How Far Is It From Home To Second Base Math The Benefits of Owning a Mobile Home Park

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The Benefits of Owning a Mobile Home Park

When you drive by a mobile home park, what’s the first thing that comes to mind? Is it the popular movie “8-Mile” starring Eminem? Or maybe you just recoil in horror, imagining what life would be like if you had to live there. Well, when I walk through a park, I think about economic security. That’s because I have one.

The benefits of owning a mobile home park are many, and much more than you can imagine. Here are some of the main reasons why you should want to own a park:

cash flow

Mobile home parks generate great cash flow. The math is simple. If you have a 100-space mobile home park and the lot rent is $250 a month, you have $300,000 a year in cash in the door. With an expense ratio ranging from 30% to 40% of gross, annual net income is around $200,000 per year. That’s a lot of money to be made from a single property.

In the world of commercial real estate, mobile home parks are the king of cash flow.

Appreciation

Mobile home parks pay you twice: once with monthly cash flow and a second time with asset appreciation when you go to sell them. What appreciation of assets in value? The popular book The millionaire next door lists under his chart the most common traits of “mobile home park owner” millionaires. In fact, the stories are endless of owners who bought parks for around $300,000 that are now valued at $1,300,000. Why do they appreciate so quickly and significantly? It’s the power of volume again. If you increase the rent on this 100 space mobile home park by $50 per month for a couple of years, you will have created $50 x 100 x 12 = $60,000 per year in additional income. And with a top rate of 10%, this has increased the value of the property by $600,000 with this action alone.

stability

Moving a mobile home costs $3,000. Renters can’t afford it. As a result, mobile homes never move. Because they don’t move, your tenant base and revenue stay constant. When a customer can’t afford to pay the rent, they usually leave the home, at which point you can eventually foreclose on them through abandoned property rights.

The same goes for expenses. Nothing ever happens in a mobile home park. There are very few budget lines, and they are basically the same each month. These expenses include insurance, property tax, water, sewer, electricity and mowing.

freedom

Mobile home parks do not require a lot of management attention. Basically, you are renting a piece of land and you don’t have to spend a lot of time monitoring what your tenants are doing with it. The tenant is responsible for maintaining their lot and mowing their lawn, so the park owner really only has to worry about the entrance and common areas, like a playground.

What does it mean? It means you have a lot of free time on your hands. You can choose your times and take a trip if you want. There are no restrictions. That doesn’t mean you can just buy a park, forget about it, and have the cash roll into your checking account every month, far from it. But with some smart systems, and the right purchase of the park, owning a mobile home park is not an intensive endeavor. Because of this, it is also a great addition to your day job as you can operate the park at night and on weekends.

Helping people

Mobile home parks refer to “affordable housing”; basically housing for people with lower incomes. About 60,000,000 Americans live on a household income of less than $20,000, that’s 20% of the entire US population. These people have no hope of owning a single family home other than a mobile home park. A mobile home can provide them with privacy, a yard, a neighborhood feel. You are actually helping people when you provide a quality mobile home park environment. Think you’re good at recycling your newspapers? Try to change people’s lives.

The ability to do good while making money is a real win/win, and rarely found today.

Don’t let the media ruin your chances

The media has for years portrayed the residents of mobile home parks as a bunch of worthless hillbillies. Jeff Foxworthy has made a living promoting these misconceptions. The truth is, people who live in mobile home parks are no different than you and me, they just don’t have as much disposable income. Their children go to school and university, read about world events and go to the cinema. They are not scary. This is a stereotype that the media has embraced because it works because you watch TV and read newspaper articles.

Don’t let this unfair portrayal ruin your financial performance.

conclusion

Mobile home parks mean money. big money But they also offer other benefits that money can’t buy. Explore your options in the affordable housing sector. You may find it’s your best shot at financial security and peace of mind. It has been for me.

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