Anyone can buy a mobile home park. But if your goal is to truly make money with it, then there are some simple rules that you must consider before taking the plunge into this niche. If you follow these guidelines, your chance for success is much greater, and your chance for failure is drastically reduced.

Stick with affordable housing There are two different types of mobile home parks out there. Fancy ones and simple ones.

How to Really Make Money with Mobile Home Parks by Dave Reynolds

And the fancy ones, contrary to popular belief, do not make any money. The bullseye in mobile home parks is going after lower income tenants. They don't have to be downscale and dangerous. To this customer based, a mobile home park offers an incredible value, where they can have the security of their own home, and a yard for the kids and dog. And it is the only form of detached housing they can ever afford. The more upper-end parks are always in a precarious position.

They may buy a mobile home, but will likely grow disenchanted with it a few months later, and find a stick build home they like better at the same monthly rate.

So they run off, and your continuity of lot rent is ruined.

Even worse, the lender then yanks the foreclosed home out of your park, and you have a vacant lot with little prospect of re-filling it in the current economy. Understand the true economics of mobile home parks Mobile home parks have their own standard costs and ratios. They are not like any other form of real estate.

Just because you've owned an apartment complex does not mean you have any grasp of this particular niche. And don't expect the seller's numbers to shine any light on the subject.

Nine out often times they have "cooked" the books better than Julia Childs. If you want to buy a mobile home park, you've got to know the real line items for both revenue and expense, and the range of what those should be. Do spectacular due diligence Every time somebody calls our website to complain of a terrible park investment they have made, it always revolves around their lack of due diligence.

Or maybe the whole operating permit is no good. There's no excuse for these type of problems. If you do great due diligence, you only buy great deals. Buy parks that have the right fundamentals for success Not all parks are created equal.

Some have great futures and some have no future. You have to learn how to spot what makes for a winner and what makes for a loser. And it's more complicated than just being located in some "Top 10 Metro Areas" list off the internet. Some of the items that will point towards a winning deal include location, size, utility system construction, size of lots, road infrastructure, competing apartment rents, etc.

If you do not buy based on the right set of criteria, you will have trouble making a deal work.

Execute on your plan Many people buy parks with a good strategy on paper, but can't translate it into reality due to lack of knowledge on how to properly operate a park. Running a mobile home park is unlike any other form of real estate.

Part of it is the personality of the customer, and part of it is the unusual set of responsibilities that a park owner has. If you want your purchase to work, you need the training to know how to operate the property effectively, and how to implement your battle plan. Conclusion Many, many people have made themselves millionaires through owning mobile home parks.

In the book "The Millionaire Next Door", mobile home parks made the list of top tools to amass significant money. However, those folks knew what they were doing; they took the time to learn about the business, to perform proper due diligence, and to operate professionally.

Before you invest your money in mobile home parks, you need to invest your time in learning the subject. That's the secret to making money in the mobile home park business. Dave Reynolds has purchased and operated over 50 mobile home parks across the United States since He is also one of the nation's leading experts in this industry.

Reynolds is sharing his expertise to anyone interested in getting involved with mobile home parks. He is the author of the Mobile Home Park Home Study Course , which contains everything you need to know in order to get started. CLICK BELOW TO WATCH THE VIDEO How to Really Make Money with Mobile Home Parks Anyone can buy a mobile home park.

Dave Reynolds and Frank Rolfe - How to Correctly Buy Mobile Home Parks in a Recession

Brad Hood 28th May We have 93 pads and about 65 are occupied right now. We do not own the trailers, just rent the pads. Should we consider purchasing and renting homes? In my opinion the perfect scenario for our type park is high interest rates and easy money, but today who is going to lend money for trailers. Charles Lee 18th September 6: Hello, My family has owned and operated a 34 unit mobile home Park in Lancaster CA for 10 years now. However, we have been unable to turn a decent profit.

Can you help us? We understand your time and knowledge is valuable and willing to pay for consultation and any successful services. Please contact me Charles at your earliest convenience. Don Wayne 6th December 5: I have owned and operated 2 mobile home parks for the past 15 years.

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How To Make $, A Year Cash Flow With One Mobile Home Park Investment - Mobile Home University

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