Here is the scenario: You have extra cash you have saved up over the years and you do not know what to do with it. You can invest in stocks and bonds but you know that this is pretty risky and you will not see your money for a very long time. What should you invest in? The answer is pretty simple. A mobile home park. Here are some of the reasons why a mobile home park could be your ticket to the good life.
Why A Mobile Home Park?
You might wonder why investing in a mobile home park should be your choice. The question is, why not? A mobile home park is a pretty sound investment due to the number of factors that make it an attractive money making venture. Mobile homes are becoming more and more attractive and luxurious these days yet they are still relatively cheaper as compared to their other housing counterparts. Putting up your own mobile home park gives you the chance to own property that makes money every month and yet still have control over it.
Owning your own lot and your own mobile homes in a rental mobile home park is a good idea if you are looking to earn money without too much spending. Since these manufactured houses are cheaper in comparison to other housing choices, you can give your prospective tenants lower rental fees, making your housing option cheaper than other housing options available to these people. You can always expect a huge number of people who will want to choose your mobile homes on your mobile park as their housing choice since the smaller sizes of these manufactured homes make them easier to maintain.
Why Build Your Own Mobile Park?
Why indeed. The question does raise a few issues since buying your own land to place your rental mobile homes on may cost you more than what you expected. You can actually opt to put your mobile homes for rent on an existing mobile park and pay rent for the land usage. This, however, has quite a number of drawbacks.
Aside from the monthly income that is deducted from renting the areas for your mobile homes, you do not have total autonomy on your property. Since you do not own the land, you will have to constantly ask the land owner for permission for certain things that concern your homes. You may also have to adhere to the park manager’s and park owners rules even if they go against what you believe would be best for your investment.
When time comes for you to evict someone who may be causing trouble in your rental home, you may not have much say in the issue if the land owner or the park manager does not back you up. Having your own Mobile Home Park to place your mobile homes in will give you the peace of mind to do what you need to do when something needs to be done and to earn the money from your investment without having to worry about other people getting in your way.
Author: Scott Krager