More Units, Less Money
HOW MOBILE HOME INVESTING LEADS TO MILLIONS
A s always, this asset class never ceases to amaze. Regardless of location, there are numerous benefits to mobile home park investing: cost per unit ratio, low repairs and maintenance, low risk, high demand, low turnover, and less competition. Mobile home parks allow you to acquire more units for less money. This is because you are actually owning the land and not the actual units. So, the investment cost is typically far lower than what you would assume for land laden with units. You aren’t on the hook to stay involved with this investment. You are not required to work with contractors. It is the owner of the unit that is responsible for any updates, repairs or maintenance of their home, not the park owner. Park improvements or updates are far less expensive than apartment building maintenance. This is important and is why we push for you to consider going big in your strategy. The more units you have, the lower any risk of loss. Due to government zoning restrictions, new mobile home parks are not popping up. A properly managed park coupled with the steadily increasing need for affordability in housing means demand will persist. Baby Boomers retiring on a fixed income or selling assets to downsize and have ANY income are finding mobile home parks as the best viable solution. And Boomers are retiring at a rate of 10,000 a day. Tenant turnover is typically one of the biggest risks of multifamily dwelling investments. Costs involve cleaning and repairing the unit and the vacant properties lack of income generation can reduce your monthly profit sizably. Mobile home turnover is low based upon the by Chimene Van Gundy, “Mobile Home Millionaire”
costs associated with moving a not-so-mobile home. Mobile home owners usually do not move within the first five years and if they do move, they typically leave the home and sell it, which gives the park owner a chance to substantially increase the lot’s rent. We wouldn’t spin our wheels training and shaping new investors if mobile home park ownership required strong investment know-how and loads of capital. Most parks have a simple operation strategy with owners who aren’t landlords. What this means for you is that you can typically purchase for a reasonable rate and add your own improvements and value-adds that will ultimately attract a longer-term tenancy. Traditional real estate investors contend with a high level of competition, whereas mobile home investing still does not. Thank you, again mobile home market for somehow flying under the radar and remaining a very valuable diamond in the rough. If you are considering taking the plunge into profit but are finding that you are still hesitating, reach out. We can tell you how it works, but we can also show you how it worked for us and continues to be a lucrative investment. • Chimene Van Gundy is the mother of five children, and she runs and manages five different companies. She is known as the "The Mobile Home Millionaire" and “Queen of Mobile Homes” because she has fixed, flipped, and wholesaled more than 400 units to date in four years and in 11 states. She currently owns 20 mobile home parks and has taken her business international by rehabbing mobile homes in Ireland, where they are called “Holiday homes.” Chimene is on a mission to preserve the “last frontier of affordable housing for the U.S.” and is currently teaching others how to use these “little boxes that spit out cash” to change their lives and live the life of their dreams through her mobile home millions platform.
34 | think realty magazine :: april 2020
Made with FlippingBook Online newsletter