It is a must for every new mobile home investor to understand who are the “buying competition” in your local market. In fact, they are more than just your fellow mobile home investors. They were listed in a previous article and to give you a brief recap, your mobile home-buying competitions can be either of the following:
- Buyers with cash;
- Buyers with approved bank financing; and,
- Other mobile home investors.
Once you know who they are, it’s time to develop a strategy to get ahead of them or at least level the playing field. Here are some ways how you get ahead of your mobile home-buying competition.
1. Inventory of mobile homes and mobile home parks
More mobile homes and mobile home parks around you are always better for an active mobile home investor. You may start looking for them on the Yellow Pages, websites, Facebook groups, or offline locations like a nearby mobile home park. The number of mobile homes and parks will be different per location. A good number would be more than 50 parks within a 50-mile radius around you. This will give you enough opportunities to invest.
2. Market strength
Your city’s population, infrastructure, and other factors could affect the growth or shrinkage of your local mobile home market. Understanding the supply and demand of affordable housing and mobile homes in your area will greatly help you in making decisions regarding investments. Usually, the increase in population will also increase the demand for affordable housing.
3. Attracting the attention
No one has a monopoly on the mobile home market. Anyone committed to the task can be another successful investor! Doing your best will get you to where you want, but standing out among the rest will help you achieve more than you wish for! You don’t have to do anything grandiose to stand out. Helping mobile home parks, communities, buyers, sellers, local authorities, and other people in the business will help you attract the attention you need to succeed.
In any aspect of life, knowledge, and wisdom will always be of great help. The same goes for mobile home investing. You will continue learning lessons with every closed or failed deal. These lessons, along with the strategies listed above, will surely help you be a better investor and get ahead of your competition.