renting a mobile home we own - Posted by Kim

Posted by Chuck (AZ) on July 02, 2001 at 15:01:36:

Personally, I’d do a lease/option. I did one of these about 5 years ago on a 6 month old modular.

The home sat at 10 acres of heavly tree’d land in Indiana, the driveway was 600 feet long, and wound thru the trees back to the home which sat in the center of the property. Due to the appraisal (no comps available), I closed with 5 acres free and clear. The mortgage on the remaining 5 acres and the home was for $90k. By the way, this was a no money down deal on either the home or the land!

The buyer paid $17k cash down with a one-year option, which was simply to have it re-financed into their name. They were responsible for the care and maintenance of the property… we moved to California immediately after the closing (we’re now in Arizona).

They extended the lease for another 3 years, for which I recieved a lump sum payment with each renewal, in addition to the mortgage payment. They just recently picked up the option.

In all I’ve made about $30k total pocket money on it, they paid the mortgage for 4 years, and I had no “tentant” headaches.

I like it!

renting a mobile home we own - Posted by Kim

Posted by Kim on July 02, 2001 at 13:04:01:

Our mobile home will be paid for in the next ten months or so. We would like to make some money off of it by renting it out, but this will be our first experience with rent properties. It is a 1992 Schult 16x80 3BD 2B, with Pergo floor in kitchen and new berber carpet in living area and hallway. Added 2 nice ceiling fans in living and master. It is in great condition. Currently int the New Caney/Porter area, but probably will move it. Should we hire a rent property managing company or do it ourselves? Anyone have any suggestions? Thanks.

Re: renting a mobile home we own - Posted by Roger - TX

Posted by Roger - TX on July 03, 2001 at 20:44:33:

Kim, are you in Texas? Call me this weekend I will be glad to discuss with you.