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RE: Multi Family Housing = The Big Fish
And believe it or not- trailer parks have even higher yields. Just buy one that has municipal water and sewer, so you dont have the added expense of treating the drinking water and waste water and the regulations that follow.
Good Info! I've been looking at some tiny lots with asking prices of like 2-3k because they're too small to do anything with, but it would be neat to put trailers on them and rent them out. Too bad most localities have ordinance and zoning issues with that idea. I would love to buy a small trailer park to keep it moving though!
Also, from what I've learned, it's fairly simple to get a mortgage on a 4 unit property. The banks probably wouldn't be as favorable to a trailer park. But one day I won't need them!
The great thing about trailer parks is- you rent the lot. They own the trailer. If the roof leaks, or the toilet need fixing- its their problem. If they bring in a new trailer, and the owners leave- the mortgage company will pay YOU the lot rent. I have a freind in Starke who has a trailer park, and he gets them on lot rent, water, sewer, has a laundrymat and some video game machines and vending machines. He sold his Electical contracting business and started building more parks, pouring slabs and installing infrastructure. Many of his renter are military, and usually stay a few years then move on to wherever they get transfered to.