Chicago mobile home investment can be a great way to bring in additional income and to vary a real estate portfolio. In our latest post, we offer signs a Chicago mobile home will be a profitable investment!
Real estate investors all over the country are taking second looks at what mobile home investment can mean for them in term of profits. Mobile homes are affordable to buy, affordable to maintain, and are often in high demand as more people are turning to a smaller home lifestyle. People aren’t looking at these places as simply trailer parks any longer. They are now known as manufactured homes and are becoming more and more popular by the day.
Become familiar with the mobile home parks in your area. Find out what the percentage of owner-occupied units are within each park. Parks with more owner-occupied units will likely be better maintained overall, attracting a higher quality tenant for you. Get in touch with the park managers and request a tour. Let them know of your interest in buying within the park as they might be able to provide you with information about people looking to sell before the property is listed with an agent. You’ll want to have a thorough understanding of the rules and regulations within the community. Make sure that you are comfortable with the rules and any fees that are assessed.
If possible, and without being obnoxious, talk to residents within the community. Ask them about their living experience and how issues are handled with park management. Try to get a sense of the community and the overall happiness in the area. This will help you attract tenants who want to stay put. People want to live in a place that makes them feel like they are home. Great neighbors, a friendly community, and excellent park management will all help to facilitate that. Drive the park at off hours to make sure it isn’t noisy at night or subject to strangers driving through at all hours. Other than yourself of course.
Many investors opt to purchase Chicago mobile homes in parks that offer amenities for the residents. Some things found at mobile home parks that will help to attract tenants for your property include a pool, playground, park-like settings, a game room, community gathering spaces, and lush landscaping. Some mobile home parks can make you feel as if you are always on vacation. Those are the kinds of parks mobile home renters will be attracted to.
Before deciding on a mobile home to purchase in Chicago, it is important to have a clear understanding of the market. Research the recent sales, take a look at what on the market, and what units are renting for. If you notice low-vacancy and a short number of days on the market for listed properties, you’ll be able to infer that demand for mobile homes in your neighborhood is high. Watch the market, and take note of real estate trends throughout the area. This might mean that it the perfect time for you to invest. At Chicago Home Buyers, we can help you get a better idea of the mobile home market no matter where you are looking to buy in the Chicago area. There is never any obligation or charge.
A park with an owner onsite will be more likely to be properly maintained. They have a personal interest in creating a nice space as well as a business one. They want to make sure the park is properly maintained just as much as you do. Plus, they aren’t going to want to have residents knocking on their door or stopping them in the road to complain about a maintenance issue. Onsite owners will usually be able to fix problems faster than an owner who is located offsite.
When looking at mobile homes for purchase, keep your eye out for patched together repairs. Many owners will try to fix problems themselves, often in any way possible. While the repair you see might be ok, there could very well be repairs you can’t see that were patched together in the same way. A few of the common things to watch out for when choosing a mobile home for purchase are skirting problems, settling, electrical malfunctions, plumbing issues, bad smells, water, mold, and mildew in the walls, bugs, rodents, and other pests. If you are buying a used mobile home in Chicago, make sure it has been well-maintained by the previous owner. If repairs are required, make sure you have the means to handle them quickly.
The right mobile home investment can generate huge profits for you. Buying a mobile home in the Chicago area is becoming more popular by both novice and seasoned investors alike. We would love to help you learn more about the process!