If you are looking for types of property to invest in but are having trouble finding the right residential or commercial property for you to own, one great option that you would be wise to consider would be investing in a mobile home park property.
There are a lot of reasons why this should be considered a major niche that you could take advantage of and find great value in. If you are unsure about what benefits you might reap if you invest in this kind of property, we have broken down some of the incredible benefits that you would really like to keep in mind.
Read now to get the info you need to know how to invest on mobile home park
Low cost per unit
Chances are good that you realized that the cost per unit is high when looking at multi-family properties or single-family homes. Luckily for you, the cost per unit at mobile home parks is comparably very low. In fact, they are believed to offer the lowest cost investment per unit of any real estate class and also offer high risk-adjusted returns.
Cheap repairs and maintenance
One of the factors that should make any potential investor super excited is that you will not have to deal with contractors or repairmen almost ever. While you would own the park, you would not own the mobile homes that the tenants live in. That is their property, which means that they are responsible for maintenance, repairs, and updates to their residence, not you – the landlord.
While you will still need to manage updates and expenses of the park, the need for those improvements is far less prevalent than typical maintenance calls to single-family or multi-family properties.
Demand is high
Due to a large number of factors that you may or may not be familiar with, the demand for well-managed mobile home parks is high and continues to grow. One of the top reasons is because homes continue to get more and more expensive while wages are not rising. This creates a need for consistent and affordable homeownership. Enter mobile homes, which are a great way for growing families to have their own homes while not having to deal with the highly competitive housing market.
Most are mom and pop shops
Another great benefit of trying to own a mobile park is that buying one is a little less complicated than purchasing other properties because most parks are still owned by mom and pop companies. That means that you won’t have to deal with massive corporations that own the property. This is not typically the case for apartment buildings, for example, which are often owned by massive companies.
Competition is still low
This is great news if you are looking to buy one or more investment properties. This best-kept secret in property investment has not yet been identified by big companies, which means that you will have an easier time purchasing one or more parks in a fairly short amount of time.
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