Introduction To Mobile Home Investing

When it comes to being a mobile home investor, one of the most challenging questions you’ll face is explaining what mobile home investing actually entails. Every time I attend a networking event or meet new acquaintances, the inevitable question arises about my profession. As a mobile home dealer known as “MoHo,” I often receive puzzled looks, prompting me to clarify the essence of mobile home investing.

In essence, being a mobile home investor means finding an affordable mobile home and selling it for a profit. Mobile home investing is a niche within real estate, offering numerous strategies to generate income. The diverse approaches in this business make it comparable to the broader real estate market.

The next question I commonly encounter is, “Where do you find mobile homes?” Mobile homes are situated in parks or on private properties. With a staggering 18 million people currently living in mobile homes and over 40,000 mobile home parks in the U.S., opportunities are abundant. In Arizona alone, there are thousands of mobile home parks, making them a prevalent sight for those familiar with the industry.

Understanding the terminology is crucial in mobile home investing. The terms “mobile home,” “manufactured home,” and “trailer homes” are often used interchangeably, but they have specific meanings. A mobile home is technically a building constructed before June 15th, 1976, while anything built afterward is considered a manufactured home. Regional differences also lead to variations like using “trailer” or “trailer home” in certain areas, highlighting the importance of adapting language based on the audience.

The date June 15th, 1976, is pivotal because anything built before this date may not adhere to current HUD codes, impacting its finance eligibility and requiring rehabilitation for potential relocation.

Mobile homes, similar to cars, have titles, making ownership transfers straightforward, especially when located in mobile home parks. However, if on private property, surrendering the title may classify the mobile home as a fixture to the property.

Size is another consideration in mobile home investing, with single wides and double wides being common variations. The flexibility in design is remarkable, as factories can customize floor plans to meet specific requirements, offering options like stucco walls, flat roofs, or pitched roofs.

While mobile homes can be diverse in appearance and features, they share a commonality in their construction. Built on I beams and transported from factories on wheels, mobile homes are typically set in place for long-term residence, and those built after 1976 can potentially be relocated.

In a nutshell, mobile home investing opens up a world of possibilities, providing a unique avenue within real estate. Whether you’re eyeing your first investment property or exploring new opportunities, understanding the intricacies of mobile home investing is key to navigating this dynamic sector successfully.