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You can also see a street view of the park and surrounding area. Yes, there will be a phone number, too. You need to go to the parks. Take time to build a relationship with the….
So making friends with the park manager is essential to your mobile home investing business. You can offer to pay the manager a referral fee for each home they refer to you that you buy.
They will help you sell mobile homes, too. You cannot find mobile home deals sitting at home. Here are a few more sneaky ways to find good, cheap mobile homes that have worked well for me: 3. Mobile Home Dealers When someone wants to buy a new mobile home, the dealer will take their old mobile home in as trade.
The dealer then has to move the mobile home to their lot to resell at a discount. Mobile Home Movers Mobile home movers get great deals—even free mobile homes offered to them all the time. Find out who the mobile home movers are in your area. When they and other big players buy a mobile home park, they usually want to liquidate the existing park-owned homes, especially if they are older homes. Find out if they are buying any parks in your town and if they will have any park-owned homes to liquidate.
This particular niche includes homes on lots, not in parks. And they come in two varieties: single wides and double wides. So, count on paying cash or using creative financing to buy these properties. Mobile Home Parks Mobile home parks typically include multiple single wide mobile homes or RVs on one lot. Sometimes the investor owns the land and the homes, but other times the park owner simply leases spaces to individual owners of homes.
This niche varies from tiny parks with several homes to enormous parks with hundreds of homes. This can be a very profitable niche with extremely high cash on cash returns. But the management demand is often much higher for these properties.
Solid business systems and an excellent team are a must. This is the classic book on mobile home investing. Some of the financing strategies are dated because of federal law changes, but the principles and hilarious stories are worth the purchase. For example, the corner drug store is not usually owned by Walgreens or CVS. Instead, an investor pays for the land and building construction, and the drug store company leases the entire property back for a long period of time often years or more.
The dynamics of commercial real estate are much different than residential properties, so be sure to do a lot of learning and get help before jumping into this niche. Commercial — Office Commercial office investments are similar to retail, except the buildings are used for professional or other offices instead of retail.
This niche ranges from the single tenant office building, like an insurance agent office, to large skyscrapers with offices expanding up into the clouds.
REITS, funds, and other large syndications usually own the bigger commercial office properties. But the small properties are often owned by local, small investors and business operators like an insurance agent or dentist.
Commercial — Industrial Commercial industrial investments house manufacturing and other industrial operations. These buildings can be enormous, covering hundreds of thousands of square feet. As you might imagine, this is a more specialized niche and not usually the entry point for new investors.
Commercial — Self-Storage People like stuff and they need to store it somewhere. Self-storage rental complexes fill this enormous need. Many investors like this niche because there are no tenants living there to complain about toilet leaks or other problems. The building construction is also relatively simple basically glorified garages , making repairs and maintenance easy.
Land Real estate is not just the building or improvements. Many investors specialize in land investing, and there are smaller niches within this broader niche. The smaller niches include land development either putting land together or sub-dividing into pieces , timber, agriculture, land leases, in-fill lots, and more. I like land, but make sure you have a plan for how to get out before getting in. Land does not always produce regular rental income like other property types, so you have to have some cash and staying power in order to hold on to the land long enough to make a profit.
The first link below discusses a very interesting angle of buying land and seller financing it for cash flow. Every piece of real estate includes a bundle of many rights, which include things like mineral rights under the earth like right to dig for oil or gold , riparian rights access and use of water , grazing rights for cattle, and even air rights. In New York City, for example, many smaller building owners sell their air rights the ability to build above their current building to other developers.
Some investors specialize in owning, buying, and selling these rights. The shared ownership could be of many of the other property niches already mentioned. As opposed to public REITs the next niche , syndications are typically organized between private parties. They own a larger, more diverse basket of properties in one or more of the property niches above. Many investors who want more liquid, passive, and diversified real estate investments choose this niche.
Seller niches represent situations in life that cause people to want to sell. Here are the property seller niches: The period between the payments falling behind and the actual foreclosure auction is called preforeclosure. This is a potentially profitable niche because typically the property owner is motivated to sell rather than face the hassle, risk, and embarrassment of a foreclosure.
The lender will also sometimes agree to a short sale, which means they will accept less than the full balance owed on the existing mortgage. Short sales work especially well if the lender is not a first mortgage like a line of credit or other junior liens because could lose their entire investment at the auction. Short sales also work if the property condition is bad enough to reduce the current market value below the loan balance.
Foreclosure Auctions Although the process is different in every state or province, a foreclosure usually ends with an auction where a judge legally offers the property for sale. The public can bid at this auction, but the price is set by the lender to ensure it covers its loan and costs. If no one in the public bids high enough, the lender then becomes the owner. So, they will often list the properties at more aggressive prices to sell them quickly.
Although there are always bank owned properties, the strength of the niche is cyclical depending on how many properties banks have in inventory. Bankruptcy Bankruptcy is a legal process for individuals or businesses with financial difficulties. It allows them to either eliminate Chapter 7 for individuals or repay Chapter 13 for individuals their obligations using the protection of a federal bankruptcy court.
This is a real estate investing niche because sometimes the individuals or businesses in bankruptcy need to sell their properties. Occasionally you can buy these bankruptcy properties at very attractive prices. If you catch landlords at the right time, like when they just had to evict an awful tenant who tore up their property, you can make a good deal. Another fact of life is that some people who die own real estate, and the heirs must decide what to do with it.
Very often, the heirs decide to liquidate the property instead of keeping it. This presents an opportunity for investors because the heirs may be long distance and the property may need work in order to maximize its value.
Offering the service of purchasing real estate from heirs can be a very profitable niche.
Fire or Water Damage Damage from fire or water is a very traumatic event. Even assuming that no one is hurt, the clean-up, insurance claims, and reconstruction are very difficult for the owner of the property.
If the owner failed to have insurance, the situation becomes even worse. They may be forced to sell at a drastic discount because no one can move into the property as-is.
But even with insurance, some people choose not to rebuild and just sell the property. In either case, a real estate investor who knows how to solve these types of problems can create an interesting and profitable niche. Code Violations Most towns and municipalities have codes about the condition of the building and property within their borders. As with all citations, these code violations should be public record. You as an investor can learn which properties have problems, and then you can offer to buy the property as a solution.
This is a niche where you make a profit while solving a problem for the owner, the town staff, and the neighbors around the property. Divorce Unfortunately, divorce is another one of those facts of life. Some real estate investors specialize in purchasing properties from people needing to sell quickly without the publicity and hassle of listing it on the open market. Tax Delinquencies The top source of revenue for most local governments is property taxes.
To solve this problem, the local governments collect the taxes through various delinquent tax processes. In my state of South Carolina, for example, the process works like this.
After 10 months the local tax collector auctions off your property.
If the owner does not pay for the redemption, the investor instead gets a tax deed to the property. Not bad alternatives! Every state has a different procedure, but as a real estate investor, you can study the process and buy properties before, during, or after the auction. It can be a very profitable niche.
Category 3 — End-User Niches End-users are the customers who really drive the real estate investing business. They are the tenants and buyers who live in investment properties.
So, it makes sense to specialize in a niche that serves certain groups of customers. Fair Housing Laws and common decency prohibit refusing a housing customer based on criteria such as race, religion, national origin, familial status, age, disability, handicap, or sex. You can make plenty of money while still treating people fairly. Instead, these niches are about proactively buying properties and locations that will appeal to certain end users. Long-term Rentals This is one of my favorite niches.
The biggest rental expenses occur during turnovers between tenants. So, if you can build a niche of long-term rentals, you will minimize your expenses, save yourself a lot of hassle, and build more wealth over the long run.
There is not one single property type that fits this category.