Posted by Tony Colella on July 15, 2009 at 19:05:37:
I would not just go by a section 8 rent when evaluating a park. Section 8 should be the same as market but it is not always the case. Sometimes you get a bit more but often you have to work up to it.
Despite grand stories by a few here, you cannot simply add 8 rooms to a 3 bed home and try and get some crazy amount of rent, even if the home could withstand the wear and tear. Independent inspectors do this type of inspection every day and are thorough but fair, at least in my area.
There are websites like socialserve.com that show the rental amounts per bedrooms in some states (I don’t think all states use this site).
The problem is that as mobile home landlord we will not receive the rents as high as stated no matter how great we make the homes. There will always be a stigma for the mobile home but we still do quite well.
I suggest you evaluate using the type of rentals you see in other parks and as advertised for mobiles in that area. This way if you go section 8 and receive more money you are not paying the seller for your efforts.
Tony