Not typically considered for real estate portfolios, mobile homes provide a less competitive vehicle for investment diversification into specific market sectors. At the same time, the returns on investment properties or resales are lower, so too are the initial investments. Therefore, if you’re buying a mobile home in West Palm Beach, you will want to pay close attention to these five tips for savvy investors.
Return On Investment
Our first tip for savvy investors buying a mobile home in West Palm Beach is to calculate the return on your investment ROI, which will tell you if your numbers add up. Real estate all boils down to a numbers game, so you must consider many factors, including current West Palm Beach rental rates. The bottom line is that you are investing in making a profit, so you need to buy a mobile home in West Palm Beach at a price that allows you enough profit margin. You can be confident a direct buyer from House IQ will calculate all significant numbers to ensure your deal is a winner.
Leasing the Land
Buying a mobile home in West Palm Beach in a park makes the perfect first investment because the overall upfront cost is naturally lower without purchasing the land. In addition, you can pass any fees included in the lot rent for utilities or other services, along with property taxes, on to your tenants. Your investment plan could consist of buying one mobile home and building this section of your real estate portfolio over time, increasing your holdings and monthly cash flow, which is another excellent tip for savvy mobile home investors in West Palm Beach. A direct buyer from House IQ will help you find the best mobile homes available within your budget for investment in West Palm Beach.
Owning the Land
For investors ready for the next level, buying a mobile home in an existing West Palm Beach park or purchasing the land to build one is another tip for savvy mobile home investors. The primary benefit of owning land is the equity built over time while earning a profit with relatively easy park management. Again, House IQ brings you an entire team of professionals from every walk of the real estate industry to help bring your vision to reality.
Savvy mobile home investors in West Palm Beach should also know that maintenance costs are reasonably low when buying a mobile home. Quite simply, mobile homes are easier to access for repairs in general. In addition, if you own the entire park, the maintenance of the units will be the responsibility of each lot owner, leaving you with the care of the grounds, utilities functioning and any amenities offered in the park as your responsibilities. A direct buyer like those at House IQ can call in their team from all construction industries, ready to jump into action inspect any existing mobile homes or the systems in an existing park before you buy.
Last but not least, our final tip for savvy mobile home investors in West Palm Beach buying a mobile home, tenants in mobile homes tend to remain in place longer. Even within the mobile home sector, you can diversify among family parks and those with more steady income bases, such as retirement communities. Working with House IQ as your team means we can even take on as much of the management role as you like. Our goal at House IQ is for your investment dreams to come true.
Buying a mobile home in West Palm Beach is a great way to increase current cash flow, build your portfolio and add to your passive income in retirement. Working with the experienced professionals at House IQ can make the process simple and easy. Call House IQ at (561) 485-1795 or send us a message to learn more about how we can help you.