What is the first thing you think when you read/hear the word mobile home? Mobile homes, better known as manufactured homes, are usually accompanied by countless myths and negative stereotypes that are far from the truth. Possibly, you think that it is intended for low-income people, with financial problems, and a long etcetera of the same nature. Today mobile homes become one of the better options to have a home in the face of the expensive traditional housing in the real estate market.
According to data from the US government, more than 20 Million people live in manufactured homes. That amount is more than the sum of people living in public or rental housing subsidized by the Government.
Although there are many voices, among politicians and experts, who consider that manufactured houses are a problem, a new analysis carried out by the conversation between housing specialists, suggests that these housing options can be a part of the solution to the current real estate crisis. According to them, these are some of the erroneous perceptions around this type of properties and that precisely prevent them from being seen as a viable personal and family investment.
If this is not enough, these communities are usually more aware of environmental needs, they build their own shelters against storms and community centers, drainage networks improve, facilitate emergency responses, invest in renewable energy, and become more self-sustainable, reducing greenhouse emissions and costs for its inhabitants.
The Biden administration includes broad support for manufactured homes within its 2022 housing plan. In some way, this type of housing is expected to expand. Due to this plan, mobile homes could increase in value in the very near future.
Sounds exciting, right? Now that the mobile home industry is getting the government’s attention, you decided to buy mobile homes, but the question is, how many mobile homes you can buy in a single park?
Many people are taking this news for granted and you should, too.
Perhaps you were thinking of buying one mobile home to live in while buying a second mobile home to fix up and sell for a profit.
Or, maybe, you are looking to get into the world of mobile home investing and are looking at buying a few mobile homes to rent them out to homeowners who are in need of a safe, clean and affordable place to live.
Regardless of what you are looking to do it is important to know how many mobile homes one person can buy in a mobile home park before they begin investing in multiple mobile homes.
Each mobile home park within the Sarasota Florida area has its own rules and regulations that outline these exact questions. This document is called the mobile home park prospectus.
The prospectus is, essentially, the dos and don’ts of a mobile home park, who can live in the park, what can be done on the property, how many homes someone can own, and if they allow rental properties within the park.
Some mobile home parks around Sarasota will allow an investor to purchase as many homes as they want and either fix them up for sale or use them as rentals.
Many of these parks will allow the Buyer of the mobile home to be under the age requirement needed to be met to live in the homes. These parks are known as “investor friendly” mobile home parks and will require that anyone who is renting the mobile home from the owner be park approved but the owner of the home does not need to meet the age qualifications of the community.
Other communities will not allow rentals at all regardless of who buys or who is selling the mobile home.
While both of these tend to be on the opposite ends of the spectrum what we, at The Mobile Home Dealer, see most often is when mobile home parks allow an owner of a mobile home to own 2-3 mobile homes in the same park. This is where one single owner can have their primary residence and rent out or fix up and sell other properties all at the same time so long as the new Buyers who are moving in are approved by the park for residency.
It is important to always check with the park first to get a full understanding of what can and can not be done in each mobile home park you are looking at investing in. We would also stress to not just take the park manager’s word for it, but rather, get a copy of the mobile home parks prospectus and review it thoroughly so that you are well versed in all the inner workings and requirements that a mobile home park will have when you begin shopping for a home within the park.
When it comes to investing in mobile home parks, it’s important to do your due diligence and research before making any decisions. One crucial step is to always check with the park first to get a full understanding of their rules and regulations. Each park may have different guidelines on what can and cannot be done within its premises, such as restrictions on renting or selling homes. Understanding these rules will help you avoid any unexpected surprises down the road.
Additionally, speaking with current residents or owners of mobile homes within the park can provide valuable insight into their experiences living there. They can give you a better idea of whether the park is well-maintained, safe, and has a supportive community.
Overall, taking the time to gather information about a potential investment in a mobile home park will help ensure that you make an informed decision that aligns with your goals and values as a real estate investor.
If one does not fully understand all the regulations of a particular park and mistakenly violates the requirements set forth in the park’s prospectus it could lead to a problem very quickly.
The Mobile Home Dealer are licensed mobile home brokers in Sarasota Florida and the surrounding areas. We provide professional buy and/or sell assistance to our clients. If you have any questions, please contact us by clicking this link. You may also visit our Facebook Page and send us a message.
This is Mark Kaiser with The Mobile Home Dealer and we help mobile home Buyers and Sellers get to a better place in life.
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