Are mobile homes profitable?

stephpoet · #1 08-29-2007, 03:02 AM

A few years ago I read an Ebook about getting foreclosed mobile homes and renting to own them to people for massive profit. Has anyone tried this?

Elizabeth26 · #2 08-30-2007, 02:36 AM

I heard there are rules to buying mobile homes for profit especially if you are going through a bank. Also, I heard that people really go after the land the mobile home is sitting on.

bartongrl1 · #3 08-30-2007, 11:29 AM

A mobile home depreciates (becomes worth less) as time passes, just like a car. While a traditional home appreciates (becomes worth more) as time passes. So, with this in mind, I think that the traditional home would be far more profitable in the long run.

stephpoet · #4 09-01-2007, 01:31 AM

Thanks for the answers. I think I will focus on getting some land and also a traditional home, unless a spectacular deal for a mobile home comes up!

bartongrl1 · #5 09-01-2007, 08:52 AM

You are very welcome.

donna · #6 09-10-2007, 06:11 PM

The thing with mobile homes is they appeal to lower income groups. Because the do depreciate so quickly, there is a greater chance of getting them for much less than a traditional house of the same size. But, financing is harder to get with mobile homes because finance companies tend to see them as mobile. It's not easy or cheap to move them especially double wides, but they tend to fear they're going to disappear over night.

If you can get one that doesn't require too much repair work and the price is cheap enough, and if you can handle the financing yourself, you can make a tidy profit.

beangel40 · #7 09-10-2007, 11:27 PM

I have a question, the mobile homes is the land they sit on also for sale, or if you buy them do you have to pay to have them moved ?

donna · #8 09-11-2007, 02:19 AM

Usually the sales ad will say. Obviously, if it's in someones yard, you'll have to move it. If it's in a mobile home park, you have the option of leaving it there or moving it. But remember you will have to continue to pay the lot rent. The mobile homes in rural areas usually include the land.

stephpoet · #9 09-11-2007, 08:21 PM

I am moving to the Louisville area and may poke around just to see. It seems there are a lot of foreclosures out there.

beangel40 · #10 09-14-2007, 01:07 AM

just make sure that the bank will finance the loan for a mobile home i know my neice wanted one and the bank would not give her the loan as a frist time home owner so just check it out for your own protection