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Bought a Mobile Home....

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  1. #1
    t00nces2 started this thread.
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    Bought a Mobile Home....

    We took a chance and bought a mobile home for what I think is a song. Needs cosmetic work but I think it is decent shape. Newer AC. Has a couple little leaks around a couple windows. Little porch, big carport, a utility room with a washer and dryer. Floors seem solid. No stains in the ceiling. First try at flipping a home. I will try to update with pics and progress. Wish us luck.


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    Way to go T.


    Crazy thought, but air B&B's are a big thing this year here in Maine. I've never seen the likes of it before. Those darn things are making 1,000.00$ a week for their owners.

    The snowbirds will be late starting their annual migration but they won't hang around too long once deer season begins. (They can't abide all of the gunfire.)

    Might be a chance for you to pick up some of those tourist $$$$$ ?

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    t00nces2 started this thread.
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    Quote Originally Posted by hills View Post
    Way to go T.


    Crazy thought, but air B&B's are a big thing this year here in Maine. I've never seen the likes of it before. Those darn things are making 1,000.00$ a week for their owners.

    The snowbirds will be late starting their annual migration but they won't hang around too long once deer season begins. (They can't abide all of the gunfire.)

    Might be a chance for you to pick up some of those tourist $$$$$ ?
    The thing is anyone who rents has to be 55+ and has to be approved by the management and has to be there for at least three months. We will see. If I can get someone to cover the lot rent for a lease, I would consider renting, but I think a flip might be the better play. We'll see, but I am not sure I want to be a landlord.

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    Yeah, lots of terms & conditions there. Wouldn't be suitable for air B&B.

    The long term renters here are often problematic. I think that's why they went to seasonals & weekly rentals. Anyone that can afford to pony up 1000.00 ahead of time, for a week's stay, probably isn't going to trash the place.

    It would be easier to flip if it's unoccupied.

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    Quote Originally Posted by t00nces2 View Post
    The thing is anyone who rents has to be 55+ and has to be approved by the management and has to be there for at least three months. We will see. If I can get someone to cover the lot rent for a lease, I would consider renting, but I think a flip might be the better play. We'll see, but I am not sure I want to be a landlord.


    Ive never heard of "flipping" a trailer. I am not sure thats going to be a money maker, the people that can spend enough money for a "nicer" trailer would probably rather just spend that money on a house, rather than a trailer.... I could be wrong though, just my initial though. I would think renting it out would probably be better financially, but then again I wouldn't want to have to deal with tenants in your trailer AND have to deal with the lot people's rules and requirements..... Any way you can move the trailer onto your own land and rent it out there? Then theres no rules, lot rent, approvals, etc.

    I would think if you are flipping it it may make sense to move it to your own property too, so you aren't footing the bill for lot rent while redoing it.... but again.... Ive never done anything with mobile homes, just thinking out loud here.

    Either way, congrats, hope it works out for you.


    edit: Ive always thought of mobile homes as "disposable" and not something that really ever got fixed up. There is a place down the road from me that has used ones $5000-$20k all the time and Ive seen ones in real rough shape on craigslist for "free" if you haul away. I'll be interested to see how this pans out for you!
    Last edited by kss; 09-18-2020 at 09:00 AM.

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    Pics of course would be awesome.........Trailers/Mobile Homes are very popular in Florida as well as the south........If you got it real cheap could make a little $$$$

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    t00nces2 started this thread.
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    Quote Originally Posted by kss View Post
    Ive never heard of "flipping" a trailer. I am not sure thats going to be a money maker, the people that can spend enough money for a "nicer" trailer would probably rather just spend that money on a house, rather than a trailer.... I could be wrong though, just my initial though. I would think renting it out would probably be better financially, but then again I wouldn't want to have to deal with tenants in your trailer AND have to deal with the lot people's rules and requirements..... Any way you can move the trailer onto your own land and rent it out there? Then theres no rules, lot rent, approvals, etc.

    I would think if you are flipping it it may make sense to move it to your own property too, so you aren't footing the bill for lot rent while redoing it.... but again.... Ive never done anything with mobile homes, just thinking out loud here.

    Either way, congrats, hope it works out for you.


    edit: Ive always thought of mobile homes as "disposable" and not something that really ever got fixed up. There is a place down the road from me that has used ones $5000-$20k all the time and Ive seen ones in real rough shape on craigslist for "free" if you haul away. I'll be interested to see how this pans out for you!
    This is in a well run park that has been working for decades. Well kept and stable and in a desirable location. I think there is room to make some money. There may even be the possibility to rent. If I play my cards right, I will be done about the time season picks up.

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    t00nces2 started this thread.
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    Sold the mobile home. Made some money and would not be against doing it again. We are going out for a kick butt dinner to celebrate tonight!.

    I have some pics of the start, but here is the end result... https://www.facebook.com/marketplace...04503250364441
    Last edited by t00nces2; 01-18-2021 at 01:21 PM.

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    Nice going on the flip That's how Warren Buffets made money except he carried the loans and foreclosed when they can't pay.

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    This is interesting for a future snow bird. What would a mobile home like this cost, what is typical lot rent, and what would something like this rent for in your area?
    Give back more to this world than we take.

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    t00nces2 started this thread.
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    Quote Originally Posted by Patriot76 View Post
    This is interesting for a future snow bird. What would a mobile home like this cost, what is typical lot rent, and what would something like this rent for in your area?
    I sold it in three weeks for 21K. The lot rent is $603 and I would have asked $1500/mo rent. I probably would have been at the low end of the spectrum.

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    Quote Originally Posted by t00nces2 View Post
    I sold it in three weeks for 21K. The lot rent is $603 and I would have asked $1500/mo rent. I probably would have been at the low end of the spectrum.

    If you really could get $1500/m in rent, you should have kept that thing instead of selling!!!


    If you can get an asset that rents that high, for that low of a price that is crazy good deal.

    Buy trailer, $21k up front. Rent, $1500/m - lot rent $603/m = $897 profit per month. Take out 1 month for vacancies, and 1 month for upkeep costs/maintenance annually, that is $8970 profit per year.... that is a 43% return on investment in year 1. You cant get that kind of return many places. If you truly think it would rent for that much, and only cost that much, you should be buying as many of those trailers as you can and rent them out.... and if youre not, let us know on here where they are so we can buy them. unless there is something else im missing here

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    You forget a few things in that equation.

    Rent should be 10% of value.
    The return isn't that high,otherwise everybody would do it.

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    Quote Originally Posted by IamTheGreatest View Post
    You forget a few things in that equation.

    Rent should be 10% of value.
    The return isn't that high,otherwise everybody would do it.

    That's what I am saying.... there is no way a $20k asset would rent for $1500 and if it would he should buy every instance of that he can fine.

    Youre saying rent should be 10% of value. You buy that for $20k, rent at 10% would be $2000/yr or $166/m.... if he can get $1500/m that is insane

    You show me a mobile home I can buy right now for $20k and rent out as-is where-is for $1500/m, I'll write a check right now.

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    $166 per month + the $603 lot fee sounds more correct

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    Taxes are in there somewhere too, unless wrapped in lot rent.,
    Last edited by IamTheGreatest; 01-20-2021 at 12:30 PM.

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    Quote Originally Posted by IamTheGreatest View Post
    Taxes are in there somewhere too, unless wrapped in lot rent.,
    Not on a rented lot I don't think....(if you are talking property taxes), maybe sales taxes on the purchase. Yes that's in there. Regardless, it would still be crazy getting anywhere close to $1500/m rent on anything that's only $20k

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    You property tax on the trailer, at least up here. It's weird.

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    t00nces2 started this thread.
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    Quote Originally Posted by kss View Post
    If you really could get $1500/m in rent, you should have kept that thing instead of selling!!!


    If you can get an asset that rents that high, for that low of a price that is crazy good deal.

    Buy trailer, $21k up front. Rent, $1500/m - lot rent $603/m = $897 profit per month. Take out 1 month for vacancies, and 1 month for upkeep costs/maintenance annually, that is $8970 profit per year.... that is a 43% return on investment in year 1. You cant get that kind of return many places. If you truly think it would rent for that much, and only cost that much, you should be buying as many of those trailers as you can and rent them out.... and if youre not, let us know on here where they are so we can buy them. unless there is something else im missing here
    Quote Originally Posted by kss View Post
    That's what I am saying.... there is no way a $20k asset would rent for $1500 and if it would he should buy every instance of that he can fine.

    Youre saying rent should be 10% of value. You buy that for $20k, rent at 10% would be $2000/yr or $166/m.... if he can get $1500/m that is insane

    You show me a mobile home I can buy right now for $20k and rent out as-is where-is for $1500/m, I'll write a check right now.
    Ok, I can not rent it year round for that amount and I don't want that hanging over my head. I could get that for maybe 4-5 months and it would probably sit empty the rest of the time. It would just be an alligator that would eat lot rent at best. I am looking into a couple others I may take a stab at.

    The other thing is they can come and raise the lot rent or the roof can go or the floor. I would be on the hook for appliances or windows or anything else that could go wrong on a 50 year old trailer.

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    Quote Originally Posted by t00nces2 View Post




    Ok, I can not rent it year round for that amount and I don't want that hanging over my head. I could get that for maybe 4-5 months and it would probably sit empty the rest of the time. It would just be an alligator that would eat lot rent at best. I am looking into a couple others I may take a stab at.

    The other thing is they can come and raise the lot rent or the roof can go or the floor. I would be on the hook for appliances or windows or anything else that could go wrong on a 50 year old trailer.

    Ah, gotcha. That does make it less of a deal.

    4 months of rent at $897(1500-603)/profit/month = $3588 profit.... but taking out the 8 months that it wouldnt rent that you are paying lot rent on it $3588-$4824= $-1236/yr (and thats before taxes or anything going wrong that youd have to fix).... so yea in that case it was good to sell it.

    Seems like lot rent is the real killer here... gotta buy some land and put the trailers there lol


    Theres always a catch lol


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