Re: Looking to start. - Landlord Forum thread

Re: Looking to start. by Anonymous on November 6, 2009 @22:50

I only want to start with mobile homes, use them as learning tools. I would later like to get normal single family homes, and multi family homes. All are fairly cheap here, and i would plan on keeping them a very long time (I am only 23)

My last landlord owned a lot of properties, If i remember correctly he had about 30 separate units, some duplex's some single homes, and a few multi unit places. 3/4 of them are paid off, besides taxes, insurance and general maintenance, they are all profit.

In the short term, no I wont make much money, i'm looking more for a long term investment.

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Re: Looking to start. by Va Landlady (VA) on November 7, 2009 @07:58

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Mobile homes are a little different to regular houses. For one thing they depreciate like cars, rather than appreciate(if we're lucky) like houses. Also, as another poster said, you do have to be aware of the lot situation. If you buy your own land for it to sit on you'll have to pay for water and power hookups, that's quite an investment. if you buy a MH in an existing court, just be aware of the lot lease. Remember you won't own the land under the MH and things could change suddenly.

I don't see why it couldn't work, since so many people are losing their jobs and can't afford a "real" house. Trouble is, you will have a tough time attracting the good tenants. You'll need to be well acquainted with LL/tenant law in your state, because chances are you'll have to post a lot of pay-or-quit notices and do some evictions. Do read up on law.

Re: Looking to start. by Gail K (Georgia) on November 7, 2009 @08:23	[ Reply ]
I do not own any mobile homes but on other landlord sites, many landlords have consistently written that mobile homes provide them with their best return; minimal initial investment (often under $20,000) with a good rental rate return. Gail

Re: Looking to start. by Anonymous on November 7, 2009 @10:31

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It is hard to make money on any rental property because you have to pay mortgage interest and taxes plus putting rent money back into the unit to constantly rebuild it. You must also purchase a piece of land to put the mobile home on that will likewise incur mortgage payments, interest and taxes. I am always suspicious of people who claim to be making a living on rental property. I do not think they are counting all of their cost which includes depreciation.

Re: Looking to start.