What exactly does a single wide mobile home have to do with reaching millionaire status? There are a couple of ways we could go about addressing this issue. The obvious would be to extoll the virtues of mobile home park investing, complete with facts and figures to back up how this might be the most profitable sort of real estate venture of them all. But today we’re not going down that path. Instead, we’d like to bring up how living in a single wide mobile home might be the best financial decision you’ll ever make.
To some people in the world of small business, an important concept to internalize early and often is the idea of continually looking for ways to trim expenses. The surest, and often quickest, way to increase your profit is to cut an expense, and perhaps nowhere is that necessity more evident than the first year of owning a mobile home park. First of all, there’s a good chance the park may have been allowed to slide into the land of disrepair and dwindling profits by the previous owner. They often sell because they’re just tired of the grind.
So think about this – moving into a vacant single wide mobile home in the park could be a great idea to save on housing expenses, at least in the beginning when you’re trying to turn the park around financially. While this idea might not make sense in every case, it’s at least something to consider. If you own your home free and clear, there’s probably no reason to move into the park unless you’re also functioning as manager and want to maintain a close eye on the premises. But if you happen to be a renter and you’re paying more for the privilege than the rent that would be lost by inhabiting one of your own trailers, well, we can think of worse ideas than moving in.
Anywhere that an expense can be saved is worth taking a look at to see if it is indeed feasible. Keep in mind that, should you decide to do so, living in a single wide mobile home palace isn’t forever. It’s simply part of an overall initial approach that keeps cash outflow to a minimum and bank rent deposits at a maximum. After you’re a millionaire you can start pondering the possibility of…a double wide!
The MHP Listings Team
Flickr / taberandrew