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How to Buy Mobile Home Park

Buying a mobile home park would be a better option. That is because its per-unit cost is low, and you will get a large area for living. Now, which one and where to find the mobile home park that will be perfect for you? Well, the answer is simple; you have to look for those parks that fit your budget and meet your requirements. Follow these ways to find mobile home parks.

Find a Mobile Home Park

Before buying, you have to find the best suitable mobile park for you. There are some ways to do that like:

Online

Now, there are lots of websites available that offer mobile home parks. On the top of that list comes “MobileHomeParkStore,” which has more than 2,000 home parks on its list for sale. You can choose one depending on your test. Then comes the “LoopNet,” which is another excellent site that offers great mobile parks. Some other sites for searching mobile parks are “Ebay” and “Auction,” which are reliable too. Besides, their prices are reasonable as well.

Brokers

You can contact a broker but not with any regular ones. There are specific brokers who only sell mobile home parks. They have tons of deals for you. So, just contact them. However, the advantage of contacting mobile home brokers is huge. The most useful one would be their pocket listings. These are actually parks that brokers don’t publish at all. They only disclose them to qualified buyers.

Calls

You can use the calling method as well. You only have to call the owners of the park. It is a good method that can be useful to you. Besides, lots of buyers have succeeded by making a call to the owners of the park. 

But, you have to put lots of effort if you want to get the best mobile home park. You have to call each and every owner to find those parks that are for sale and at a reasonable price. 

Acquisition Costs

If you invest in a mobile home park, then that means you are buying the land and the common areas like streets, clubhouses, etc. That further means the operating cost will be approximately 30% compared to 50% with apartment buildings, according to Park Street Partners. A mobile home park also costs much less per square foot.

Maintaining the Mobile Home Park

Maintaining the mobile home park is not that hard. That is because you won’t need to do those tasks on a daily basis like homes and apartment buildings. At the same time, tenants will maintain their homes rather than calling you every time. But, there are some common areas and trailers where you can use contractors’ help.

Don’t Rush

You are investing in real estate. So, don’t rust on investing. Just do your homework, which is one of the most important parts. Now, if you rush on your investing and don’t do any homework at all, then you will bring disaster. Pro realtors who have enough experience can rush on a deal because he or she knows what to do, but you shouldn’t do it since you don’t have enough experience.

Final Verdict

Use the described methods to find a mobile home park. Then contact the owner so that you can negotiate with the owner about the price and other things related to the buying process. Moreover, don’t rush and buy, do your research.

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