Mobile Home Park Business
The beauty of mobile home park business rentals is the low maintenance features it has compared to a regular home rental. It practically is self sufficient. If developing passive income by offering rentals with minimal maintenance attracts you, then starting a mobile home park might be the right business for you.
Read this mobile home park business guideline and learn more how you can participate.
Here a few guidelines how to start your own mobile home park business.
Home park business plan
Study your business venture. Have a SWOT (Strengths Weakness Opportunities Threats) analysis done. One of the best features a business of this type offers is its low tenant turnover. This is primarily because of the low supply of home park lots available against a high demand market. Determine which part of the home park business you want to participate in. Do you want to focus on moving lots to tenants like buying lots and having them rented? Do you want to focus on the services like providing water or trash collecting? Do you want to focus on the beautification of the general home park area? Or do you want to play a role as a middleman where you scout for potential home park clients for an existing home park and make money based on commission?
Register for a business name
Write down a list of possible business names for your mobile home park business. Search the web for these names one by one and find out which name is not in use. Quickly reserve this business name and fill up the necessary e-documents.
Get a mobile home park business license
Apply for a license. Consult with a business lawyer to determine what supporting papers are needed to process the application for a license. Visit the city clerk’s office and determine the corresponding fees that need to be settled.
Arranging finance for your mobile home park business
Your startup cost for a mobile park home business will depend on which area of it you want to focus on. If you are into buying lots, you would need a substantial amount of money to invest. This means a big bank loan. However if you choose to be like a middleman, you’re overhead is close to nothing.
Scout for a location
Set a time to meet with a real estate broker. Ask for a list of lots that has potential to be converted and developed into a mobile home park. Ask the broker to accompany you. Survey each area together and choose the best one that fits your business vision as well as your budget. Also try searching the web for online for existing mobile park businesses. Search for lots on sale. Look for opportunities to buy these lots from these owners for a reasonable price. You might actually find existing mobile park businesses for sale. Get a quotation and compare the prices. Determine if it’s cheaper to start one from ground up or if it’s better to just buy into an existing one.
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