The Manufactured Housing Forums

Hello to all on the forum--

I live in NJ and am considering putting up several mobile homes on lots and renting them out. My primary concerns are MHs that can be fixed up, and then require little maintainence thereafter. I do know that I am looking for a home built after '76, and know a couple of brands to stay away from. But beyond that, I need some education in the area. Ive heard that Randy Eaton's book is good, but I read somewhere that it deals primarily with modulars, NOT MHs. His list of ratings of 50 p[opular manufacturers sounds useful, but where can I find something like this specifiically for MHs? Anyone have any other suggestions? BTW, Ive already read John Grissim's offering. Thank You.

Omar

Randy'a book is about Manufactured Homes. I highly recommend it.

Randy has books for both products...The manufactured home book can give you good ideas about quality construction...

I have been in the rental business...there will always be some maintenence....it needs to be regularly done...the biggest problem is to get the residents to report problems early...before they are major repair problems..You should encourage them to call you with the slightest bit of a problem..When I had mine..we gave free pest control service...the fellow that I used for this also made inspections of the homes...looking for maintenance items that needed to be done..This worked often..

Maintenance costs can be managed..but best if problems are found early..

Manufactured homes can be very profitable rentals..often landlords rent through the section 8 program...In my area they are very generous with rental rates they pay...Nicer homes will draw nicer folks...You do not need to be the cheapest in the marketplace..If so..you will have the cheapest clients as well..

Get a clear knowledge of the eviction procedures in your state...These vary a lot from state to state..you must be very strict on this...Make sure folks know that they pay they stay..they do not..they go..New landlords often give too many breaks...this can be taken by the courts as a change in the lease and hinder your future collection efforts...Write a good lease..and stick to it..

Murray--

I appreciate your long reply...Im already a landlord of a 'stick built' in my area, so Im all too aware of what can happen w/ tenants who don't pay. Add to that the NJ has some of the most tenant friendly eviction laws, and it makes you screen prospectives very carefully. But that is one of the benefits of section 8, guarenteed rents.

Anyhow, not to diminish your reply, but Im really concerned about how I will choose my first few mobiles...I fear that a low quality used MHs will cause me to make many long trips south unecessarily, ie if I don't pick a garbage MH in the first place, and I fix up and suspect areas before tenants move in, I can 'pre-eliminate' headaches. I will check out randy's book. Any other suggestions for this specific area in educating myself on picking out used mobiles? Thanks.

Omar

I have had rental homes for about 20 years and have found them to be a great investment. In order to maximize profits you MUST have very high maintenance standards. I have found that the better care I give my homes the better they take care of me.


The process starts when you purchase the home. You should start with a home that will offer you as few maintenance and repair opportunities as possible. The inventory of pre-owned homes for sale across the country is huge. You can start to get an idea of prices in your part of the country by browsing through the Manufactured Housing Multiple Listing Service

You will also find a continuing MH repo sale in progress on line at the AHF RESALE CENTER


Many buyers spend a great deal of time shopping for a manufactured home but don't have a clue on how to bring the whole process together for their best advantage. Randy Eaton guides you through the complicated maze of MH buying and site preparation. He has a separate book about modulars. His How To Buy A Manufactured Home And Save Thousands Of Dollars has become the standard text on the subject.


Another book you will want to look at if your planning on purchasing used homes is Deals On Wheels by Lonnie Scruggs Written from the actual experiences of Lonnie Scruggs, the "Father" and "Master" of the used manufactured home business. Lonnie shares his many years of experience and shows you how to make fantastic profits with pre-owned manufactured homes.


Ernest Tew also offers great insight on long term income possibilities from investing in manufactured housing. He explains in simple terms how he and others are using manufactured homes to increase their income each month. He describes actual transactions and reveals many of the lessons and ideas gained from more than 30 years of experience. You will find How To Get Rich Helping Others at the MH Book Store


If your going to own rentals it wont be long before you are looking for a book that covers all facets of manufactured home repair. The Manual for Manufactured Home Repair & Upgrade was compiled from the long time experience of contractor, Mark Bower, the owner of Aberdeen Home Repair. For years Mark has been one of the best known hands on men in the manufactured housing industry.