Is Owning A Mobile Home Park Wise?
It all depends on how you look at mobile home parks; they're just like anything else
. Due diligence must always take place. Where does your experience lie? Do you want to invest in some education about mobile home parks? Are you going to live on sight and manage the park or hire a manager to live on site or close by? These questions must be thought about and addressed before hand and many others if you wish to keep your risk to a minimum. A well kept park can be just as favorable as an apartment building.
I believe there's a big plus in owning mobile home parks as opposed to less say an apartment building. Both are considered to be commercial properties. The actual individual mobile homes up keep will be each tenants cost. In addition to their own payments of their own mobile home itself. They are the owners of the home. However, at times you will purchase a mobile home park and a few mobiles on there will be owned by the park. This is good those because you can rent them out.
Each lot renter will pay for their own electrical bill. As well as many of the parks now a days are switching to individual water meters as well. Let's look at tenants moving out. After all these are mobile homes that can be moved. Years ago this was a problem because a mobile home could be moved for as little as $300 dollars. Not anymore! Your lot renters are looking at a whopping $3,000 up to move their trailer. Time has actually healed that problem. Far less move outs occur these days.
We have some more factors to consider. With the internet so much can be done now before ever going and seeing a park. This means a big savings to you. This saves much in travel expenses that as much as ninety of checking parks out that you would even consider. To me the mobile home parks look to be a safer investment than an apartment building. You won't be getting any calls in the middle of the night of leaking toilets or leaking roofs from your lot renters.
In the commercial arena of finding mobile home parks as a real estate investment of choice can be evaluated to see how much of a value by pulling information off the internet is all at your finger tips now. However, one thing is for sure we each will face; as more investors come into the game of investing more competition will come into the picture. You do have a way to over come this or at least have a better chance and that is to educate yourself in these markets. I myself find I'm spending thousands more each year to keep abreast of everything. A mobile home park can be a good investment choice.
by: Gary Cooper
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