Last fall I attended a financial seminar and learned about how mobile parks can be a source of income. Here are some of the notes I took. I hope they can be of use.
- You can get a park for the same cost as a home.
- Good for residential income.
- Good for very little income.
- Mobile homes or build at a higher standard than homes.
- Purchase mobile homes after 1980s because that’s when quality improved
- repairs are easier on mobile homes because parts or module and can be replaced more easily.
- Recession proof housing because the cheaper.
- Mobile home park store.com is a website that offers home parks.
- 25 units plus you pay for manager
- city and water means that place that is septic tanks.
- You want to C and B level. Not dirt roads. The one longer box.
- No pools or recreation.
- 8 yield is not worth buying. You want a higher yield.
- Mobile homes have unit and pad payments.
- Renters pay all bills.. Repairs on units since their conditioners are also responsible you want to have by the mobile home owner.
- Master Bill: is when everyone shares the bill, this might be like cable.
- You might offer a potential mobile home user one thousand dollar down and $500 a month to rent to buy.
- Each purchase needs to be a break even starting on day one.
- CNL: commercial net lease.
- COG: cash of goods sold.
- Business plan: overestimate your expenses and underestimate your income.
If you have something to add to this topic, please add it to the comment section of this blog. Thanks.
