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- 22.04.2020
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Mobile home park investing info
There is a growing demand for low rent housing opportunities. No matter the cycle of the economy, there will always be a market and need for affordable housing options. In looking at the options for this market at that rate, they are left with a choice between a low rent apartment complex and a mobile home park.
Consistency of Tenants. One misconception about mobile home park ownership is the thought that there is not as much tenant consistency when compared to a traditional multi-family property. However, first and foremost the term mobile home is inappropriately categorized and instead is better understood as a manufactured home. These homes are not mobile in the sense of easily movable, but rather are manufactured in a factory and then transported to the designated site.
Research also has shown that a clear majority of mobile homes are in the same location today as they were when they were first delivered. Compared to RV parks where tenants can simply turn on their engine and go or apartment buildings where residents can pack up in the middle of the night, mobile home ownership enjoys low resident turnover.
Limited competition from new mobile home park developments. There are significant barriers to entry for competitors who wish to develop a new mobile home park from the ground up. In most areas of the country, it is difficult to obtain the proper zoning, acquire the necessary permits or licenses, and deal with other regulatory prerequisites. In addition to the legal restrictions, mobile home park developers do not break even or generate cash flow until a substantial amount of the home lots in the park are rented.
Consequently, new mobile home parks are not easy to develop and provide for less competition if investors are currently involved with mobile home investing elsewhere. Potential for higher returns. Mobile home park ownership option 1 above , typically delivers higher cash-on-cash returns than the typical multi-family investment. Part of this is due to reduced costs.
Rather than maintain the physical mobile home, the park owners are only managing the land and associated facilities including keeping the grounds clean, ensuring the roads are maintained and providing for any amenities that are expected in the given area. This is not always the case; some mobile home parks comprise park-owned units.
Less Competition It can be difficult to invest in an apartment complex as an individual, since you'll often have large conglomerations bidding against you. But most mobile home parks are run as small businesses by mom-and-pop owners. It's less common for national franchises, large corporations, and institutional investors to be involved in mobile home park ownership.
Risks of Investing in Mobile Home Parks Now that we've examined some of the potential benefits of mobile home park investing, let's take a closer look at some of the risk: Faster Depreciation The first risk of mobile home park investing is that mobile homes tend to depreciate faster than other forms of real estate. While your tenants own their homes and are responsible for repairs and maintenance, you have less control over the condition of the units.
You may not be able to attract future tenants if the park looks rundown. Financing Is Less Accessible To secure funding for your mobile home park investment, you'll likely need to search for a lender who specializes in them — and they often have specific requirements. Large Down Payments Mobile home parks often have higher down payment requirements.
Challenging Eviction Process Eviction can be complicated with mobile home park investing. But in a mobile home park, the tenants own their units. If a tenant is in dire straits, the park owner may have to foot that bill. How to Start Investing in Mobile Home Parks There are a few online marketplaces where you can find detailed information and analytics on mobile home parks that are available for sale. They include: Mobile Home Park Store is the largest specialty site for mobile home parks. As of writing, there are over mobile home parks available for sale on their site.
Loopnet is the largest commercial real estate listing service available online to anyone, with rich data on all types of commercial investment properties for sale including mobile home parks. CoStar is a listing service for real estate professionals. It also lists mobile home parks for sale. Make sure you consult a real estate broker agent who specializes in commercial real estate to help you determine the property's fair market value. You'll also want someone who will advocate for your interests during the search and acquisition process.
What to Look For in a Mobile Home Park Investment There are a few ways to increase the value of your investment and cash flow by either reducing expenses maintenance, property management, etc. These can be properties which have been neglected by their current owners or not been upgraded.
Or they can be properties that are missing opportunities for additional cash flow. Ideally, you also want to find a community where rents are priced below market value and you can increase monthly rental rates with minor and inexpensive updates. The community around the mobile home park is an important income factor as well. Communities located close to large employers who hire hourly workers can provide a large pool of potential qualified tenants.
Tenant selection in any residential housing where you have people living close together is important. You want to be sure everyone feels safe and wants to continue living in the park. Retaining good tenants, and weeding out the problem tenants before they move in, is key to both profitability and a positive experience as a landowner.
Rent rolls are the detailed accounting of rent collected per unit. You'll also want to get annual profit and loss statements, utility bills and tax returns. If possible, ask for the screening applications of each tenant.
You want to understand the typical financial situation and demographics of your prospective residents.
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