Quote:
Originally Posted by JSH
"Lot rent $460/mo."
Never own a home and rent the lot under the home.
Mobile home parks are popular commercial investments because the renters are trapped. It cost thousands to move a mobile home and park owners know their renters don't have that kind of money. So they can steadily jack up the lot rent while neglecting basic park maintenance and their renter's can't do anything about it. Bonus - when the renters can't pay rent and can't afford to move the mobile home you get to seize the mobile home and sell it to a new sucker.
If you want a mobile home buy a lot and put a mobile home on it or buy one on a lot.
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Exactly! Like here there's a place we call "Country Ghettos" because of the poor shape of the trailer park. Yet in the past year it has sold several times, each time the rent has gone up. It is at least triple the rent compared to two or three years ago. Many are still paying for their trailer on top of the cost to rent the lot.
The thing is that when that happens you also end up with a lot of angry tenants who don't care if they make the place even worse. So the park managers make stricter rules, but the tenants get even more frusterated and do even more things to make the landlords mad. Meanwhile, the company that bought the property is a "no face" company who's owner is in another part of the world that no one can reach to ask questions or anything of the sort.
I wouldn't pay $95,000 for a trailer home unless I was dead sure the owners were not going to sell or raise the rent. I paid $500 for my trailer home 11 years ago and am quite happy with my purchase. I just hope the owners don't die or something because then the land would fall into someone else's hands and they would very, very likely raise the rent. I would probably tear down the trailer and take it to a landfill if that happened.