Now that you have focused on mobile homes as a great way to diversify your real estate investment portfolio, this sector of the market is underutilized by investors, so there is little competition. With lower overall upfront investment costs, mobile homes are an excellent entry investment for beginners, starting with one unit. On the other hand, investors with larger goals may own several mobile home parks, with reasonably low management demands for the return, because each resident must care for the maintenance and repairs of their units.
First, however, you will want to focus on specific aspects of this unique market sector and perform due diligence to ensure that you are getting a good deal. We’ve gathered a list of the top five things to check when investing in Providence mobile homes.
No matter what type of real estate you are buying, you must check for the best location when investing in Providence mobile homes. While you can upgrade the mobile home, you can never upgrade the location. Therefore, if you’re buying in a park, you must understand all rules or regulations and federal, state, or local laws governing mobile homes. At The Reservoir Group, we know Providence and can help you focus on the best location for your budget.
You’ll want to check the exterior over carefully when investing in Providence mobile homes. Although you can start with the roof, there should be a fresh protective coating on flat roofs, siding, and skirting, and don’t forget to look underneath the mobile home for insults to the barrier. Investing in Providence mobile homes with the team at The Reservoir Group by your side means an immediate inspection with results you can rely on so that you won’t miss out on a genuine bargain.
There are a few major areas to check on the interior as well when investing in Providence mobile homes. For example, windows and doors should open smoothly, the floor should be level, with no bowing or sagging. In addition, you will want to check that the electrical wiring is up to date and for any water damage on walls or ceilings. At The Reservoir Group, you will know if any repairs are major or minor and if the property is worth the investment. As a bonus, our in-house team of pros at The Reservoir Group can handle as much of the work as you like.
The bottom line is knowing market value when investing in Providence mobile homes is imperative to get a good deal. Checking the final sales price of the nearest and most recently sold mobile homes similar to your subject property will provide you with the best comparison. At The Reservoir Group, we are familiar with the current trends of the Providence market and experts at negotiations to help you come out on top at the bargaining table.
For a unit to qualify as an option for investment, you have to check the math when investing in Providence mobile homes to ensure you are making a profit. Real estate is a numbers game, and to win, you have to make sure you aren’t missing any critical data when doing your calculations. Turning to a professional investor from The Reservoir Group for guidance means you can rest assured you will have a winning formula.
The experienced investors at The Reservoir Group have learned their lessons about buying mobile homes and want to help you avoid the pitfalls, saving you valuable time and money. In addition, The Reservoir Group has spent years building a support team of mobile home repair pros to run every check for you when investing in Providence mobile homes. Call The Reservoir Group at 401-741-1800 or send us a message to learn more about how we can help you.