Why You Should Sell Your Urban Mobile Home Park
Many of the 40,000+ mobile home parks in the United States are located in urban areas. For example, consider Lakeland, Florida, where 21.5% of single-family units are mobile homes. Unfortunately, the future of urban mobile home parks is uncertain. Many people are leaving large cities for smaller towns and rural areas. There are several different reasons for this:
- People relocate to find more affordable housing opportunities.
- Specific jobs, such as manufacturing, are frequently found in smaller cities.
- Many people can no longer afford the high cost of living in large cities.
If you own a trailer park in a state like Texas, Ohio, Missouri, or Arkansas (in a medium-sized city), Mobile Home Park Instant Offer might help take your trailer park off your hands with a fast cash offer.
Problems with owning an older mobile home park
If you own an older mobile home park in any sized town, you might find difficulty on several different fronts. First and foremost, older trailer parks often have various issues, such as master-metered sewage and gas systems. Usually, dealing with the city can be difficult. In addition, many cities don’t allow for the development of new mobile home park construction and often make expanding or improving an existing mobile home park difficult.
You might also have higher turnover rates if your mobile home park is in a non-rural setting. For example, trailer parks tend to have long-term tenants in rural areas. However, in cities, mobile home parks will often experience higher turnover as people move to apartments or other areas where they can find work.
Another point to remember is that mobile home parks attract a newer tenant type. Higher-income tenants expect more from a mobile home park as the cost of apartments and house rent increases. Therefore, an older mobile home park might not have the accommodations to attract this new tenant base.
Remedying an older mobile home park in a city will prove costly. The cost of construction will be higher. It will also prove difficult to source construction materials at an affordable price, and relationships with the right contractor could prove challenging to build.
How to get out of your mobile home park with a fast cash offer
If you own an older mobile home park in a small or medium-sized city in states like Texas, Ohio, Arkansas, or Missouri, you should consider a fast cash offer from Mobile Home Park Instant Offer. A quick cash offer will put your park into the hands of an experienced real estate investor with the knowledge to scale the park and develop it appropriately for new tenants. A fast cash offer is often the best exit strategy for a mobile home park that you no longer want.