We’ve invested in hundreds of mobile homes. And throughout this journey we’ve learned a ton about investing in mobile homes and what people think when it comes to investing in mobile homes.
So in this blog we want to take some time to help debunk all of the myths we’ve come across about mobile homes.
Myth #1 Mobile homes are not durable
This is completely false. Most of the newer manufactured homes are actually built to the same durability standards as single family homes. The only difference is that manufactured homes are built in a factory. There’s still a lot of rules, regulations and numerous tests that these homes have to pass before they even leave the factory. We’re talking about wind, rain, snow and so on.
And the fact is we’ve seen mobile homes that were built over 50 years ago that are still in excellent condition – definitely liveable, definitely durable. It really just depends on the homeowner and their pride of ownership.
It’s just like any other possession you have. If you take care of it, it will last, and these homes are definitely built to last.
Myth #2 People who live in mobile homes are trashy
This is a completely false stereotype. Most of the people that live in mobile homes are just like anyone else. They want a safe, clean place for their family. And that’s what they’re looking for.
Honestly, a lot of the people that live in mobile homes are in retirement communities and they just want to downsize. They want something less expensive, less to clean, less size to worry about, so they can just live that whole minimalistic lifestyle.
But always look at your area. We always say it depends on your area. If you’re in a rundown part of the town, chances are the mobile home communities that are in that part of the town are going to be rundown.
Invest in 3 to 5 star parks. You’re going to look for those safer, cleaner communities around your area. And chances are you’re going to find those parks that you love, and your buyers love. Get the stigma out of your head and go get those deals.
Myth #3 Mobile homes are bad investments
This is completely false. As an investor as long as you know your exit strategy with these mobile homes there’s a ton of ways to make money. We usually average anywhere from a 100% to 300% ROI on these deals. These are great opportunities to make some money.
We love how fast it is, and that there’s always a demand for these homes. Across the states the affordable housing crisis is very real, and people need homes, especially affordable homes. So there’s always going to be that demand there.
And for those people that are buying these homes this is an opportunity for them to own something versus renting it. Let’s be honest, finding a loan for a single family home nowadays is very hard especially for the blue collar class of people out there. So this gives them an opportunity to own something.
And when they resell it they can maybe use that money to put up something for a bigger home. It’s just like a starter home for them. It’s a great opportunity for everybody. Affordable housing is on the rise. So this is a solution for a lot of people.
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