious about doing this kind of thing) is buy an old trailer park, evict the tenants, tear down the mobile homes, and then turn it into a R/V park. By using an existing trailer park you can eliminate a lot of the pesky things (like zoning) and save a lot of money on infrastructure setup (of course you'd have to consider the cost of razing the old trailers as well). I know a guy that did this exact thing. He now has about 80 spaces in his R/V park. They go for $400+/month and his occupancy rate is 80-90%.
Posted on 1/5/22 at 10:38 am to UFownstSECsince1950
The ROI is insane but so are the headaches.
I know a guy who was buying foreclosed mobile homes for like 10k-15k a pop and then renting them for $600 a month.
Had a few 100
I know a guy who was buying foreclosed mobile homes for like 10k-15k a pop and then renting them for $600 a month.
Had a few 100
Posted on 1/5/22 at 11:04 am to UFownstSECsince1950
Own and owned campers, rent them out and rv's. And am also developing a 50 unit camper/rv park as I type, whats your question?
Posted on 1/5/22 at 11:08 am to HalfCocked
quote:
Own and owned campers, rent them out and rv's. And am also developing a 50 unit camper/rv park as I type, whats your question?
Where?
Posted on 1/5/22 at 11:15 am to AUHighPlainsDrifter
I avoided mobile homes until I got a 10 year old one on an acre for 40k. Had a tenant immediately that put down 10k for a 10 year lease purchase, paying $1000 per month with an option to buy for 80k at end. I am a few years in on my first one, and my ROI is INSANE. As a lease purchase, I do absolutely nothing but collect rent.
Posted on 1/5/22 at 11:20 am to HalfCocked
quote:
And am also developing a 50 unit camper/rv park as I type, whats your question?
Would love to talk about this.
Posted on 1/5/22 at 11:24 am to saints5021
quote:
I avoided mobile homes until I got a 10 year old one on an acre for 40k. Had a tenant immediately that put down 10k for a 10 year lease purchase, paying $1000 per month with an option to buy for 80k at end. I am a few years in on my first one, and my ROI is INSANE. As a lease purchase, I do absolutely nothing but collect rent.
That sounds great! Lease/purchase of a lot+home is the way to go if doing something like that.
Posted on 1/5/22 at 4:01 pm to AUHighPlainsDrifter
Honestly thought I had screwed up the numbers the first time I ran them. For 6k (down payment for mortgage), I will make over 140k in 10 years.
Posted on 1/5/22 at 4:31 pm to saints5021
quote:
Honestly thought I had screwed up the numbers the first time I ran them. For 6k (down payment for mortgage), I will make over 140k in 10 years.
I've always been leery of being a landlord based on some of the horror stories I've heard from my dad and also some friends that own rental properties. It is a nightmare to evict people in some states (even before COVID) so my question is, if your tenant/buyer quits paying the monthly rent payment and you have to evict them, does LA treat them as a homeowner or a tenant in that situation?
Posted on 1/5/22 at 5:14 pm to AUHighPlainsDrifter
Upstate SC and I'd prefer to keep much more info to myself. No offense but its the internet and I like less comp, not more :)
Posted on 1/5/22 at 5:24 pm to saints5021
quote:
I avoided mobile homes until I got a 10 year old one on an acre for 40k. Had a tenant immediately that put down 10k for a 10 year lease purchase, paying $1000 per month with an option to buy for 80k at end. I am a few years in on my first one, and my ROI is INSANE. As a lease purchase, I do absolutely nothing but collect rent.
Normally I'd say bullshite to this. But pre 08 I worked for a big investor in Charleston. Everybody else was flipping. He did strictly this. Key take aways...
-It forces all maintenance costs onto the lease
-It gives the leaseee skin in the game more than a rental deposit
-75% of Americans who can't finance traditionally through a bank. Will default, they'll get a job transfer or lose their job etc. You get that fat deposit, the mortgage paid and you get to repeat the process
-You get a long term renter
When 08 hit and all the Charleston flippers were over leveraged and upside down. His arse was shitting in high cotton with not a care in the world. A few defaulted, he got creative and helped them. Gave them work to do renovating his foreclosures he was buying or dividing their unpaid rent out over months one they got a new job.
Posted on 1/6/22 at 9:53 am to HalfCocked
I have 3 in LA but have not had to evict yet. I have 3 tenants that had a good deal of cash and jobs, but shite credit (hence why they are lease purchasing a trailer).
I am not exaggerating when I say all I do is collect rent checks (and pay my insurance and taxes once a year). I don't go check on them, I don't maintain them, hell I don't even remember how to get to one of them. As long as they pay, they don't bother me and I don't bother them.
Now according to my lawyer, if I do have to evict them, it is an open and shut case, as I am financing their purchase and we have a notarized contract specifically detailing the steps I would take to evict. Hopefully, I won't have to find out how easy or hard it is.
I am not exaggerating when I say all I do is collect rent checks (and pay my insurance and taxes once a year). I don't go check on them, I don't maintain them, hell I don't even remember how to get to one of them. As long as they pay, they don't bother me and I don't bother them.
Now according to my lawyer, if I do have to evict them, it is an open and shut case, as I am financing their purchase and we have a notarized contract specifically detailing the steps I would take to evict. Hopefully, I won't have to find out how easy or hard it is.
Posted on 1/6/22 at 12:01 pm to HalfCocked
I am toying with the idea of opening a recreational campground on 15 acres I have my eye on. How much you think it would cost to run water and electricity to say 15 -20 campsites? Was thinking a dump station at the exit to start off and maybe add sewer to a few premium sites. Still trying to work ou how I would handle check in/checkout without having an employee
Posted on 1/6/22 at 1:19 pm to HalfCocked
quote:
Upstate SC and I'd prefer to keep much more info to myself. No offense but its the internet and I like less comp, not more :)
No worries. I'm in the upstate too, but I'm not in that business. I was just curious because of the location under your username.
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