The rise in mobile home investments in the Metro Detroit area is astounding. Not only are these homes affordable, but they also leave a much smaller footprint which is becoming increasingly desirable in the time of the “tiny’ house/ In our latest post, we offer a guide to mobile home investments in Metro Detroit!
The market for mobile homes is typically much smaller than that of other residential or commercial niches. People might assume that because of the low prices, there is less of a profit to be made. However, when done correctly, there is incredible potential for investing in mobile homes! Let us help you decide if it is right for you!
Learn About The Local Metro Detroit Real Estate Market
Investing in mobile homes is a unique niche. It’s likely you won’t have as much competition, however, the competition you do have will really know what they are doing. Before you begin investing in Metro Detroit mobile home units, spend some time studying the market, the supply, demand, trends and the top area buyers. Know what you are getting into and try to foresee what you may be dealing with when it comes time to make an offer. Try to become the expert in your area, the go-to person when it comes to buying and selling mobile homes in Metro Detroit!
Pinnell Enterprises, LLC is well versed in the local mobile home market. We can help you find and evaluate the best mobile homes in the area! If you need to sell, we are ready to help when the time is right!
Park owners and managers will have the inside scoop on mobile homes that might soon be for sale. Get to know them and express your interest. Let them know your plans to help restore and revitalize mobile home units before reselling. This will be beneficial to them as well! By improving the aesthetics, they will be able to justify charging higher lot rents! By having the inside scoop will help to put you one step ahead of the competition and will hopefully be the first to learn about mobile homes for sale in the Metro Detroit area!
Find Mobile Home Contractors
Mobile homes require maintenance outside the traditional scope of a single family home. You will have to be on the lookout for drafts and leaks that are getting into the home. Mobile homes typically retain more moisture, which can cause even more problems to the home. Your contractor should be experienced working on mobile homes to properly understand load bearing, roofing elements and heating and cooling issues. Before you hire anyone to work on your Metro Detroit mobile home, make sure they are licensed and ask about their experience working on mobile and modular homes.
Look For Motivated Sellers
A trick to finding Metro Detroit mobile homes at great prices, it to look for motivated sellers. Networking helps, but you can also take matters into your own hands by being on the lookout for old or ill-maintained properties. An owner of a run-down property may be more inclined to sell it, rather than make the repairs required to publically list it.
For many mobile home investors, once they know the ins and outs of the niche, they will take it one step further, and buy land, to develop into a mobile home park of their own! This requires a land investment and special zoning, however, it can be an excellent way to bring in cash with very little overhead.