We’re going to tell you about our 4 A’s guys. We’ve been a part of hundreds of mobile home transactions, and many of them involved mobile home fix and flip. So believe us when we say we’ve experienced it all, the good and the bad.
And honestly guys, if we would’ve known about these 4 A’s before mobile home investing we would have saved ourselves a ton of time and money.
The 4 A’s are Application, Amenities, Appeal and Area.
These 4 A’s are going to help you understand how to evaluate the community that you want to work in, how to evaluate your home before you purchase it, and how to do that before you ever spend any money on repairs or purchasing the home.
Check the application requirements before you even think about investing in a park.
There’s been a lot of times where we are going into parks and we found great homes, but they actually require a 700 credit score, or they allow certain things that are just not normal compared to the majority of parks in the area.
So you don’t want to get into a home where you fix it up, it’s ready, but then it’s going to take you months and months to actually sell the home. And you get stuck paying the Lot Rent in between that time.
So always be sure to go into the community, call the community, and figure out what those requirements are to make sure it makes sense for you as an investor.
You want to think about what your potential buyer wants in their next home and in their next community.
Having something like a gate, a pool, a playground, clubhouses, all of those are things that buyers want because they want to be able to come home and do things with their families and have those things to enjoy.
So make sure you’re looking at the community. Drive around, make sure that there are amenities for the families or for the seniors to enjoy when they move in.
One of the things you’re going to want to look for is a gate. It’s so simple but it creates so much security. And buyers love that. They want to know that they’re going to be safe in their new home. And so that’s a huge amenity that actually brings the value of the home up.
And then simple things like look at the paved road. Notice if there’s not a lot of trash. Things like that tell you that there’s pride of ownership with the houses as well.
We always want to look and see what the other homes are looking like that are nearby in this community. Does your home have any appeal compared to the homes that are already at that park standard or at that market standard?
Your seller can give you some insight on which houses have had rehab work done recently. And you can just eyeball it to see how the home compares to those other homes right across the street. It’ll give you a good idea of what to expect on your rehab from an exterior point of view.
And it’ll help you save a ton of time and make sure you understand the budget it’s going to take to bring your home up to park standards.
Always think about what the buyer is going to experience. What’s around the area? What are some things that they need? That could be a place to get gas, a place to get groceries or a community school. You want to keep the buyer in mind from beginning until the end.
What else is around the area? Are there gas stations around there? Are there restaurants around the area? Are there things that families are going to need like different stores and whatnot?
We just want to make sure that we’re in a convenient location close to the freeway, close to different things that people actually want to be by.
So it’s pretty simple. Just drive around after your appointment with the seller and make sure that this is an area that you would want to be putting another family in.
Think about your buyer guys. You want to make sure that the mobile home is situated in a convenient area because that’s something that’s on their mind.
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