Mobile homes might not be expensive, but with the right strategy, they can certainly be a lucrative investment. In fact, according to data from Reonomy, they actually have the highest cap rate of any real estate investment type (a whopping 7% to 10%!). They’re also in pretty high demand, especially in higher-cost housing markets and in areas where incomes are lagging. As of 2019, about 17.5 million Americans lived in mobile homes across the country, making up more than 6% of the nation’s total housing stock.
Sound like a market you may want to get in on? These books can help get you started.
Written by experienced mobile home investor Laura Cochran, The New Investor’s Guide walks readers through the step-by-step process of finding, buying, and even managing a mobile home park successfully — and profitably. Cochran has more than two decades of experience in the business, having managed 300-plus mobile home rentals over the last 22 years. She shares her tips in chapters like “What Makes a Profitable Mobile Home Park: Cap Rates and Cash Flow,” “Getting Started: Interviewing Banks,” and “Buying Versus Developing.” Readers note its enthusiastic tone, detailed explanations, and useful suggestions.
With a whopping 4.5 out of 5 stars on Amazon, this one can’t be passed up. In Mobile Home Wealth, author Zalman Velvel offers both a bird’s-eye view of mobile home investing and a more granular one. Readers get step-by-step instructions on choosing the right mobile home, financing the property, renting it out, and more. You’ll also get Velvel’s formulas for success and a customizable roadmap to use in your own investing. Considering the author’s nearly 40 years in the business, that counts for a lot.
Author David Rousher has owned and operated mobile home parks for nearly four decades, and he shares his hard-won knowledge and insights in this valuable tome. It’s full of real-life examples, proven methods, and helpful dos and don’ts that only experience can offer. You’ll even learn how to find the right tenants and keep your park at capacity. Here’s what one reader had to say about the book: “It made mobile home park investing seem much more within my reach than I realized. If you are considering buying mobile home parks, this is the best book on the marketplace right now to help you.”
Lonnie Scruggs has written two valuable reads on mobile home investing. The first, Deals on Wheels, is a good look at this investment opportunity as a whole — including the yields you can expect, how much startup cash you need, and how to negotiate a good deal. His second book, Making Money with Mobile Homes, is all about improving your technique and boosting your profits. It even includes a number of helpful forms and contracts you can use as you go about investing.
While this one isn’t about mobile homes entirely, it does include a valuable section on mobile home investing and how to go about it successfully. Lantrip is an experienced attorney, accountant, and real estate investor and has written countless books on investing. This one currently has 4.5 out of 5 stars and largely positive reviews on Amazon.
Need more reading material?
Want to study up on other areas of real estate investing? Try our guides to the best books on the following topics:
Unfair Advantages: How Real Estate Became a Billionaire Factory
You probably know that real estate has long been the playground for the rich and well connected, and that according to recently published data itâ€™s also been the best performing investment in modern history. And with a set of unfair advantages that are completely unheard of with other investments, itâ€™s no surprise why.
But in 2020 the barriers have come crashing down – and now itâ€™s possible to build REAL wealth through real estate at a fraction of what it used to cost, meaning the unfair advantages are now available to individuals like you.
To get started, weâ€™ve assembled a comprehensive guide that outlines everything you need to know about investing in real estate – and have made it available for FREE today. Simply click here to learn more and access your complimentary copy.
The Motley Fool has a disclosure policy. Editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Editorial content from Millionacres is separate from The Motley Fool editorial content and is created by a different analyst team.