Mobile Home Rentals?

Sawyer205

Six Pointer
Have any of ya'll ever used Section 8? They are paying $747 per month for a 2 bedroom mobile home in our county.
 

Moses

Four Pointer
One of my coworkers does. He loves it because you don’t have to chase rent. My dad has looked into it. His consensus, lower monthly rent then the average rental market because they set the monthly rent, but the upside is you get consistent payments.


Sent from my iPhone using Tapatalk
 

Bean

Four Pointer
On a side note if you need a mobile home I have one that I need to get rid of. I bought it used from a friend of mine which bought it new lived in it for about 12 years. I got married and the wife and I lived in it for a couple years then bought a house. Its been empty for about 3 years, we started doing a remodel with ideas of renting it out ourselves but changed our mind. It still needs more work and the price reflects that. Send me a PM is interested.
 

double

Twelve Pointer
Run from section 8 the checks are on time but most of the time your house will be destroyed.


Sent from my iPhone using Tapatalk
 

witler

Eight Pointer
We have a neighbour that has about 20 section 8 houses. He likes the guaranteed rent on time, but as mentioned the houses get trashed but for the most part they are in the slums. Wonder how many you have to have before you are a Slum Lord?

The income is lower but have you thought about just renting the mobile home space. Your basic worry will only be well and septic.
 

pattersonj11

Old Mossy Horns
Run from section 8 the checks are on time but most of the time your house will be destroyed.


Sent from my iPhone using Tapatalk
The house gets destroyed with every socioeconomic class. Taking them to court and putting a lien on them is your only option to recoup anything. The trouble is, most renters don’t and won’t have anything to recoup. Now you have lost money and wasted more money on a lawyer. Section 8 sounds like a decent plan. Keep it cheap and plan on a full remodel every time tenants change. If you keep a decent place, you can count on some work after each tenant anyway.
 

Bailey Boat

Ten Pointer
Using the Section 8 voucher program is akin to giving up all your rights. You have NO choice of tenant, they send you one and that's who you must put into the home. Even if you know they are terrible and will be nothing but problems. The Housing Authority will tell you they can be contacted if the tenant gets out of hand, and they can, but won't do anything about it.
Section 8 is like stopping the next bum that walks by and giving them the key. Regular checks = regular headaches.....
 

Sawyer205

Six Pointer
We have a neighbour that has about 20 section 8 houses. He likes the guaranteed rent on time, but as mentioned the houses get trashed but for the most part they are in the slums. Wonder how many you have to have before you are a Slum Lord?

The income is lower but have you thought about just renting the mobile home space. Your basic worry will only be well and septic.
Yes this is an option. Just not sure how much you can get. I've seen $ 100-400 per month lot rent.
 

Sawyer205

Six Pointer
The house gets destroyed with every socioeconomic class. Taking them to court and putting a lien on them is your only option to recoup anything. The trouble is, most renters don’t and won’t have anything to recoup. Now you have lost money and wasted more money on a lawyer. Section 8 sounds like a decent plan. Keep it cheap and plan on a full remodel every time tenants change. If you keep a decent place, you can count on some work after each tenant anyway.
Agree... I've heard typically with section 8 the tenant will stay longer and will most of the time abide by the rules as they don't want to loose their voucher....
 

JONOV

Ten Pointer
I won't speak to mobile homes specifically but Residential RE...There seems to be one defining difference between people that do well at it, and those that hate it. Those that hate it view it as an investment in the same sense that they view a mutual fund of stock in a company. Those that do well view it as a business, no different than if they owned a Gas Station.

Like any other business, some people are pretty good at it. Some aren't. Personality and personal skills and talents go into that. My Grandmother-in-law owns 20 plus mostly single family homes and is still buying them every couple years. She enjoys it. She has no trouble dealing with tenant problems, doesn't get emotionally involved one way or another. College kids, section 8, anyone else, you name it, she knows how do deal with it. But she has the right amount of compassion and assertiveness to deal with things.
 

Sawyer205

Six Pointer
I won't speak to mobile homes specifically but Residential RE...There seems to be one defining difference between people that do well at it, and those that hate it. Those that hate it view it as an investment in the same sense that they view a mutual fund of stock in a company. Those that do well view it as a business, no different than if they owned a Gas Station.

Like any other business, some people are pretty good at it. Some aren't. Personality and personal skills and talents go into that. My Grandmother-in-law owns 20 plus mostly single family homes and is still buying them every couple years. She enjoys it. She has no trouble dealing with tenant problems, doesn't get emotionally involved one way or another. College kids, section 8, anyone else, you name it, she knows how do deal with it. But she has the right amount of compassion and assertiveness to deal with things.
Thanks got the feedback! Glad she is doing well with it.
 

JONOV

Ten Pointer
Agree... I've heard typically with section 8 the tenant will stay longer and will most of the time abide by the rules as they don't want to loose their voucher....
It depends...You can also invite more problems. Harder to get rid of, the tenants don't pay for damages IIRC, and if they break stuff often you have to fix it. It can be a tough game to play. You don't get to play tough like you might with a normal tenant since the Government might giggle at you and say, "Fine, we aren't paying you."

The other thing is the inspectors can make or break you. The same LL family member has had a Section 8 tenant in a 1 BR duplex for 20 years. At year 18, the inspector failed the unit (that had been fine for 18 years) for inadequate ventilation/air flow, since the only AC unit was in the bedroom. Of a 1 Bedroom 500 sf unit.
 

Sawyer205

Six Pointer
It depends...You can also invite more problems. Harder to get rid of, the tenants don't pay for damages IIRC, and if they break stuff often you have to fix it. It can be a tough game to play. You don't get to play tough like you might with a normal tenant since the Government might giggle at you and say, "Fine, we aren't paying you."

The other thing is the inspectors can make or break you. The same LL family member has had a Section 8 tenant in a 1 BR duplex for 20 years. At year 18, the inspector failed the unit (that had been fine for 18 years) for inadequate ventilation/air flow, since the only AC unit was in the bedroom. Of a 1 Bedroom 500 sf unit.
Roger!
 

roughrider

Four Pointer
Not me personally but my grandpa had upwards of 25 rental properties, all either old homes or mobile homes. He picked most of them up over the years when they'd come up for sale near some of his farm property. I grew up helping him with maintenance on all of them. Hes had plenty of headache, and weve had to evict plenty of them, with tons of trash and cleanup afterwards. But he passed away 3 years ago, and my grandma lives off the rental income from 12 of those now, she pays someone to manage them and my uncles and I help out when/if we can.

If you have the means and are up to it I'd go for it. I plan on trying my best to get a few once Im more financially stable.
 

23mako

Ten Pointer
I have a friend that does section 8. He goes down the list of what is required for their properties. If it's not require he removes it from the property. Something like a closet door he would take out of all the rooms. Up until a few years ago, I don't even think you needed to have appliances and none of his properties did. The less things there are to break in those places the better.
 

Sawyer205

Six Pointer
One option I haven't read, kind of skimmed over them. Sell the trailer, owner finance and rent the lot. That has worked good for us.
I see a lot of this when it comes to selling just used trailers in general...... I definitely think there are some advantages to this.

How much are you getting for lot rent?
 

Sawyer205

Six Pointer
Not me personally but my grandpa had upwards of 25 rental properties, all either old homes or mobile homes. He picked most of them up over the years when they'd come up for sale near some of his farm property. I grew up helping him with maintenance on all of them. Hes had plenty of headache, and weve had to evict plenty of them, with tons of trash and cleanup afterwards. But he passed away 3 years ago, and my grandma lives off the rental income from 12 of those now, she pays someone to manage them and my uncles and I help out when/if we can.

If you have the means and are up to it I'd go for it. I plan on trying my best to get a few once Im more financially stable.
Thanks for the feedback!
 

Bailey Boat

Ten Pointer
It depends...You can also invite more problems. Harder to get rid of, the tenants don't pay for damages IIRC, and if they break stuff often you have to fix it. It can be a tough game to play. You don't get to play tough like you might with a normal tenant since the Government might giggle at you and say, "Fine, we aren't paying you."

The other thing is the inspectors can make or break you. The same LL family member has had a Section 8 tenant in a 1 BR duplex for 20 years. At year 18, the inspector failed the unit (that had been fine for 18 years) for inadequate ventilation/air flow, since the only AC unit was in the bedroom. Of a 1 Bedroom 500 sf unit.
Another downside of that "program", the property requirements can change at the drop of a hat, at your expense.
 

tbear2

Button Buck
One of my coworkers does. He loves it because you don’t have to chase rent. My dad has looked into it. His consensus, lower monthly rent then the average rental market because they set the monthly rent, but the upside is you get consistent payments.


Sent from my iPhone using Tapatalk
Have any of ya'll ever used Section 8? They are paying $747 per month for a 2 bedroom mobile home in our county.
Another downside of that "program", the property requirements can change at the drop of a hat, at your expense.
Run as fast as you can. I had a rental townhouse & investigated Section 8 rentals. The road to disasters. Most renter's could care less about your property & have a flock of mini-destroyers.
 

Bailey Boat

Ten Pointer
I've pretty much seen most (not ALL) of the downside from the owners position. Operations are a nightmare and unless you're educated in all sorts of loop holes concerning a tenant and their residency you're ripe for the picking. ONE lawsuit can crumble your castle and ruin you for the rest of your life. There is a reason that apartment rentals are always structured into an LLC or Limited Partnership, and that's to limit/eliminate the liability exposure, pure and simple.
When the sponsoring authority (H.U.D.) is setting you up for failure with their baiting tactics on Fair Housing and A.D.A. do you honestly think for a moment they are a good "partner" to be in business with?? And let's not even get started on Legal Aid and their bag of tricks that they love to use on a landlord. The courts have become so liberal and left leaning that I have seen a judge dismiss a case because he/she "feels" it's unfair to the tenant, to hell with what the LAW actually says.
The minute you become a landlord you have unzipped your pants and offered the world free access...... Good luck....
 

DFisher

Eight Pointer
My mother had 2 she rented; was a great situation for years, but went south. The main thing is to have the right tenant, and that is a gamble. Don't rent to friends unless you have one you want to lose. Another thing to consider is that a trailer cannot be moved after if is so old, 30 years, I think, so make your money and get out. The 2 she has are now 50 years old, and beyond their life, and need to be gone, but can't be towed away. We currently have a price of $5500 each to demolish and haul off, so I guess they will just sit there.

Beyond that, I have a rental house, an old tobacco barn converted to a rental, and it has been a real gem. One tenant for 3 years, was great for 2.5 until he lost his mind, and now the second tenant, who has been a real joy. I am not looking forward to a 3rd!
 

richard corn

Six Pointer
I've pretty much seen most (not ALL) of the downside from the owners position. Operations are a nightmare and unless you're educated in all sorts of loop holes concerning a tenant and their residency you're ripe for the picking. ONE lawsuit can crumble your castle and ruin you for the rest of your life. There is a reason that apartment rentals are always structured into an LLC or Limited Partnership, and that's to limit/eliminate the liability exposure, pure and simple.
When the sponsoring authority (H.U.D.) is setting you up for failure with their baiting tactics on Fair Housing and A.D.A. do you honestly think for a moment they are a good "partner" to be in business with?? And let's not even get started on Legal Aid and their bag of tricks that they love to use on a landlord. The courts have become so liberal and left leaning that I have seen a judge dismiss a case because he/she "feels" it's unfair to the tenant, to hell with what the LAW actually says.
The minute you become a landlord you have unzipped your pants and offered the world free access...... Good luck....

Glad you're not bitter about it
 

Loganwayne

Four Pointer
a good friend took over his parents trailer park. they were very picky and super strict. it is a nice place with mostly older people in it, he has never had a problem with it. he put up some storage buildings and now wishes he could just bull doze all the trailers and build more storage units. The rental house i have was completely totaled by the tenants. they watched to much HGTV and decided they would remodel without asking. they destroyed the house then called me and said i needed to fix it. i kicked them out and they got their uncle to sue me. judge ruled in my favor but still cost time and money. and the rental has been empty for 6 months because i haven't had time to fix what they screwed up.
all that said ive got 4 standing offers on houses in the same neighbor hood that my rental is in, you can make money on rentals IF they are in a decent area, i wouldnt touch one in a crappy part of town, they may be cheap but cheap brings more problems than its worth.
 

KTMan

Twelve Pointer
Thanks for the replies.... I close on my first rat hole tomorrow..... one lot with 2 trailers already on the land...... section 8 here we come!

Congrats. Remember if it were easy everyone would do it.

When I bought my first people ask was I crazy. Only thing crazy is I don't own more than I do.

I will say this, there are months I swear I'm selling every house and getting out and the next making offers on another one.
 
Top