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Florida has its fair share of mobile homes. Whether providing seasonal residences or  year-round affordable housing, mobile homes have become an ever-present property class in the Florida real estate market. Though they have been a historically neglected asset class, investing in mobile homes can provide strong, consistent returns. As markets in other asset classes become more competitive, mobile homes may be a rising hot market for investors.

John Fedro is one investor who discovered the opportunity in mobile home investing early on. After entering full-time real estate investing in 2002, John purchased his first mobile home in a park in Florida. He quickly saw the potential investing in mobile homes and after his first year had acquired 14 properties. In a virtually untapped market, John was able to develop an investment strategy exclusively for mobile homes that ensured strong returns. He has since expanded his portfolio to Texas and is actively sourcing deals in other states.

• Mobile Home Investment Types
  • Private land mobile homes – longer to close, traditional sale of real estate;
  • Mobile homes in parks – categorized as personal property in most states, not subject to title issues/other typical
  • Mobile Home Parks
• Financing
  • Little to no conventional lending; mainly cash deals
  • Seller financing
  • Dodd-Frank regulations do apply to mobile homes w/ financing
    • Mortgage loan originators can assist with compliance
•  Costs + Fees
  • Purchase for >$10k
  • Sell for <$25k on payments
  • Buyer repays minimum $300/month on property
  • Mobile homes in parks, buyer pays lot fees, utilities, possibly insurance
• Move-in ready
  • Buyers will usually do refurbs/improvements
• Marketing
  • Mobile homes in parks: Craigslist, driving through parks, talking w/ park managers
  • Mobile homes on private land: networking, direct-mailings, bandit signs, seller lists
• Hot Florida Markets
  • Miami, Jacksonville, Tampa, Gainesville
  • Rural areas, small towns
  • Panhandle
• Investment Tips
  • Do multiple deals
  • Effective marketing strategies
  • At least 60 mile radius for investment market
  • Seek knowledgeable investor

Check out John’s website for even more information on successful investment strategies for mobile homes. John has free videos and a podcast where he covers tips for investing in mobile homes. Contact John directly by email at support@mobilehomeinvesting.net

The post Ep. 92 John Fedro: Using Mobile Homes to Get Started Investing in Florida Real Estate appeared first on Real Estate Investing in Florida.