Mobile home remodeling. Is it profitable?
Remodeling a mobile home is a great idea if you see yourself in any of these statements.
- You have or are you willing to learn basic Do It Yourself skills.
- You want the most living space for the least money.
- You and your spouse/partner have a shared vision.
- You are able to find/negotiate a purchase that makes financial sense.
- You want to be debt-free as quickly as possible.
- You can see past cosmetic problems.
- You want to earn extra income by renting or flipping mobile homes.
- You believe in yourself & your goals enough to put up with negativity from family or friends.
You will need to develop handyman levels skills with carpentry, plumbing, electrical, and painting.
These days there are many good YouTube videos to show you how. Unfortunately, there is also a lot of well-intended nonsense as well. So you will have to search to find sources you trust.
You want the most space for the least money.
Mobile homes are more affordable than site built homes; especially if you are willing to fix them up yourself.
You and your spouse/partner have a shared vision.
Remodeling a mobile home is a lot of work. If you are living in it and renovating on a tight budget, it will not go well if you and your partner lack a shared vision. You both need to be able to visualize what it can become and work hard to make that happen.
You are able to negotiate a good deal
Money is made when you buy. If you pay to much it will be hard to make a profit on your hard work. You are looking for a seller who really needs to sell. You are unlikely to find a good deal from a dealer.
You can see past problems.
Most people can’t see past problems. That creates opportunity for those who can.
A top to bottom deep cleaning makes an astonishing difference. Ripping out old carpet, treating smoking & pet smells, etc. costs very little. The same for patching holes in drywall or paneling. Replacement doors are cheap.
Furnaces & air conditioning systems are expensive. Roof leaks are frustrating to find and may require expensive repairs.
You adjust the price you are willing to pay accordingly.
You believe in yourself!
You may run into a lot of stigma and negativity from family & friends. The “Trailer Trash” stereotype is still common. Like every stereotype, there is a nugget of truth but the reality is very different. Lots of good people live in mobile homes and laugh all the way to the bank when they see their critics struggle with huge mortgage payments.
