Learn how and when this mobile home star rating system rating matters. Learn how to identify and label different mobile home parks and communities soon after you see the park.
Article John read (in the last few minutes of the video) about the history of the mobile home park star rating system. http://bit.ly/2Z1Os1G
For more mobile home investing info please mosey over to https://www.mobilehomeinvesting.net/
One-Star mobile home parks: ROUGHER HOMES, ROUGHER PARK.These are the worst parks around you. There are gang signs and burnt out homes scattered around the premises. This park has quite a high crime rate. Likely pass on this home due to the high risk of theft while your property is vacant and also the type of high-risk buyers this low-end park and neighbors may likely attract.
Pro Tip: Before buying a mobile home inside a one-star park, you may want to ask local law enforcement if they are familiar with this park and any reputation associated with the community.
Two-Star mobile home parks: OLDER HOMES, BELOW AVERAGE PARK. Although you may not wish to live here yourself, you can see a home in this park appealing to some buyers. There may be potholes and trash along the roads. There seems to be a low pride of ownership by the current owner and park management. Many of these homes are from the 1960s, 1970s, and 1980s. Many two-star mobile home parks will not have very strict application processes. Some of these parks may knowingly or unknowingly allow recent violent criminals or gangs into their community. These parks are good for investing in most areas.
Pro Tip: A park’s grade will never be a deal breaker by itself. There are many more factors that go into determining if a mobile home is a “deal” or “no deal.”
Three-Star mobile home parks: AVERAGE HOMES, AVERAGE PARK CONDITIONS. Park is clean, but still needs to kick out some high-risk residents. Most of the homes are over 25 years old. Some trash is scattered on the grounds. You won’t mind buying a few more homes in this park if you can. There is a low degree of crime in this park. Three-star mobile home parks typically are fairly easy to be approved at and also look like clean communities to live in.
Four-Star mobile home parks: AVERAGE HOMES, CLEAN PARK. Average homes that may be 0-40 years old. Park is clean and has amenities. Management and roads are in good shape. Investing in homes located in four-star communities is definitely a wise idea when possible.
Five-Star mobile home parks: WOW! THIS IS MOBILE HOME HEAVEN. As long as lot rent is not too high or the park approval restrictions are not too demanding, this park is good to go. This park is very clean. There may be a front gate and amenities that include golf, tennis, multiple pools, large recreation center, etc.