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Why Investing in Mobile Home Parks is a Landlord's Dream Deal w/ Cory Harelson
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How do you turn the affordable housing crisis into a profitable investment opportunity?
In this episode of the "Masters of Real Estate" podcast, host Matthew Owens sits down with Corey, a seasoned investor specializing in mobile home parks. Corey shares his journey from being a structural engineer to a successful real estate investor, highlighting the potential of mobile home parks as a recession-resistant asset class. They discuss the unique challenges and rewards of investing in mobile home parks, including the operational efficiencies and value-add strategies that can significantly boost returns. This episode is packed with insights on why mobile home parks might be one of the smartest investments you can make, regardless of economic conditions.
- The Power of Affordable Housing:
- Mobile home parks offer a unique investment opportunity by addressing the affordable housing crisis. Unlike other forms of housing, they provide a naturally affordable living option without relying on government subsidies.
- Value-Add Opportunities:
- Mobile home parks have immense value-add potential. Investors can increase revenue by filling vacant pads, billing back utilities, and reducing expenses. These actions can significantly increase property value.
- Recession Resilience:
- Mobile home parks have consistently been one of the best-performing asset classes during economic downturns. This resilience is due to the essential nature of affordable housing and the stable income of residents, many of whom have essential jobs or fixed incomes.
- Operational Efficiencies:
- Effective management of mobile home parks involves meticulous budgeting, tracking key performance indicators, and maintaining strong collection processes. Automating collections and focusing on tenant screening are crucial for success.
- Learning from Challenges:
- Corey shares a critical lesson from a past investment where he underestimated replacement costs for insurance purposes. This experience emphasizes the importance of accurate valuations and due diligence.
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