22 million Americans<\/a> live in mobile home parks, which make the investment a sound one. They\u2019re also set to grow. With that increased investment, however, there is more competition.<\/p>\n\n\n\nThat makes it harder to be profitable out of the gate. On top of that, many businesses that start up fail in the first few years. You can overcome the odds by taking the proper steps to plan, build, and market your mobile home park.<\/p>\n\n\n\n
Read on to discover how you can start a profitable mobile home business.<\/p>\n\n\n\n\n\n
1. Have a Business Plan<\/h2>\n\n\n\n
Your first step to starting your new venture is to write a business plan. You\u2019re going to need to obtain financing for your new mobile home park unless you are very wealthy and will self-finance.<\/p>\n\n\n\n
Investors and lenders want to make sure that you\u2019ve done your homework and thought out the process to build and market your business. They also want to see that you\u2019re aware of the competition in the area and you understand the financials of your business.<\/p>\n\n\n\n
They\u2019ll want to see how much it will cost to start a mobile home park and your path to become profitable.<\/p>\n\n\n\n
2. Secure the Land for a Mobile Home Park<\/h2>\n\n\n\n
In order to start a mobile home business, you\u2019re going to need land to build your dream. You\u2019ll need to scout potential locations for your mobile home park.<\/p>\n\n\n\n
While you\u2019re scouting the land, you\u2019ll want to gauge how much land costs in your area. You\u2019ll also need to take into account the general area. Will there be nearby amenities like shopping, grocery stores, movies theaters, and entertainment?<\/p>\n\n\n\n
You need to think about what it would be like to live at that location. You can build a great mobile home community, but if it\u2019s not near anything, you\u2019ll have a difficult time attracting people to live there.<\/p>\n\n\n\n
Once you have a few parcels picked out, mark out the costs and put them in your business plan to so you can secure the financing for your business.<\/p>\n\n\n\n
3. Plan the Park Layout<\/h2>\n\n\n\n
You\u2019ll need to make a plan for your space, too. It would make sense to work with an architect or planning company to lay out the land.<\/p>\n\n\n\n
You\u2019ll need to figure out how many lots will be available and how big they\u2019ll be. You want to maximize the space to have as many tenants as possible. At the same time, you don\u2019t want to have tenants on top of each other.<\/p>\n\n\n\n
At this stage, you\u2019re going to have to work with various municipal authorities such as the planning and zoning boards to get the appropriate approvals to build your mobile home park. This is going to be one of the most challenging parts because it will take a lot of time and meetings to get the approvals.<\/p>\n\n\n\n
There will also be public hearings that you have to attend to address any concerns of local residents. These meetings are great opportunities to show how your mobile home park with improve the local community and benefit local businesses.<\/p>\n\n\n\n
4. Remember Utilities Hook-Ups<\/h2>\n\n\n\n
Once you have the zoning approvals and the financing, you have to work with the various utilities to get water, sewer lines, septic tanks, and gas lines all need to be installed.<\/p>\n\n\n\n
There will be costs to get each of these steps taken care of, you know exactly how much it will cost to start a mobile home park.<\/p>\n\n\n\n
5. Finance the Mobile Home Park<\/h2>\n\n\n\n
This part might be just as difficult to do for your mobile home park. You have to get the financing to build it.<\/p>\n\n\n\n
Take your business plan, along with the zoning approvals to various banks and investors. You\u2019ll want to secure financing without having to give up a large percentage of your business.<\/p>\n\n\n\n
Ideally, you would get a loan for your mobile home park at a loan interest rate. This will allow you to pay the loan back much faster once you start to lease the units.<\/p>\n\n\n\n
6. Build the Park<\/h2>\n\n\n\n
Are you ready to build your mobile home park? Finally, you have the financing and approvals to build your mobile home park.<\/p>\n\n\n\n
You\u2019ll need to work with contractors and architects who will follow your plans. As you build the lots and homes, you\u2019ll need to stock up on mobile home parts<\/a> in case there are any maintenance issues with your tenants.<\/p>\n\n\n\n7. Market and Fill Your Park<\/h2>\n\n\n\n
If you\u2019ve made it to this step, congratulations! You\u2019re inching closer and closer to starting your mobile home park.<\/p>\n\n\n\n
As the mobile home park is being built, you can start to market it. You want to create a message that resonates with prospective tenants.<\/p>\n\n\n\n
For example, a message that says that it\u2019s a family and locally run mobile home park would be more attractive to those who have lived in parks that are corporate-owned.<\/p>\n\n\n\n
You\u2019ll also want to market in places where prospective tenants are. Hanging notices where they shop and advertising in local papers and magazines will be a great way to reach them. Combine that with a strong digital marketing campaign and you\u2019re on your way to filling your mobile home park.<\/p>\n\n\n\n
Start a Mobile Home Park <\/strong><\/h2>\n\n\n\nIt\u2019s possible to start a mobile home park that\u2019s profitable. It does take a lot of patience as you wade through the bureaucratic maze of approvals. You also have to work.<\/p>\n\n\n\n
It may take years before your mobile home park is open for business. It is worth it though because you\u2019re giving people a home, a community, and in many cases, a great quality of life.<\/p>\n\n\n\n
If you want more tips on entrepreneurship, be sure to check our business articles that walk you through marketing your business. <\/p>\n\n\n\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Are you ready to start a mobile home park business? Now is a good time because more investors and corporations are recognizing the potential profits that can be made. About 22 million Americans live in mobile home parks, which make the investment a sound one. They\u2019re also set to grow. With that increased investment, however, there […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39,14],"tags":[],"_links":{"self":[{"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/posts\/3534"}],"collection":[{"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/comments?post=3534"}],"version-history":[{"count":1,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/posts\/3534\/revisions"}],"predecessor-version":[{"id":3536,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/posts\/3534\/revisions\/3536"}],"wp:attachment":[{"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/media?parent=3534"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/categories?post=3534"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/tags?post=3534"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}