business plan for mobile home park

Mobile Home Park Business Plan Template

Written by Dave Lavinsky

Mobile Home Park Business Plan

Over the past 20+ years, we have helped over 500 entrepreneurs and business owners create business plans to start and grow their mobile home park companies.

If you’re unfamiliar with creating a mobile home park business plan, you may think creating one will be a time-consuming and frustrating process. For most entrepreneurs it is, but for you, it won’t be since we’re here to help. We have the experience, resources, and knowledge to help you create a great business plan.

In this article, you will learn some background information on why business planning is important. Then, you will learn how to write a mobile home park business plan step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What Is a Business Plan?

A business plan provides a snapshot of your mobile home park business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategies for reaching them. It also includes market research to support your plans.  

Why You Need a Business Plan

If you’re looking to start a mobile home park business or grow your existing mobile home park company, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your mobile home park business to improve your chances of success. Your mobile home park business plan is a living document that should be updated annually as your company grows and changes.  

Sources of Funding for Mobile Home Park Businesses

With regards to funding, the main sources of funding for a mobile home park business are personal savings, credit cards, bank loans, and angel investors. When it comes to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to ensure that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for mobile home park companies.

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How to write a business plan for a mobile home park.

If you want to start a mobile home park business or expand your current one, you need a business plan. The guide below details the necessary information for how to write each essential component of your mobile home park business plan.

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your executive summary is to quickly engage the reader. Explain to them the kind of mobile home park business you are running and the status. For example, are you a startup, do you have a mobile home park business that you would like to grow, or are you operating a chain of mobile home park businesses?

Next, provide an overview of each of the subsequent sections of your plan.

• Give a brief overview of the mobile home park industry.
• Discuss the type of mobile home park business you are operating.
• Detail your direct competitors. Give an overview of your target customers.
• Provide a snapshot of your marketing strategy. Identify the key members of your team.
• Offer an overview of your financial plan.

Company Overview

In your company overview, you will detail the type of mobile home park business you are operating.

For example, you might specialize in one of the following types of mobile home park businesses:

• Retiree or age restricted: This type of mobile home park caters to the needs and preferences of senior adults and usually has a minimum age requirement for residents.
• Family-friendly: This type of mobile home park caters to families and may have amenities that appeal to kids such as a playground or a pool.
• Budget or low cost: This type of mobile home park caters to people looking for the lowest price or those who wish to live a minimalist lifestyle. These parks typically have less amenities, but offer cheaper prices than other options.
• Luxury: This type of mobile home park caters to people looking for a high-end, designer mobile home. These parks are often located in more expensive areas.
• Pet-friendly: This type of mobile home park caters to pet owners and may include pet-friendly amenities such as a dog park.

In addition to explaining the type of mobile home park business you will operate, the company overview needs to provide background on the business.

Include answers to questions such as:

• When and why did you start the business?
• What milestones have you achieved to date? Milestones could include the number of mobile homes rented or sold, the number of parks opened, and reaching $X amount in revenue, etc.
• Your legal business structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry or market analysis, you need to provide an overview of the mobile home park industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the mobile home park industry educates you. It helps you understand the market in which you are operating.

Secondly, market research can improve your marketing strategy, particularly if your analysis identifies market trends.

The third reason is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your mobile home park business plan:

• How big is the mobile home park industry (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in the market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth forecast over the next 5 – 10 years?
• What is the relevant market size? That is, how big is the potential target market for your mobile home park business? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your mobile home park business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: individuals, schools, families, and corporations.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of mobile home park business you operate. Clearly, individuals would respond to different marketing promotions than corporations, for example.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, including a discussion of the ages, genders, locations, and income levels of the potential customers you seek to serve.

Psychographic profiles explain the wants and needs of your target customers. The more you can recognize and define these needs, the better you will do in attracting and retaining your customers.  

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Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other mobile home park businesses.

Indirect competitors are other options that customers have to purchase from that aren’t directly competing with your product or service. This includes other types of communities, apartment complexes, condominiums, etc. You need to mention such competition as well.

For each such competitor, provide an overview of their business and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as

• What types of customers do they serve?
• What type of mobile home park business are they?
• What is their pricing (premium, low, etc.)?
• What are they good at?
• What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

• Will you make it easier for your customers to obtain your product or service?
• Will you offer products or services that your competition doesn’t?
• Will you provide better customer service?
• Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.  

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a mobile home park business plan, your marketing strategy should include the following:

Product : In the product section, you should reiterate the type of mobile home park company that you documented in your company overview. Then, detail the specific products or services you will be offering. For example, will you provide luxury mobile home units, budget units, or fully furnished units?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your plan, you are presenting the products and/or services you offer and their prices.

Place : Place refers to the site of your mobile home park. Document where your company is situated and mention how the site will impact your success. For example, is your mobile home park located close to public transportation, on the outskirts of city limits, or in a rural or secluded area? Discuss how your site might be the ideal location for your customers.

Promotions : The final part of your mobile home park marketing plan is where you will document how you will drive potential customers to your location(s). The following are some promotional methods you might consider:

• Advertise in local papers, radio stations and/or magazines
• Reach out to websites
• Distribute flyers
• Engage in email marketing
• Advertise on social media platforms
• Improve the SEO (search engine optimization) on your website for targeted keywords

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your mobile home park business, including answering calls, showing units, billing tenets and collecting rent, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to acquire your Xth tenent, or when you hope to reach $X in revenue. It could also be when you expect to expand your mobile home park business to a new city.  

Management Team

To demonstrate your mobile home park business’ potential to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.

Ideally, you and/or your team members have direct experience in managing mobile home park businesses. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing a mobile home park or successfully running a small rental business.  

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet, and cash flow statements.

Income Statement

An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenue and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will your mobile home park have 10 units, and will you expect to maintain a 70% capacity on average? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets

Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your mobile home park business, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a lender writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement

Your cash flow statement will help determine how much money you need to start or grow your business, and ensure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.

When creating your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a mobile home park business:

• Cost of land, units, equipment, and supplies
• Payroll or salaries paid to staff
• Business insurance
• Other start-up expenses (if you’re a new business) like legal expenses, permits, computer software, and equipment

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your location lease or a list of amenities you provide.  

Writing a business plan for your mobile home park business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will understand the mobile home park industry, your competition, and your customers. You will develop a marketing strategy and will understand what it takes to launch and grow a successful mobile home park business.

Mobile Home Park Business Plan FAQs

What is the easiest way to complete my mobile home park business plan.

Growthink's Ultimate Business Plan Template allows you to quickly and easily write your mobile home park business plan.

How Do You Start a Mobile Home Park Business?

Starting a mobile home park business is easy with these 14 steps:

• Choose the Name for Your Mobile Home Park Business
• Create Your Mobile Home Park Business Plan
• Choose the Legal Structure for Your Mobile Home Park Business
• Secure Startup Funding for Your Mobile Home Park Business (If Needed)
• Secure a Location for Your Business
• Register Your Mobile Home Park Business with the IRS
• Open a Business Bank Account
• Get a Business Credit Card
• Get the Required Business Licenses and Permits
• Get Business Insurance for Your Mobile Home Park Business
• Buy or Lease the Right Mobile Home Park Business Equipment
• Develop Your Mobile Home Park Business Marketing Materials
• Purchase and Setup the Software Needed to Run Your Mobile Home Park Business
• Open for Business

Learn more about how to start your own mobile home park business .

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Other Helpful Business Plan Articles & Templates

Mobile Home Park Business Plan Template

Written by Dave Lavinsky

Mobile Home Park Business Plan

You’ve come to the right place to create your Mobile Home Park business plan.

We have helped over 1,000 entrepreneurs and business owners create business plans and many have used them to start or grow their Mobile Home Parks.

Below is a template to help you create each section of your Mobile Home Park business plan.

Executive Summary

Business overview.

Riverside Meadows Mobile Home Community is a mobile home park business located in Trenton, Pennsylvania. The company is founded by Garrett and Penny Harden, both former employees of a sizable mobile home park neighborhood. Garrett was the Operations Manager for his former employer, overseeing everything needed for the community, including tenant relations, maintenance, landscaping and general day-to-day management. Penny was the Administrative Manager for the same company, where she took on the administrative tasks, including overseeing rent payments, daily correspondence, tenant needs, and park personnel. She also handled payroll and accounting duties.

Product Offering

The following are the services that Riverside Meadows Mobile Home Community will provide:

• A safe and comfortable living environment
• A strong sense of community
• A clubhouse, recreational areas, playgrounds, walking trails, and community gardens
• Lush landscaping environment with grass and trees at each mobile home unit
• Convenient access to highways, public transportation, and shopping centers
• Comfortable lifestyle for individuals, families, retirees, and seasonal residents
• An inviting and sustainable community
• On-call maintenance and repair service for residents

Customer Focus

Riverside Meadows Mobile Home Community will target individual adults of all ages. They will target families. They will target seniors who desire a tight-knit community and socialization. They will target those seeking affordable housing options. They will target homeowners looking to downsize.

Management Team

Riverside Meadows Mobile Home Community will be co-owned and operated by Garrett and Penny Harden. They have recruited John Jacobs to be the Property Manager. They have also recruited Tiny Landen to be the Maintenance and Repairs Manager. Garrett recruited Janine Harris to be the Resident Services Manager and Penny recruited Art Granger to be the Property Oversight Manager.

Garrett holds a bachelor’s degree in Finance from Pennsylvania State University. His former employment at a sizable mobile home park business gave him over twelve years of experience as he took on the role of the Operations Manager. He learned every aspect of operating and deftly handled the resident requests, communications and maintenance needs of all. Penny Harden was employed by the same company, where she held the role of Administrative Manager. She will continue in that role with Art Granger in personnel oversight.

John Jacobs was formerly employed for five years by a small mobile home park as the General Manager. He created a system to successfully integrate new families into the park, while encouraging seniors in the park to engage with the community. This brought new life to the mobile home park, enabling the owners to enlarge the park and expand the amenities. John will take on the role of Property Manager, where he will oversee resident screening, lease agreements, rent collection, and dispute resolution.

Tiny Landen will be the Maintenance and Repairs Manager, having been employed for the past six years as a maintenance supervisor for a homeowner’s association. He will establish a regular maintenance schedule, including landscaping, infrastructure upkeep, and mobile home inspections.

Janine Harris will be the Resident Services Manager, providing responsive customer service, facilitating community events, and addressing residents’ concerns. She was formerly the Resident Advisor for Garrett Harden.

Art Granger will be the Property Oversight Manager. In his role, he will assist Tiny Landen and ensure compliance with zoning regulations, safety codes, and housing laws. Art was recruited by Penny Harden, as he was formerly the Property Assistant Manager and worked with her on a daily basis.

Success Factors

Riverside Meadows Mobile Home Community will be able to achieve success by offering the following competitive advantages:

• Friendly, knowledgeable, and highly-qualified team of Riverside Meadows Mobile Home Community
• Lush landscaping environment with grass and trees at each mobile home lot
• Comprehensive menu of services for on-call maintenance and repair service for residents
• Riverside Meadows Mobile Home Community offers excellent pricing and package pricing for families. Their pricing structure is the most cost effective compared to the competition.

Financial Highlights

Riverside Meadows Mobile Home Community is seeking $200,000 in debt financing to launch its mobile home community business. The funding will be dedicated toward securing the office space and purchasing office equipment and supplies. Funding will also be dedicated toward three months of overhead costs to include payroll of the staff, rent, and marketing costs for the print ads and marketing costs. The breakout of the funding is below:

• Office space build-out: $20,000
• Office equipment, supplies, and materials: $10,000
• Three months of overhead expenses (payroll, rent, utilities): $150,000
• Marketing costs: $10,000
• Working capital: $10,000

The following graph outlines the financial projections for Riverside Meadows Mobile Home Community.

Company Overview

Who is riverside meadows mobile home community.

Riverside Meadows Mobile Home Community is a newly established, full-service mobile home community in Trenton, Pennsylvania. Riverside Meadows Mobile Home Community will be the most reliable, cost-effective, and efficient choice for individuals and families in Trenton and the surrounding communities. Riverside Meadows Mobile Home Community will provide a comprehensive menu of amenities and services for all mobile home owners to utilize. Their full-service approach includes a comprehensive array of attractive amenities and services.

  Riverside Meadows Mobile Home Community will be able to host over 300 individuals or families on spacious lots. The team of professionals are highly qualified and experienced in mobile home lifestyles, as well as all maintenance and repairs of those homes that may be needed. Riverside Meadows Mobile Home Community removes all headaches and issues of owning a home and ensures all issues are taken care of expeditiously while delivering the best customer service.

Riverside Meadows Mobile Home Community History

Riverside Meadows Mobile Home Community will be co-owned and operated by Garrett and Penny Harden. They are both former employees of a sizable mobile home park neighborhood. Garrett was the Operations Manager for his former employer, overseeing everything needed for the community, including tenant relations, maintenance, landscaping and general day-to-day management. Penny was the Administrative Manager for the same company, where she took on the administrative tasks, including overseeing rent payments, daily correspondence, tenant needs, and park personnel. She also handled payroll and accounting duties.

Since incorporation, Riverside Meadows Mobile Home Community has achieved the following milestones:

• Registered Riverside Meadows Mobile Home Community, LLC to transact business in the state of Pennsylvania.
• Has a contract in place for a 5,000 square foot office at a building next door to the mobile home community property.
• Reached out to numerous former associates and contacts to spread the word of Riverside Meadows Mobile Home Community.
• Began recruiting a staff of ten and six office personnel to work at Riverside Meadows Mobile Home Community.

Riverside Meadows Mobile Home Community Services

The following will be the services Riverside Meadows Mobile Home Community will provide:

Industry Analysis

The mobile home park industry is expected to grow over the next five years to over $22 billion. The growth will be driven by affordable housing demand. The growth will be driven by an aging population who want fewer homeowner responsibilities, but want the community of a neighborhood The growth will be driven by investment opportunities for those who choose to buy and lease out such properties. Costs will likely be reduced as economics of scale continue Costs will likely be reduced as technology advances Costs will likely be reduced as sustainability and energy-reducing properties become standard

Customer Analysis

Demographic profile of target market, customer segmentation.

Riverside Meadows Mobile Home Community will primarily target the following customer profiles:

• Adults of all ages
• Seniors who desire socialization without the homeowner responsibilities
• Individuals seeking affordable housing options
• Homeowners looking to downsize

Competitive Analysis

Direct and indirect competitors.

Riverside Meadows Mobile Home Community will face competition from other companies with similar business profiles. A description of each competitor company is below.

Golden Oaks Mobile Home Village

Golden Oaks Mobile Home Village is an exclusive “seniors only” mobile home park designed to provide a comfortable and vibrant living environment for retirees seeking an active and fulfilling lifestyle. Nestled amidst serene surroundings, the park offers a peaceful retreat while fostering a strong sense of community among its residents. The company is owned by Jacob Silverstein, who built the mobile home village in 2006. The village consists of 150 senior mobile home lots, a clubhouse and library, a pool and spa, and other amenities to serve seniors. There is a 24-hour maintenance and repair service for the residents and a social director who oversees the social gatherings of mobile home park members.

Brookfield Mobile Home Park

Brookfield Mobile Home Park is a welcoming mobile home park designed specifically for young families seeking a safe, supportive, and family-oriented community. The park offers a range of amenities and services tailored to meet the needs of families with children, creating an environment where both parents and kids can thrive. Brookfield Mobile Home Park is owned and operated by Sam and Jackson Bower, who share the operations responsibilities equally at the 75 unit park. Sam and Jackson have several years of experience in mobile home park management, which led them to open the Brookfield Mobile Home Park in 2001.

Sam and Jackson Bower direct all amenities toward children, having installed a superior climbing structure and play set within a park atmosphere for the children in the community to enjoy. The families who live in Brookfield Mobile Home Park socialize together and often eat meals together on a weekly basis. Over 80% of those who moved in during 2001 are still in residence there.

Trenton Mobile Home Park

The Trenton Mobile Home Park was launched in 2011 by Dottie Hamerston, a former mobile home park resident who desired to help the seniors in her community by building a seniors-only park for them. Trenton Mobile Home Park features spacious and meticulously maintained mobile home sites that offer residents the opportunity to personalize their living spaces by gardening in small enclosed backyards and by providing wooden decking for each site. Each site is thoughtfully designed to accommodate the unique needs of senior residents, smoothing walkways and roads, with swimming pools that accommodate disabled residents and by continually assessing senior living accommodations to provide the best living environment for them.

Trenton Mobile Home Park is in an older neighborhood in Trenton, Pennsylvania and the owner recently hired a security team to regularly patrol the community from 11 pm to 7 am. This service was deemed necessary, as seniors have little ability to protect themselves, particularly when living alone. This additional amenity brought new potential homeowners to view empty sites for rent.

Competitive Advantage

Riverside Meadows Mobile Home Community will be able to offer the following advantages over their competition:

Marketing Plan

Brand & value proposition.

Riverside Meadows Mobile Home Community will offer the unique value proposition to its clientele:

• Highly-qualified team of skilled employees who are able to provide a comprehensive set of amenities and services for the homeowners

Promotions Strategy

The promotions strategy for Riverside Meadows Mobile Home Community is as follows:

Word of Mouth/Referrals

Riverside Meadows Mobile Home Community has built up an extensive list of former employee associates and contacts over the years by providing exceptional service and expertise for homeowners and their employers. Those associates have indicated they will refer friends and help spread the word of Riverside Meadows Mobile Home Community.

Professional Associations and Networking

Riverside Meadows Mobile Home Community will join community associations and industry groups to network and spread the word of the new community. They will also engage in the leadership of community groups to give back to the people who live in the area and encourage future homeownership in the mobile home community.

Print Advertising

Riverside Meadows Mobile Home Community will announce their launch via a direct mail piece to every resident in Trenton and those in surrounding communities. An invitation to the launch will be issued, along with an invitation to tour the grounds and community and share in a champagne brunch.

Website/SEO Marketing

Riverside Meadows Mobile Home Community will fully utilize their website. The website will be well organized, informative, and list all the amenities and services that Riverside Meadows Mobile Home Community provides. The website will also list their contact information and list current home sites available for rent. The website will engage in SEO marketing tactics so that anytime someone types in the Google or Bing search engine “mobile home park” or “mobile homes near me”, Riverside Meadows Mobile Home Community will be listed at the top of the search results.

The pricing of Riverside Meadows Mobile Home Community will be moderate and on par with competitors so customers feel they receive excellent value when purchasing their services.

Operations Plan

The following will be the operations plan for Riverside Meadows Mobile Home Community. Operation Functions:

• Garrett Harden will be the co-owner and President of the company. He will oversee all staff and manage client relations.
• Penny Harden will be the co-owner and Vice-President of the company. She will be the Administrative Manager, handling the oversight of paperwork and documents.
• John Jacobs will be the Property Manager, where he will oversee resident screening, lease agreements, rent collection, and dispute resolution.
• Tiny Landen will be the Maintenance and Repairs Manager. In this role, he will establish a regular maintenance schedule, including landscaping, infrastructure upkeep, and mobile home inspections.
• Janine Harris will be the Resident Services Manager, providing responsive customer service, facilitating community events, and addressing residents’ concerns.
• Art Granger will be the Property Oversight Manager. In his role, he will assist Tiny Landen and ensure compliance with zoning regulations, safety codes, and housing laws.

Milestones:

Riverside Meadows Mobile Home Community will have the following milestones completed in the next six months.

• 5/1/202X – Finalize contract to lease office space
• 5/15/202X – Finalize personnel contracts for the Riverside Meadows Mobile Home Community
• 6/1/202X – Finalize contracts for Riverside Meadows Mobile Home Community suppliers
• 6/15/202X – Begin networking at community and industry events
• 6/22/202X – Begin moving into Riverside Meadows Mobile Home Community office
• 7/1/202X – Riverside Meadows Mobile Home Community opens its doors for business

Financial Plan

Key revenue & costs.

The revenue drivers for Riverside Meadows Mobile Home Community are the fees they will charge to the homeowners for their rental and maintenance services.

The cost drivers will be the overhead costs required in order to staff Riverside Meadows Mobile Home Community. The expenses will be the payroll cost, rent, utilities, office supplies, and marketing materials.

Funding Requirements and Use of Funds

Riverside Meadows Mobile Home Community is seeking $200,000 in debt financing to launch its mobile home community. The funding will be dedicated toward securing the office space and purchasing office equipment and supplies. Funding will also be dedicated toward three months of overhead costs to include payroll of the staff, rent, and marketing costs for the print ads and association memberships. The breakout of the funding is below:

Key Assumptions

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.

• Number of Residents Per Year: 308
• Average Revenue per Month: $308,000
• Office Lease per Year: $100,000

Financial Projections

Income statement, balance sheet, cash flow statement, mobile home park business plan faqs, what is a mobile home park business plan.

A mobile home park business plan is a plan to start and/or grow your mobile home park business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can easily complete your Mobile Home Park business plan using our Mobile Home Park Business Plan Template here .

What are the Main Types of Mobile Home Park Businesses? 

There are a number of different kinds of mobile home park businesses , some examples include: Retiree or age restricted, Family-friendly, Budget or low cost, Luxury, and Pet-friendly.

How Do You Get Funding for Your Mobile Home Park Business Plan?

Mobile Home Park businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

What are the Steps To Start a Mobile Home Park Business?

Starting a mobile home park business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Mobile Home Park Business Plan - The first step in starting a business is to create a detailed mobile home park business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast. 

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your mobile home park business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your mobile home park business is in compliance with local laws.

3. Register Your Mobile Home Park Business - Once you have chosen a legal structure, the next step is to register your mobile home park business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.

4. Identify Financing Options - It’s likely that you’ll need some capital to start your mobile home park business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.

7. Acquire Necessary Mobile Home Park Equipment & Supplies - In order to start your mobile home park business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation.

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your mobile home park business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising. 

Learn more about how to start a successful mobile home park business:

• How to Start a Mobile Home Park

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Mobile Home Park Business Plan Sample

JAN.11, 2022

Do you want to start Mobile Home Park business plan?

Are you thinking, “I wanna start a mobile home park business plan?”. If so, you will need to read through a mobile home park business plan sample. This business can be a great choice if you want a flexible business that will give you enough profit.

You can start a mobile home park business at any scale and any place. However, you will need to consult best business plan experts . They will guide you on how to start a mobile home park business.

You must consult a mobile home park business plan whenever you need to create a business. You can consult any business plan; may it be a business plan for banquet hall or any generalized business plan.

Executive Summary

2.1 the business.

Move Along will be a mobile home park company started by Richard Hansen. The main target of the business will be to provide a stable park in the Washington area where people can just bring their trailers and park at a reasonable rent per night. It will offer a wide range of services and a good parking space including cleaning, food and maintenance services.

2.2 Management of Mobile Home Park Company

Before you start mobile home park, you need to make sure that you have a game plan to manage all of its resources. This game plan is referred to as a business plan. A mobile home park business plan lays out all the details telling you how to manage a mobile home park. It also advises you on efficiently managing your money, time and resources.

To develop a mobile home park business plan for your company, you will need to consult some business that creates a professional business plan . When building mobile home park, you will need to study the logistic and financial resources you possess.

In this document, we are highlighting all the details necessary to Richard for owning mobile home park.

2.3 Customers of Cleaning Services Company

Our customers will mostly belong in the working class domain as they require mobile homes and their services the most. The list of major customers is as follows:

• Working-Class People

2.4 Business Target

Our primary target is to provide affordable housing to wage-bound people living in and around Washington.

The logistic goals that we want to achieve within the first four years of launch are demonstrated below:

Company Summary

3.1 company owner.

Move Along will be owned and operated by Richard Hansen, who completed his MBA from England five years ago. Since then, he has worked as a professional consultant to many big marketing firms. However, he wanted to start his own business in a unique niche. Thus, he will now work to develop his dream into reality and start a mobile home park business.

3.2 Why the Mobile Home Park company is being started

Ever a keen observant of his surroundings, Richard realized that many people in the US prefer to invest in a mobile home instead of a traditional brick house. He realized that the shift in the trend was because of the excessively increasing price of real estate. Here, Richard saw an opportunity and decided to start an affordable housing business in the form of a mobile home park.

3.3 How the Mobile Home Park company will be started

Step1: Plan Everything

Before you start working on a mobile home park business plan, you need to know what is mobile home park. Only then can you plan your business. A good mobile home park business plan is of absolute importance when learning how to open a mobile home park. It will not only tell you how to run a mobile home park but also guide you through the trials and tribulations of starting a company.

Step2: Define the Brand

The next step is to attract customers to your budding business. The best way to do this is by developing a brand for your business. A brand will include your aims, faith and values as a company. It will tell your customers how you will service and benefit them and, hence, attract your target customers to your doorstep.

Step3: Establish Your Corporate Office

To start his company, Richard decided to purchase land near the centre of Washington. He will now work on procuring contracts from mobile home suppliers. He will also start hiring his workforce to manage the business on land.

Step4: Establish a Web Presence

Any business today demands an online presence for its success. Understanding the paramount necessity of a web existence, Richard decided not only on a website for his company but also on social media in the form of business accounts.

Step5: Promote and Market

The final step in starting your business is to promote it through a well-developed and refined marketing plan.

Mobile home parks investment opportunities are increasing day by day. But before you start going into the details of how to develop a mobile home park, you need to settle on the services you will provide to your customers. For determining which services you should include in the initial plans of your business, you can refer to mobile home parks business plans or even amusement park business plan s to get a general idea.

Since Richard decided to opt for a business with a flexible domain, you can refer to this mobile home park business plan for learning how to make a mobile home park.

• Land Renting

We will offer rental services for mobile homes. Our customers can just rent out a land space and then put their mobile homes there.

• Mobile Home Rentals

We will also be offering mobile home renting services. Therefore, our customers can either rent land and mobile homes separately or rent them out in a complete package of their choice.

• Maintenance Services

We’ll offer top of the class maintenance and cleaning services. Our customers can hire these services year-round or just for special occasions to get their home rentals, and the surrounding land cleaned up and spotless.

• Transportation Services

Our last service will be in the transportation domain. Our customers can reach out to us for booking rides in taxis, vans, unique purpose cars or even moving trucks.

Marketing Analysis of Mobile Home Park Company

When opening a mobile home park business, you need to have in-depth knowledge about your target market. If you look at an entrepreneur sample business plan RV mobile home park, you will see that you can only know your market fully if you do a market analysis beforehand. You will find this advice in every mobile home park business plan template. Even business plan for artists advise the same thing.

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It requires a bit of technical knowledge to conduct a market analysis, and it can be daunting at first. But you can just refer to this guide on how to develop a mobile home park to get started. It will tell you everything you need to know about how to own a mobile home park and all your potential customers and target markets.

Here, we have described the market trends for the target market of Move Along.

5.1 Market Trends

According to Movity, about 22 million people live in mobile homes in the United States. And according to Nebraska manufactured housing stats, the population has increased by 226% since 2009. In short, the demand for alternative housing and mobile homes is not going down any time soon. More and more people prefer to live in these tiny, manageable homes. Therefore, people will always be on the lookout for an excellent mobile home community park.

5.2 Marketing Segmentation

The potential customers of Move Along are divided into the following groups:

5.2.1 Working-Class People

Our primary customers will be the working-class community. With the inflation rates ever so high, and the real estate market boasting high rates, people are trying to find suitable and affordable housing for themselves. Therefore, we expect most of our customers to belong to the working-class, looking to utilize our mobile home services.

5.2.2 Vagabonds

Many of the younger generations prefer to move from place to place in search of better opportunities. With that in mind, we expect a good amount of business from single travellers looking for a place to stay without breaking their bank.

5.2.3 Tourists

Tourism is a massive part of the economy of the US. Many tourists usually want to spend as little as possible on their living arrangements to experience as much of the culture and opportunities as they can. Therefore, we expect that with good marketing, many tourists will use what Moving Along has to offer.

5.2.4 Investors

Lastly, the real estate market is always teeming with people looking to invest. The past few years have also seen this trend shifting to the mobile home industry. Therefore, we will offer our customers a chance to invest in what is quickly becoming a viable investment option in the US.

5.3 Business Target

• To become the most affordable and stable mobile park around Washington.
• To expand our services and business to other US states as well.
• To maintain customer satisfaction above 95%.
• To be earning a net profit of $50k/month by the end of the second year.

5.4 Product Pricing

Our prices and rents will be much more affordable than our competitors in the real estate market. We aim to provide more convenience to our customers in the least amount of money.

Marketing Strategy

Starting a mobile home park is not an easy task. You need to develop many competitive advantages while developing a mobile home park just to stay afloat. You can find your advantages over your competitors by conducting a marketing analysis.

Marketing analysis will not only tell you how to open a mobile home park so that you can reap maximum benefits, but it will also give you insights on how to attract more customers to your business.

6.1 Competitive Analysis

• We have an excellent service structure built around the convenience of our customers.
• Our customers can contact us at any time through our website and social media.
• We have 24/7 customer care service available to ensure that any and every problem of our customers will be resolved immediately.
• Unlike our competitors, we offer multiple services related to housing and commute, all in one place.

6.2 Sales Strategy

• We will market our business through posters, billboards, social media and Google Ads.
• We will offer one month of complimentary cleaning services to our first 15 renters.
• We will offer excellent services at reduced rates to our first ten customers for a whole year.

6.3 Sales Monthly

6.4 Sales Yearly

6.5 Sales Forecast

Personnel plan

Starting a mobile home park business can be tough if you don’t have the right people to work with you. The success of a business is heavily reliant on its workforce. Every consultant will tell you that learning how to build mobile home park without a good employee force is useless. You will find the same advice uttered in every mobile home park business plan , may it be a business plan for music industry or a water park business plan .

7.1 Company Staff

• 1 Co-Manager to help in overall operations
• 5 HCT Certified Residential Cleaning Professional
• 8 General Maintenance employees
• 1 Social Media Manager
• 2 Sales Executives to handle marketing and sales
• 1 Accountant
• 1 Receptionist

7.2 Average Salary of Employees

Financial plan.

The cost to build a mobile home park isn’t covered by just increased sales. It would be best to have a lot more planning to ensure that the cost of mobile home park doesn’t drown you in debts. You can do this planning by writing up a financial plan. A financial plan will guide you in smartly using your resources to achieve more with little.

Here we’re providing the detailed financial plan made for Move Along. You can use this plan to learn how to buy a mobile home park and manage it efficiently. Alternatively, you could also refer to movie theatre business plan or anything of the like.

8.1 Important Assumptions

8.2 break-even analysis.

8.3 Projected Profit and Loss

8.3.1 profit monthly.

8.3.2 Profit Yearly

8.3.3 Gross Margin Monthly

8.3.4 Gross Margin Yearly

8.4 Projected Cash Flow

8.5 Projected Balance Sheet

8.6 business ratios.

1. How to start a mobile home park business?

Starting a mobile home park business can be tricky at the beginning. But you can make sure that your journey is as smooth as possible by developing a mobile home park business plan just like the one above.

2. How to develop a mobile home park?

You can start owning mobile home park by making sure that you have every business aspect planned out beforehand. And you can achieve all this through a thorough mobile home park business plan .

3. How to make a mobile home park?

You can make a mobile home park by buying out a piece of land and then developing it. However, it would help if you lay out the financial plans beforehand to ensure that you can bear mobile home park development costs.

Download M obile Home Park Business Plan Sample in pdf

OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.

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Mobile Home Park Business Plan: A How To Guide

• February 28, 2021

Before you jump into the industry, you need a plan. You need your strategies and business plans prepared before joining the industry. Otherwise, you’re setting yourself up for failure. Having a solid mobile home park business plan can make all the difference in your experience.

So how do you create a good plan? That’s a bit of a loaded question. It depends on your intentions. Ask yourself, what is your mission? What is your goal? Is it yield, is it long-term ownership. A 3-5 year plan then get out? A 10 year IOR? Once you figure this out first, then plan accordingly. Also, you have to be realistic relative to the kind of park you’re going for. Each comes along with its own set of considerations that vary a lot based on your agenda. From there, create the plan.

Location, Location, Location

The locale of your park plays a large role in how to plan for it. Determining the region that you wish to settle in can have huge implications on your park. The considerations for a park in the Southeast may look different than one in the Southwest. Likewise, your localized parks can have their own set of demands to keep in mind.

As you may already know, there are several different kinds of parks. This leads to your next step: which one will you choose? There’s rentals, park owned homes, lot rent parks, heavily-vacant, and more. Even stabilized parks come with their own dealings, as they can be agency financeable. In all, your efforts must be targeted and disciplined. If you shoot for everything you, you’ll likely stumble. Take your time, weigh out every option, and pick what’s best for you. From there, you’re a step closer to successfully entering the industry!

Resources & Financing

Once you’ve identified which kind of park and where, now you can start your focused search! There are several resources to choose from when locating a functional park. You can search the online database for mobile home parks to see what’s available. From there, there are google earth images that you can search to see any park from your laptop. It doesn’t hurt to take a ride by the park once you’ve found one of interest, either.

Let’s say you’ve narrowed your selections down to your best possible choice. From here, you have to figure out the financing side of it. Where is the equity coming from? Are you paying out of pocket, investing with friends, going to a bank? You want to run through as many critical considerations as possible.

Final Considerations

Even after you’ve secured equity, there’s still more steps. You have to consider, do you have the maintenance team to support a quick turn around if needed? You’ll also want to talk to the municipalities in the area to ensure they’re friendly. The last thing you want are zoning violations that can shut you down! What’s the point of all that effort if it’s for naught. Don’t just throw darts at the board. Be prepared.

This may seem like a lot to keep in mind, and it is! That’s why we at the MHP Expert are here! We know creating a mobile home park business plan can be daunting, and we want to help. Reach out to us today if you have any further questions, or are ready to take that next step!

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What You Need To Know About Starting A Mobile Home Park Business

There’s no doubt about it. For the savvy businessman, entrepreneur or investor, mobile home parks present a solid and highly profitable business opportunity. However, there are some important facts you should be aware of before you jump in head first.

In this article, we want to tell you everything you need to know before starting a mobile home park business. No matter what form that business might take.

People will doubt your decisions for starting a mobile home park business

As soon as you’ve made up your mind to start a mobile home park business and start to tell your family and friends, expect a few surprised reactions. Few people still see mobile homes, and mobile home parks for that matter, as viable investment opportunities.

You can understand the skepticism. After all, mobile homes are still labeled as “affordable housing” and are seen as temporary in nature. For a while now, we believe that the only viable long-term investments are something as permanent as real estate. However, mobile homes and mobile home parks prove to be an exception for a number of reasons. We will make it clearer throughout this article.

You will see that solid principles make for the foundations of the industry. Additionally, you’ll be able to answer that same skepticism with confidence.

There are multiple ways to get invested in mobile home parks

Build your own.

You could always go for broke and build your own mobile home park from scratch. We have to admit, starting with a clean canvas to create the mobile home community of your dreams does sound like a good idea. On the face of it, the requirements seem pretty simple; you will need:

• A large enough parcel of land, at least 3 to 5 acres, to accommodate the number of lots you need
• The proper permits and licenses from your local and state authorities
• The startup capital to build a park, install the utilities, and populate it with mobile homes

The first significant obstacle you would face is obviously the startup capital. Turning a blank piece of land into a space suited for a mobile home park does not come cheap. Complete with sewage, electricity, roads, lights, and security. Nevermind actually buying the home.

However, getting the necessary permits might just be your biggest hurdle. Especially considering that without them, you are at a dead end. Loathing the cities to zone new areas for mobile home parks happens simply for the use of much larger investments. And because of the stigma surrounding these parks.

This scares people, out of fear that it will drive neighboring property values down.

Flip an older park

Getting involved in the mobile home park business is probably one of the most popular ways in the mobile home park business. Plenty of mobile home parks are still owned by mom-and-pop owners who have owned that same park for decades. In many cases, these owners have lagged behind when it comes to raising the rent, sprucing up the park, etc.

To new investors, this presents a prime opportunity to buy a park with a lot of potential at a cheap(ish) price. They can also convert it into a money-printing machine. Without a doubt, actually upgrading the facilities is going to be hard work. But you will see it translate into more interest in your park and a higher overall value.

There are also plenty of real-life accounts where new owners were able to raise the rents basically overnight. This happens by doubling or tripling rent without losing a significant amount of tenants. This is down to how much cheaper mobile home park living is compared to other forms of housing. Also, with the rent not being kept with the times by their previous managers.

Invest in mobile home parks

If you don’t want to get directly involved with the running of mobile home parks, you can always become a mobile home park investor. Your job will be to scout for suitable mobile home parks to add to your portfolio. Depending on how much backing you have and your own available money, you could either purchase these parks outright from the owners or buy shares in the park.

Some investors even just buy lots or homes in various mobile home parks that they deem will perform well. Then take the future income of the lot while paying lot rent to the park owner.

Whichever form suits you best, once you have built up a proper portfolio that’s performing well, you can open up shares to other investors. This will effectively create a mobile home park investor fund. Here is an example of such a fund by Park Street Partners .

If you have an interest in starting a similar business, it’s worth reading about the journey of Dan Weissman and David Schlachter . These guys  never looked back once they began. We have also provided a guide on getting you started in mobile home park investing .

You don’t have to run the park yourself

Just like there are multiple types of mobile home park businesses, there are also multiple ways to manage one. In this section, we’ll be addressing the concerns of those who directly own a mobile home park. Chiefly, we’ll look at managing the park yourself vs hiring a management team.

Manage the park yourself

Let’s make one thing clear from the very beginning: managing a mobile home park is a full-time job. There is no such thing as collecting passive income. Especially if you, or you and your wife, are the sole landlords of a mobile home park. These tasks will soon swallow up your free time:  making sure all the utilities are in working order, addressing tenants’ concerns, collecting rent, and managing the other aspects of your business like leases, taxes, paying salaries, etc. 

Unless it’s a very small park, you would probably need to hire at least a groundskeeper. Perhaps also professional accounting services. Get the help as needed. We have written a guide to help you manage a mobile home park .

Hire a management team

If you want your park to represent a passive source of income, you will want to go with this option. It might even free you up to, in time, buy another park and act as an overseer. You can’t afford to turn a complete blind eye to your park as this can slowly lead to the management becoming lax and slipping in their duties. However, it will take a lot of hard work off of your hands.

In our article, How to Build An Outstanding Mobile Home Park Management Team , we help you assess your staffing needs in both these instances.

Mobile home parks present a prime business opportunity

Ok, so now let’s look at why being involved in the mobile home park business is such a good place right now. After all, we wouldn’t want you to just take our word for it. The things that make it such a good opportunity actually go right down to the basic economic principles of supply and demand.

The situation in the U.S. at the moment is that of more and more people sliding from the middle-class into what we would traditionally consider as “poverty”. Simply put, fewer people can afford to live in or buy real estate. In general, those in charge presents these people with two options: to either move to an apartment or to manufactured housing.

There are a number of reasons why mobile homes are much more attractive, especially to people who used to or aspired to live in real estate. For one, you can still get a sizeable home on a piece of land with a front and backyard. Secondly, it’s typically still cheaper to live in a mobile home than in an apartment. The typical rent for a home plus lot is around $600-$700 whereas the average apartment rent is still over $1,000. Thirdly, affordable apartments are small and mostly located in “bad, inner-city neighborhoods”.

This stands in stark contrast to the typical mobile home park that’s located just outside of city lines. And they look lush, green, and spacious.

As you can see, this puts mobile homes, and therefore mobile home parks in a unique position. They face very little head-on competition and provide amazing value for money. Mobile home parks generally have no problem maintaining decent tenancy rates. Furthermore, they have much smaller operating costs than a typical real estate development.

For investors or buyers, this means a much higher rate of return once they buy a park than with real estate. As high as 10% or more, in fact.

It’s a golden window of opportunity that’s slowly shutting

You might be wondering: “If mobile home park investments are such a great opportunity, why would it be closing down instead of bursting wide open?” Good question! The answer is that despite the growing demand and interest, research suggests that parks are actually declining.

The reason is not that they are shutting down because they aren’t making money. Mobile home parks are often located on prime property just outside of city limits that can be used for much larger projects. This leads to these parks regularly being bought out for exorbitant prices to be demolished and make way for malls, office parks, etc.

At the same time, the growth of new mobile home parks is stunted by the fact that cities are reluctant to approve them from being constructed. As we mentioned, this is partly due to the stigma attached to mobile home parks. Residents fear that it will adversely affect their property value, bring crime and will be an eyesore. Reality shows this is not to be the case. However, perceptions are slow in changing.

Another reason is also that they want to reserve that land for large developments.

This means that the supply simply can’t keep up with the demand. Unless other factors change, chances are that your park(s) will only become rarer and more valuable with time.

You might struggle to get traditional financial backing

Despite a lack of proof pointing to this, mobile home park investments are still seen as inherently riskier. This is partly down to it being a much newer occurrence than real estate investing and partly down to the perceptions surrounding mobile home parks. Moreover, partly due to a few dodgy dealings that still happen.

This means that you might find it hard to secure financing from a bank or traditional lender for the type of loan needed to buy or build a mobile home park. In most cases, you will be better off looking for alternative means like investment funds, seller financing, a wrap mortgage or hard cash.

These forms of financing, however, are riskier than those you get from a bank. So, we urge you to exercise caution when looking into them. One thing that could help you land more legitimate forms or financing is to come up with a professional and complete mobile home park business plan .

You may be in for a whole lot of hard work

We don’t want to scare you here near the end of our article. Rather, just give you the truth. No matter what form of ownership or investment you will pursue, how involved you will be or what day to day responsibilities you will have, a mobile home park business will be a lot of work.

A mobile home park is a multi-faceted piece of property with many layers to it. In terms of physical assets, you have the lots, utilities, homes, facilities, etc. When it comes to the people involved, you have staff, tenants, management, and the local authorities.

The further removed you are from the day to day running of the park, the less of these worries will be on your plate. However, that will also mean you get less out of it in the end, as you need to pay others to fill the gap.

That being said, a mobile home park still provides an amazing opportunity to create a healthy passive income for yourself that shows no sign of going anywhere anytime soon. But, you should make sure that you know what you get yourself into beforehand!

Now that you’ve got all the info … 

Those are the most important things you need to know before starting a mobile home park business. On our blog, you can find plenty more articles dealing with the practical ins and outs of managing a mobile home park. We hope that this article provides you with a good starting point and the conviction to carry it through.

To find out if mobile home park management or ownership is for you, check our articles 5 Terrible Reasons To Buy A Mobile Home Park and 5 Kinds of Mobile Home Park Owners | Which One Are You?

About Dan Leighton

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Written by Dan Leighton

Blog | mobile home park investing, june 21, 2018.

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How to write a business plan for a mobile home park?

Creating a business plan for a mobile home park is an essential process for any entrepreneur. It serves as a roadmap that outlines the necessary steps to be taken to start or grow the business, the resources required, and the anticipated financial outcomes. It should be crafted with method and confidence.

This guide is designed to provide you with the tools and knowledge necessary for creating a mobile home park business plan, covering why it is so important both when starting up and running an established business, what should be included in your plan, how it should be structured, what tools should be used to save time and avoid errors, and other helpful tips.

We have a lot to cover, so let's get to it!

In this guide:

Why write a business plan for a mobile home park?

• What information is needed to create a business plan for a mobile home park?
• What goes in the financial forecast for a mobile home park?
• What goes in the written part of a mobile home park business plan?
• What tool can I use to write my mobile home park business plan?

Being clear on the scope and goals of the document will make it easier to understand its structure and content. So before diving into the actual content of the plan, let's have a quick look at the main reasons why you would want to write a mobile home park business plan in the first place.

To have a clear roadmap to grow the business

It's rarely business as usual for small businesses. The economy follows cycles where years of growth are followed by recessions, and the business environment is always changing with new technologies, new regulations, new competitors, and new consumer behaviours appearing all the time...

In this context, running a business without a clear roadmap is like driving blindfolded: it's dangerous at best. That's why writing a business plan for a mobile home park is essential to create successful and sustainable businesses.

To write an effective business plan, you will need to take stock of where you are (if you are already in business) and where you want the business to go in the next three to five years.

Once you know where you want your mobile home park to be, you'll have to identify:

• what resources (human, equipment, and capital) are needed to get there,
• at what pace the business needs to progress to get there in time,
• and what risks you'll face along the way.

Going through this process regularly is beneficial, both for startups and existing companies, as it helps make informed decisions about how best to allocate resources to ensure the long-term success of the business.

To maintain visibility on future cash flows

Businesses can go for years without making a profit, but they go bust as soon as they run out of cash. That's why "cash is king", and maintaining visibility on your mobile home park's future cash flows is critical.

How do I do that? That's simple: you need an up-to-date financial forecast.

The good news is that your mobile home park business plan already contains a financial forecast (more on that later in this guide), so all you have to do is to keep it up-to-date.

To do this, you need to regularly compare the actual financial performance of your business to what was planned in your financial forecast, and adjust the forecast based on the current trajectory of your business.

Monitoring your mobile home park's financial health will enable you to identify potential financial problems (such as an unexpected cash shortfall) early and to put in place corrective measures. It will also allow you to detect and capitalize on potential growth opportunities (higher demand from a given segment of customers for example).

To secure financing

Whether you are a startup or an existing business, writing a detailed mobile home park business plan is essential when seeking financing from banks or investors.

This makes sense given what we've just seen: financiers want to ensure you have a clear roadmap and visibility on your future cash flows.

Banks will use the information included in the plan to assess your borrowing capacity (how much debt your business can support) and your ability to repay the loan before deciding whether they will extend credit to your business and on what terms.

Similarly, investors will review your plan carefully to assess if their investment can generate an attractive return on investment.

To do so, they will be looking for evidence that your mobile home park has the potential for healthy growth, profitability, and cash flow generation over time.

Now that you understand why it is important to create a business plan for a mobile home park, let's take a look at what information is needed to create one.

Need a convincing business plan?

The Business Plan Shop makes it easy to create a financial forecast to assess the potential profitability of your projects, and write a business plan that’ll wow investors.

Information needed to create a business plan for a mobile home park

Drafting a mobile home park business plan requires research so that you can project sales, investments and cost accurately in your financial forecast, and convince the reader that there is a viable commercial opportunity to be seized.

Below, we'll focus on three critical pieces of information you should gather before starting to write your plan.

Carrying out market research for a mobile home park

Carrying out market research before writing a business plan for a mobile home park is essential to ensure that the financial projections are accurate and realistic.

Market research helps you gain insight into your target customer base, competitors, pricing strategies and other key factors which can have an impact on the commercial success of your business.

In particular, it is useful in forecasting revenue as it provides valuable data regarding potential customers’ spending habits and preferences.

You may find that people are increasingly looking for mobile home parks that offer modern amenities, such as WiFi or on-site laundry. Additionally, you might discover that there is a growing demand for mobile home parks that provide more communal spaces, like outdoor seating areas or playgrounds.

This information can then be used to create more accurate financial projections which will help investors make informed decisions about investing in your mobile home park.

Developing the sales and marketing plan for a mobile home park

Budgeting sales and marketing expenses is essential before creating a mobile home park business plan.

A comprehensive sales and marketing plan should provide an accurate projection of what actions need to be implemented to acquire and retain customers, how many people are needed to carry out these initiatives, and how much needs to be spent on promotions, advertising, and other aspects.

This helps ensure that the right amount of resources is allocated to these activities in order to hit the sales and growth objectives forecasted in your business plan.

The staffing and equipment needs of a mobile home park

Whether you are at the beginning stages of your mobile home park or expanding its horizons, having a clear plan for recruitment and capital expenditures (investment in equipment and real estate) is vital to ensure your business's success.

To achieve this, both the recruitment and investment plans must align coherently with the projected timing and level of growth in your forecast. It is essential to secure appropriate funding for these plans.

Staffing costs for a mobile home park may include wages for a manager, office staff, maintenance staff, and security guards. Equipment costs may include items such as mowers, weed trimmers, shovels, rakes, and other tools that may be necessary to maintain the park. Additionally, the park may need to invest in signage, fencing, and other items to ensure that the park is safe and secure for occupants.

To create a financial forecast that accurately represents your business's outlook, remember to factor in other day-to-day operating expenses.

Now that you have all the necessary information, it's time to dive in and start creating your business plan and developing the financial forecast for your mobile home park.

What goes into your mobile home park's financial forecast?

The objective of the financial forecast of your mobile home park's business plan is to show the growth, profitability, funding requirements, and cash generation potential of your business over the next 3 to 5 years.

The four key outputs of a financial forecast for a mobile home park are:

• The profit and loss (P&L) statement ,
• The projected balance sheet ,
• The cash flow forecast ,
• And the sources and uses table .

Let's look at each of these in a bit more detail.

The projected P&L statement

The projected P&L statement for a mobile home park shows how much revenue and profit your business is expected to make in the future.

A healthy mobile home park's P&L statement should show:

• Sales growing at (minimum) or above (better) inflation
• Stable (minimum) or expanding (better) profit margins
• A healthy level of net profitability

This will of course depend on the stage of your business: numbers for a startup will look different than for an established mobile home park.

The projected balance sheet of your mobile home park

Your mobile home park's forecasted balance sheet enables the reader of your plan to assess your financial structure, working capital, and investment policy.

It is composed of three types of elements: assets, liabilities and equity:

• Assets: represent what the business owns and uses to produce cash flows. It includes resources such as cash, equipment, and accounts receivable (money owed by clients).
• Liabilities: represent funds advanced to the business by lenders and other creditors. It includes items such as accounts payable (money owed to suppliers), taxes due and loans.
• Equity: is the combination of what has been invested by the business owners and the cumulative profits and losses generated by the business to date (which are called retained earnings). Equity is a proxy for the value of the owner's stake in the business.

Your mobile home park's balance sheet will usually be analyzed in conjunction with the other financial statements included in your forecast.

Two key points of focus will be:

• Your mobile home park's liquidity: does your business have sufficient cash and short-term assets to pay what it owes over the next 12 months?
• And its solvency: does your business have the capacity to repay its debt over the medium-term?

The cash flow forecast

As we've seen earlier in this guide, monitoring future cash flows is the key to success and the only way of ensuring that your mobile home park has enough cash to operate.

As you can expect showing future cash flows is the main role of the cash flow forecast in your mobile home park business plan.

It is best practice to organise the cash flow statement by nature in order to show the cash impact of the following areas:

• Cash flow generated from operations: the operating cash flow shows how much cash is generated or consumed by the business's commercial activities
• Cash flow from investing activities: the investing cash flow shows how much cash is being invested in capital expenditure (equipment, real estate, etc.) either to maintain the business's equipment or to expand its capabilities
• Cash flow from financing activities: the financing cash flow shows how much cash is raised or distributed to financiers

Looking at the cash flow forecast helps you to make sure that your business has enough cash to keep running, and can help you anticipate potential cash shortfalls.

Your mobile home park business plan will normally include both yearly and monthly cash flow forecasts so that the readers can view the impact of seasonality on your business cash position and generation.

The initial financing plan

The sources and uses table or initial financing plan is a key component of your business plan when starting a mobile home park.

It shows where the capital needed to set up the business will come from (sources) and how it will be spent (uses).

This table helps size the investment required to set up the mobile home park, and understand how risks will be distributed between the business owners, and the financiers.

The sources and uses table also highlights what the starting cash position will be. This is key for startups as the business needs to have sufficient funding to sustain operations until the break-even point is reached.

Now that you have a clear understanding of what will go into the financial forecast of your mobile home park business plan, let's have a look at the written part of the plan.

Need inspiration for your business plan?

The Business Plan Shop has dozens of business plan templates that you can use to get a clear idea of what a complete business plan looks like.

The written part of a mobile home park business plan

The written part of the business plan is where you will explain what your business does and how it operates, what your target market is, whom you compete against, and what strategy you will put in place to seize the commercial opportunity you've identified.

Having this context is key for the reader to form a view on whether or not they believe that your plan is achievable and the numbers in your forecast realistic.

The written part of a mobile home park business plan is composed of 7 main sections:

• The executive summary
• The presentation of the company
• The products and services
• The market analysis
• The strategy
• The operations
• The financial plan

Let's go through the content of each section in more detail!

1. The executive summary

The first section of your mobile home park's business plan is the executive summary which provides, as its name suggests, an enticing summary of your plan which should hook the reader and make them want to know more about your business.

When writing the executive summary, it is important to provide an overview of the business, the market, the key financials, and what you are asking from the reader.

Start with a brief introduction of the business, its name, concept, location, how long it has been in operation, and what makes it unique. Mention any services or products you plan to offer and who you sell to.

Then you should follow with an overview of the addressable market for your mobile home park, current trends, and potential growth opportunities.

You should then include a summary of your key financial figures such as projected revenues, profits, and cash flows.

Finally, you should detail any funding requirements in the ask section.

2. The presentation of the company

The second section in your mobile home park's business plan should focus on the structure and ownership, location, and management team of the company.

The structure and ownership part provides an overview of the legal structure of the business, who the owners are and how much each has invested and owns. If you are seeking financing it is important that the reader gets a clear picture of which legal entity is receiving the funds, and who controls the business.

The location part should give an overview of the premises from which the company is operating, and why that location is of particular interest (catchment area, accessibility, amenities nearby, etc.).

When describing the location of your mobile home park, you may want to focus on the potential for growth in the area. You could mention the presence of nearby amenities such as shops, restaurants, and entertainment venues. You might also want to highlight the potential for increased demand due to the area's proximity to major transportation arteries. Additionally, you could discuss how the area has seen recent growth in population, which could lead to increased demand for mobile home parks. By emphasizing the potential for growth in the area, you could create a compelling argument to convince a third party financier to invest in your park.

Finally, you should introduce the management team. Explain each member's role, background, and experience.

It is also important to emphasize any past successes that the members of the management team have achieved, and how long they've been working together, as this will help potential lenders or investors understand why they should trust in their leadership.

3. The products and services section

The products and services section of your business plan should include a detailed description of what your company offers, who are the target customers, and what distribution channels are part of your go-to-market. 

For example, your mobile home park might offer laundry and recreational facilities, such as a pool, tennis court, or basketball court, to its customers. These services would enable customers to stay active and have fun while living in the mobile home park. Additionally, the park might offer a maintenance service to customers, such as lawn mowing, snow shoveling, or trash pickup, to ensure the grounds are kept clean and safe for everyone living in the park. Finally, the park might offer an onsite store to customers, selling items such as groceries, cleaning supplies, and other convenience items. By providing these types of services, customers would have the convenience of having access to many of their needs without having to leave the park.

4. The market analysis

When presenting your market analysis in your mobile home park business plan, you should detail the customers' demographics and segmentation, target market, competition, barriers to entry, and any regulations that may apply.

The goal of this section is to help the reader understand how big and attractive your market is, and demonstrate that you have a solid understanding of the industry.

You should start with the demographics and segmentation subsection, which gives an overview of the addressable market for your mobile home park, the main trends in the marketplace, and introduces the different customer segments and their preferences in terms of purchasing habits and budgets.

The target market section should follow and zoom on the customer segments your mobile home park is targeting, and explain how your products and services meet the specific needs of these customers.

For example, your target market might include retirees who are looking for a more affordable housing option. These retirees may want to downsize from their traditional home, but may not yet be ready for a full-time assisted living facility. They may be looking for a community with plenty of recreational activities and amenities, as well as an affordable cost of living.

Then comes the competition subsection, where you should introduce your main competitors and explain what differentiates you from them.

Finally, you should finish your market analysis by giving an overview of the main regulations applicable to your mobile home park.

5. The strategy section

When crafting the strategy section of your business plan for your mobile home park, it's important to cover several key aspects, including your competitive edge, pricing strategy, sales & marketing plan, milestones, and risks and mitigants.

In the competitive edge subsection, clearly explain what sets your company apart from competitors. This is particularly critical if you're a startup, as you'll be trying to establish your presence in the marketplace among entrenched players.

The pricing strategy subsection should demonstrate how you aim to maintain profitability while offering competitive prices to your customers.

For the sales & marketing plan, outline how you plan to reach and acquire new customers, as well as retain existing ones through loyalty programs or special offers.

In the milestones subsection, detail what your company has achieved thus far and outline your primary objectives for the coming years by including specific dates for expected progress. This ensures everyone involved has clear expectations.

Lastly, in the risks and mitigants subsection, list the main risks that could potentially impact the execution of your plan. Explain the measures you've taken to minimize these risks. This is vital for investors or lenders to feel confident in supporting your venture - try to proactively address any objection they might have.

Your mobile home park could face a number of risks. For example, you may be at risk of damage to the property from natural disasters such as hurricanes, floods, earthquakes, or other extreme weather events. Depending on the location of your park, you might also be vulnerable to theft or vandalism. If your park is in an area with high crime rates, you could be at risk of losing valuable property. It's important to be aware of potential risks and take steps to prevent them.

6. The operations section

In your business plan, it's also essential to provide a detailed overview of the operations of your mobile home park.

Start by covering your team, highlighting key roles and your recruitment plan to support the expected growth. Outline the qualifications and experience required for each role and your intended recruitment methods, whether through job boards, referrals, or headhunters.

Next, clearly state your mobile home park's operating hours, allowing the reader to assess staffing levels adequately. Additionally, mention any plans for varying opening times during peak seasons and how you'll handle customer queries outside normal operating hours.

Then, shift your focus to the key assets and intellectual property (IP) necessary for your business. If you rely on licenses, trademarks, physical structures like equipment or property, or lease agreements, make sure to include them in this section.

Your mobile home park could have a variety of key assets and IP that support its operations. Examples of these may include physical assets such as the land and buildings, as well as intellectual property like proprietary software or customer data. Physical assets could include the mobile home park's roads, fencing, and other infrastructure, as well as the homes and other structures on the property. Intellectual property may include confidential customer data, as well as any proprietary software or applications used to manage the park.

Lastly, include a list of suppliers you plan to work with, detailing their services and main commercial terms, such as price, payment terms, and contract duration. Investors are interested in understanding why you've chosen specific suppliers, which may be due to higher-quality products or established relationships from previous ventures.

7. The presentation of the financial plan

The financial plan section is where we will include the financial forecast we discussed earlier in this guide.

Now that you have a clear idea of what goes into a mobile home park business plan, let's look at some of the tools you can use to create yours efficiently.

What tool should I use to write my mobile home park's business plan?

In this section, we will be reviewing the two main options for writing a mobile home park business plan efficiently:

• Using specialized software,
• Outsourcing the drafting to the business plan writer.

Using an online business plan software for your mobile home park's business plan

Using online business planning software is the most efficient and modern way to create a mobile home park business plan.

There are several advantages to using specialized software:

• You can easily create your financial forecast by letting the software take care of the financial calculations for you without errors
• You are guided through the writing process by detailed instructions and examples for each part of the plan
• You can access a library of dozens of complete business plan samples and templates for inspiration
• You get a professional business plan, formatted and ready to be sent to your bank or investors
• You can easily track your actual financial performance against your financial forecast
• You can create scenarios to stress test your forecast's main assumptions
• You can easily update your forecast as time goes by to maintain visibility on future cash flows
• You have a friendly support team on standby to assist you when you are stuck

If you're interested in using this type of solution, you can try The Business Plan Shop for free by signing up here .

Need a solid financial forecast?

The Business Plan Shop does the maths for you. Simply enter your revenues, costs and investments. Click save and our online tool builds a three-way forecast for you instantly.

Hiring a business plan writer to write your mobile home park's business plan

Outsourcing your mobile home park business plan to a business plan writer can also be a viable option.

Business plan writers are skilled in creating error-free business plans and accurate financial forecasts. Moreover, hiring a consultant can save you valuable time, allowing you to focus on day-to-day business operations.

However, it's essential to be aware that hiring business plan writers will be expensive, as you're not only paying for their time but also the software they use and their profit margin.

Based on experience, you should budget at least £1.5k ($2.0k) excluding tax for a comprehensive business plan, and more if you require changes after initial discussions with lenders or investors.

Also, exercise caution when seeking investment. Investors prefer their funds to be directed towards business growth rather than spent on consulting fees. Therefore, the amount you spend on business plan writing services and other consulting services should be insignificant compared to the amount raised.

Keep in mind that one drawback is that you usually don't own the business plan itself; you only receive the output, while the actual document is saved in the consultant's business planning software. This can make it challenging to update the document without retaining the consultant's services.

For these reasons, carefully consider outsourcing your mobile home park business plan to a business plan writer, weighing the advantages and disadvantages of seeking outside assistance.

Why not create your mobile home park's business plan using Word or Excel?

Using Microsoft Excel and Word (or their Google, Apple, or open-source equivalents) to write a mobile home park business plan is a terrible idea.

For starters, creating an accurate and error-free financial forecast on Excel (or any spreadsheet) is very technical and requires both a strong grasp of accounting principles and solid skills in financial modelling.

As a result, it is unlikely anyone will trust your numbers unless - like us at The Business Plan Shop - you hold a degree in finance and accounting and have significant financial modelling experience in your past.

The second reason is that it is inefficient. Building forecasts on spreadsheets was the only option in the 1990s and early 2000s, nowadays technology has advanced and software can do it much faster and much more accurately.

And with the rise of AI, software is also becoming smarter at helping us detect mistakes in our forecasts and helping us analyse the numbers to make better decisions.

Also, using software makes it easy to compare actuals vs. forecasts and maintain our forecasts up to date to maintain visibility on future cash flows - as we discussed earlier in this guide - whereas this is a pain to do with a spreadsheet.

That's for the forecast, but what about the written part of my mobile home park business plan?

This part is less error-prone, but here also software brings tremendous gains in productivity:

• Word processors don't include instructions and examples for each part of your business plan
• Word processors don't update your numbers automatically when they change in your forecast
• Word processors don't handle the formatting for you

Overall, while Word or Excel may be viable options for creating a mobile home park business plan for some entrepreneurs, it is by far not the best or most efficient solution.

• A business plan has 2 complementary parts: a financial forecast showcasing the expected growth, profits and cash flows of the business; and a written part which provides the context needed to judge if the forecast is realistic and relevant.
• Having an up-to-date business plan is the only way to keep visibility on your mobile home park's future cash flows.
• Using business plan software is the modern way of writing and maintaining business plans.

We hope that this practical guide gave you insights on how to write the business plan for your mobile home park. Do not hesitate to get in touch with our team if you still have questions.

Also on The Business Plan Shop

• In-depth business plan structure
• Key steps to write a business plan?
• Free business plan template

Know someone who owns or wants to start a mobile home park? Share this article with them!

Founder & CEO at The Business Plan Shop Ltd

Guillaume Le Brouster is a seasoned entrepreneur and financier.

Guillaume has been an entrepreneur for more than a decade and has first-hand experience of starting, running, and growing a successful business.

Prior to being a business owner, Guillaume worked in investment banking and private equity, where he spent most of his time creating complex financial forecasts, writing business plans, and analysing financial statements to make financing and investment decisions.

Guillaume holds a Master's Degree in Finance from ESCP Business School and a Bachelor of Science in Business & Management from Paris Dauphine University.

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More and more people are choosing to live a minimalist life, shifting from big houses to tiny homes and travel trailers. If you've ever thought about buying land for a mobile home park, now is the time to do it. The housing crisis and the popularity of minimalist living are fueling this market, offering new business opportunities. A mobile home park can be a good investment, but there are some things you should know about it before taking the plunge.

Buying land is one of the first and most important steps to building a mobile home park. Depending on the location, you may need to obtain different types of permits, licenses and certifications.

What Are Mobile Home Parks?

The U.S. is home to more than 45,600 mobile home and RV parks, according to the Mobile Home Park Home Owners Allegiance . Florida alone is home to more than 5,500 parks. The Financial Times reports that about 22 million Americans are living in mobile homes. This trend is largely due to rising housing prices.

The average wage earner simply cannot afford a median-priced property. Even those who rent may spend more than one-third of their income on housing. Considering these facts, it's not surprising that mobile homes are growing in popularity. Their residents can either purchase or lease the lot and often end up paying significantly less than what they would have paid for a single-family house.

Also known as manufactured home parks, mobile home parks are subject to state and local laws. The City of Sequim in Washington, for example, defines a mobiles home park as the location for at least two manufactured homes that are occupied as dwellings. Mobile home parks in Hallandale Beach (Florida) must have three or more manufactured houses with parking spaces that can be maintained for rent or without rent.

Furthermore, mobile homes are required to meet the certification requirements imposed by the Federal Housing Administration. These structures are regulated by the U.S. Department of Housing and Urban Development. As far as mobile home parks go, they can range in size from two to 1,000 housing units and up, depending on the state. Some offer permanent accommodation, while others are designed for travelers or retirees.

Generally, manufactured home parks provide water, electricity and other basic utilities. But you may also build one that has green areas, swimming pools, community rooms or mowing services. For example, a mobile home park located near the sea would allow you to charge higher rates and appeal to a wider audience. According to the Financial Times, this business model has a return rate of 4 percent or more per year – that's double the average annual return on real estate investment trusts.

Mobile Home Park Business Plan

Forbes notes that most park owners only purchase the land, not the housing units. A lot is significantly cheaper than a traditional home or apartment building, meaning that you can buy more units for less money. Additionally, you won't have to deal with home repair and maintenance. These tasks fall under the responsibility of mobile home owners. Your only job is to keep the park in good condition and provide basic utilities as required by law.

This business model also carries a lower risk than other real estate investments due to the low cost per unit. Tenant turnover is lower, too. According to Forbes, tenants can expect to pay $5,000 and up to move their homes out of a park. Therefore, they tend to stay longer in the same place compared to those renting an apartment or house.

Before getting started, make a business plan and determine how you want to proceed. Decide on a location for your mobile home park and then research the local market. See what your competitors are offering and try to fill a gap in the market. For example, you could build a mobile home park that appeals to millennials who choose to live a minimalist life. Another option is to create a thriving community for retirees.

Take into account the size of your park, as well as its facilities and selling points. With these things in mind, draft a mobile home park layout and assess the costs involved. Determine whether you want to purchase an existing park and then customize it according to your needs or build one from scratch.

If you choose the first option, check out the Mobile Home Park Store, BizBuySell, MHVillage and other online marketplaces to find mobile home parks for sale. You may also check public records to see what's available in your area. Also, determine whether you want to only buy the land or provide housing as well. With the second option, your tenants will rent both the land and the house on it.

Research the Legal Aspects

A mobile home park business plan should also cover your short- and long-term goals, financing options, target market, financial forecasts and marketing strategy. Think about the legal aspects, too. Depending on the state, you may need to conduct a feasibility study and obtain professional designations, such as Counselor of Real Estate (CRE) or Certified Property Manager (CPM).

Also, research the legal documents needed to start this type of business, including mortgage deeds, property agreements, zoning permits, licenses and more. These requirements vary from one state to the next. The State of Vermont , for example, requires business owners to register their mobile parks with the Department of Housing and Community Development and pay $12 per occupied leased lot annually.

If you're planning to build a mobile home park in Michigan , Minnesota or other states, you must first obtain a license, permits and relevant certifications or approvals. Discuss your options with a lawyer to make sure you're legally compliant.

Considerations When Buying Land

Mobile homes are vulnerable to floods, hurricanes and natural disasters, notes the University of Colorado, Boulder . That's something you must take into account before buying land for a trailer park. Ask your county development office if the property is in a floodplain. You also need to check the zoning restrictions (if any) and determine whether or not you may install mobile homes on that property.

Aim for at least three to five acres, depending on how many lots and common spaces you need. Choose a piece of land with your target audience in mind. For example, if you're targeting millennials, it's wise to choose a piece of land that's not too far from the city. Young people have jobs and may not be willing to travel miles to work every day. But if you're building a mobile home park for retires or digital nomads, you may opt for a more secluded location.

Make sure the property has easy access to electric poles, water meters, sewage systems and other utilities. Sure, you can take the steps needed to install them yourself, but it can take months or years to get approval. Tap and sewer fees, for instance, could run into five figures, depending on the location.

All in all, it's easier to purchase an existing mobile home park. If that's not an option, consult an attorney and an architect with experience in this niche. Determine the placement of each housing unit, the driveways, streets and other amenities. Securing funding is just as difficult, so be prepared to reach out to investors, banks and private lenders. Consider starting out by installing utilities for three or four mobile homes and expand later on.

• Mobile Home Park Home Owners Allegiance: 2020 California Mobile Home Parks Statistics
• Financial Times: Why Big Investors Are Buying up American Trailer Parks
• City of Sequim: Mobile Home and Manufactured Home Parks
• Municode: Mobile Homes and Mobile Home Parks
• Forbes: 7 Powerful Benefits to Mobile Home Park Investing
• Counselors of Real Estate: Why Be a Counselor?
• Institute of Real Estate Management: Certified Property Manager (CPM)
• State of Vermont: Mobile Home Facts and Park Registry
• State of Michigan: Application for Mobile Home Park License
• State of Minnesota: Manufactured Home Park (MHP) License
• University of Colorado Boulder: Hurricane Harvey, Mobile Home Parks and Flood Risk
• Secure long-term leases with small, built-in yearly lease increases.
• Purchase a storm siren for your patron's protection.
• Write a neighborhood covenant that mandates only mobile homes built within 5 to 10 years begin a lease with your park.
• Start a neighborhood watch program.
• Consult with the local HUD office for referrals.
• Purchase homes from patrons to lease to others.
• Contact your insurance agent to secure coverage for this industry.
• Cap the age of homes in your lot. Secure a deposit that will help move a mobile home if it is deserted.

Andra Picincu is a digital marketing consultant with over 10 years of experience. She works closely with small businesses and large organizations alike to help them grow and increase brand awareness. She holds a BA in Marketing and International Business and a BA in Psychology. Over the past decade, she has turned her passion for marketing and writing into a successful business with an international audience. Current and former clients include The HOTH, Bisnode Sverige, Nutracelle, CLICK - The Coffee Lover's Protein Drink, InstaCuppa, Marketgoo, GoHarvey, Internet Brands, and more. In her daily life, Ms. Picincu provides digital marketing consulting and copywriting services. Her goal is to help businesses understand and reach their target audience in new, creative ways.

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Investing In A Mobile Home Park: The Complete Business Plan

Even though we love our rental businesses, managing properties is not a cakewalk. But how about a rental business that is truly passive, and requires minimal to no efforts? A recession-proof, high-demand, and constricted supply business. Would you be interested in learning about  Investing in a mobile home park is one such rental business and is sure a perfect business opportunity for real estate investors.  

Investing in a Mobile Home Park allows you to make money from the dirt. You just need to learn to find the right dirt and inject value into it. There is no need to deal with tenants and toilets anymore. This business has the potential of returning more than 10% safe returns annually. Just align a few ducks in the row and get your mobile home park up and running. 

Table of Contents

What is a Mobile Home Park?

A Mobile Home Park, in general, is a community of manufactured homes placed on a plot of land often referred to as pads .

According to a more official definition by the code of ordinances . The mobile home park is a properly planned plot of land subdivided for the use as sleeping/living quarters, or parking spaces. The spaces must be maintained for rent or without rent. And there must be space for three or more mobile homes in order to be considered a mobile home park.

Classification of Mobile Home Parks

The Classification of Mobile Homes are done based on a star rating system. A star rating provides a reference on what quality of living and infrastructure can be expected. Based on the ratings, a mobile home park is classified as a

• 1 Star Mobile Home Park
• 2 Star Mobile Home Park
• 3 Star Mobile Home Park
• 4 Star Mobile Home Park
• 5 Star Mobile Home Park

The 1 Star Park being a decent community park to live in and 5 star being the finest to live in. 

Which Mobile Home Park To Invest In?

In order to be successful with mobile park investing, you must understand a few things. Go wrong and you will be ripped off. 

• You are targeting a specific niche of real estate that is affordable housing. 
• Financing a Mobile Home Park is a bit of a task and lenders are specific about eligible parks. 

It is unlikely that you will get financing for a 1 star or a 2 Star mobile home park. So, it becomes important, you know the ratings before investing in one of the mobile home parks.

So which mobile home park to invest in???

Suppose you have invested in a 5 Star Mobile Home Park. Do you think you will be able to cater to a large audience? The community who will live in your 5 star Park will mostly belong to the affluent ones. Their mobile homes are either a second home or a vacation home. Will such affluent individuals be your consistent tenants? Don`t you feel they will have more than enough resources to move every now and then. 

You need consistent renters. Those who stay for long and don’t move every now and then. Once the mobile home is parked, the person or the family must stay there for many years to come. But how can you ensure this? 

“Successful Investing in Mobile Home Park is about catering to a group of people who are looking for affordable housing.”

As per the Wage Analysis report, half of the US workforce earned less than $35,000 a year which comes to roughly $2900 monthly. The average median rent in the US is about $1097 according to a data prepared in 2019. Going forward with these numbers and the 30% rule , a person with a $2900 monthly income can afford a maximum of $870 for housing costs plus utilities.  

This represents a perfect opportunity for investors who can provide affordable housing. And in order to be affordable and yet profitable, you must target a 3 star or max a 4 star Mobile Home Park. Because anything below this will attract low quality renters and financing will also be an issue.  

Business Plan For Investing in a Mobile Home Park 

1.  stick to existing mobile home parks.

The first and foremost thing about the mobile home park business is to evaluate the existing mobile home parks and see whether you can pump value to raise revenue. You should stay away from starting a park from scratch. Setting up a new park from scratch is not a viable option due to

• Restrictive Zoning and Prohibition of New Mobile Home Communities in many cities. This means you need a lot more to build a new mobile home. The mobile homes are required to meet certain standard zoning and development standards.
• Furthermore, along with land, you are required to set up electricity, water, and sewerage. Setting up these utilities in far-away locations can cost anywhere from $500,000-$750,000. 

2.  Cap Rates For Mobile Home Parks

A Mobile Home Park Business can easily yield a 10% cap rate. So, if we stick to a minimum cap rate. You should find a mobile home park that at least provides a 10% cap rate and has a further potential of generating a higher rate.

To understand the Cap Rate for a mobile home park. You must have these numbers on hand for a quick back-of-the-envelope calculation.

• No. of Individual Pads on the Park
• Park-Owned Mobile Homes
• Tenant Owned Mobile Homes
• Upfront Repairs
• Vacancy Rates

Cap Rates = (Net Operating Income/ Purchase Price of Property) x 100

Gross Income = {(No. of Individual Pads x 12 x Lot Rent) + (12 x Rent of Park Owned Homes x No. of Park Owned Homes)} 

Net Operating Income = Gross Income – {(Gross Income x Vacancy Rate) + (Maintenance Costs)} 

Purchase Price = Cost Paid to Acquire Property (Excluding Financing Costs) + Upfront Repairs Costs

Let’s quickly evaluate the cap rate of a Mobile Home Park by putting some numbe rs

• Cost of Property: $350,000
• Upfront Repairs: $50,000
• No. of Lots: 15 
• Park Owned Home: 3
• Lot Rent: $300
• Park owned Home Rent: $350
• Vacancy Rate: 20%
• Annual Maintenance Costs: 30% of Gross Income (Mobile Home Parks Operating Expenses in General)

Gross Income= {(15x12x$300)+(12x$350×3)} = $66,600

Net Operating Income= $66,600- {($66,600 x 0.20) + (0.30 x $66,600)} = $33,300

Purchase Price= $350,000 + $50,000 = $400,000

Cap Rate= ($33,300/ $400,000) x 100= 8.325

This is a low cap rate for a mobile home park deal. To get to a 10% cap rate, you have to consider negotiating the purchase price to $283,000.

Read: How To Do Complete Cash Flow Analysis on Rental Deals?

3.  Evaluating The Mobile Home Park Deals

When you are hunting for MHP deals, it is important to evaluate the right price. Paying more for a deal can eat up your profits and can even set you up for a negative cash flow . 

Going through the MHP deals, you most often see three types of mobile home parks. 

• A Mobile Home Park that has a mix of both tenant-owned homes (TOH) and park-owned homes (POH)  placed on the lots. 
• Mobile Home Park with only lots. No tenant-owned homes, no park-owned homes. 
• The Mobile Home Parks which has lots with only tenant-owned homes. No Park owned Home. 

The first piece of advice when evaluating a mobile home park deal is to avoid those parks that have park-owned homes. The park-owned homes may seem to be an asset to an average investor Joe. Rather these are liabilities. 

Most of the parks that have park-owned homes are old mobile homes from the 70s or 80s and those were certainly not built to last. Betting on these falling apart structures may take up your fortune to get them to rent-ready condition. Hunt for deals where there are no park-owned homes.

Not able to find any mobile home park without park-owned homes? 

Not to worry. You can still invest in that MHP with park-owned homes. The key here is not to overpay for a mobile home park. Simply, do not take into account the value of POH and neither any income from these homes when evaluating a deal. And if you have to account for its value for some reason, only bet half of the value that you can get by selling the mobile home in the market.

“A Wise MHP investor will never own the mobile home, but only the land. The idea is to make money from dirt.”

4.  Location

Like any other real estate, buying a mobile home park at the right location is very important. The major criteria in choosing the location is that your mobile home park should appeal to the right audience. 

Well, who`s the right audience?

• Baby Boomers 
• Millennials between the age group of 25 and 32
• Retirees who are looking to Downsize

A location where the median income is less than $50,000 will be a perfect state for you to invest in your motor home park. Refer to this table depicting the median US Household incomes by the state. More than $50,000 median income households can afford to rent a regular home.

Another aspect while evaluating the mobile home park deal is to check the zoning requirements. As per the zoning requirements , your mobile home park should meet design standards and be compatible with the surrounding land use , the compliance goes that no more than 4 mobile homes per acre in a mobile park where public water and a septic tank are used. And no more than 10 mobile homes per acre where public water and sewer are used. However, you must check the regulations first with the local authority of that state. 

Further, it is important to ensure you are getting enough lot rent for the price that you paid for that one lot. Some locations are expensive compared to others due to high land prices. Before investing, refer to the Lot Rent throughout the US and compare the deal accordingly. 

Also, stay within county limits where there are all sorts of daily essential stores near your mobile home park. Avoid buying an MHP at far away remote locations and locations that are in the hurricane, flood, or, in environmental hazard zones.

Read: Worried to go for Out of State Properties?

5.  Checking the Infrastructure

One of the most expensive mistakes a mobile home investor can make is not checking the infrastructure of the park properly. You don’t own the mobile homes but still are responsible for maintaining the infrastructure of the park. Roads, water, and sewerage are among the few responsibilities of a MHP owner. 

Expect to lose about tens and thousands of dollars if you get to repair any of these. So, you should perform all the due diligence within time to avoid such pricey unexpected costs. Furthermore, always stay away from those MHP that have private utilities and extra amenities. Maintaining private utilities like wastewater systems or drinking water plants is not at all an affordable job and will significantly increase your Cap Ex. 

6.  Financing a Mobile Home Park

Financing a Mobile Home Park often seems to be the hardest part for investors. On the contrary, it is not. It’s just different. Lenders do recognize this asset class and the potential of MHPs to generate positive cash flow. Many lenders specialize in financing this asset class. 

You have financing options available for 

• Purchasing Existing Mobile Home Park 
• Renovating the Mobile Home Park
• Buying Land and developing it into a Mobile Home Park

However, we are sticking towards only purchasing an existing MHP. The benefit, your lender can run through the existing financials increasing your chance to secure financing faster. 

When buying an existing MHP, you must take all the previous financial reports and tax returns of the previous owner. This way you can both analyse the profitability and secure financing.   

The Types of Mortgages Available for Mobile Home Parks

• Freddie Mae and Fannie Mac Loans
• Conduit Financing or Commercial Mortgage Backed Security Loans (CMBS)
• USDA Loan (SBA 504)
• Seller Financing
• Private Money Lenders
• Hard Money Lenders

Shop around and see which lender offers you the best rate and terms. Lenders have specific requirements for originating loans for mobile home parks. Every lender has a different requirement.

Apart from basic loan requirements, the lenders most often go about

• Type of Park
• Type and Age of Mobile Homes (Single Wide or Double Wide)
• No. of Minimum Pads
• Infrastructure of Park (Paved Roads)
• Minimum to no park-owned homes
• Existing Occupancy Rate in the Park
• Location of the Park (Metro, Non-metro, Rural)
• Private or Public Utilities 
• Previous Financials

Lenders specializing in mobile home park financing offer loans up to 80% LTV, fixed interest rates from 5-30 years, and credit scores as low as 670.  

Should You Invest in a Mobile Home Park?

Why not invest in a mobile home park when you can get a stable cash flow, potential of higher returns and that too with minimum botheration? Do you know any other real estate asset class which is this stable and likely to be always in demand? 

Interested to know more advantages of investing in a mobile home park? 

Recession Proof Investment

During economic meltdowns or recessions, many tenants have to leave their pricey apartments and search for more affordable accommodations. Do you think there are any more cheaper renting options for a tenant than living in a mobile home other than moving to a friend’s place or having sleepless nights in a car or a tent?

In all, you are tapping into an asset class which already has a demand (affordable category of housing) and will stay in demand even if the recession hits.  

Entry Barrier

It is always better to own a business that has an entry barrier. Otherwise every man on the street will be in this business. The entry barrier, though, is not due to the capital needed for the business but because of the artificially controlled supply.  The government zoning plans restrict the construction of new mobile home parks if not completely banned. The sole reason why more old parks have been redeveloped than more new parks.

More and more new players are entering into this asset class and the big players already own a big chunk of this pie. But don`t worry as there are still a considerable amount of mobile home park deals available in the market today.  Seek for the mom and pop sellers who are motivated to part ways from their mobile parks

Accelerated Depreciation

Tax Breaks is one of the most unfair advantages that comes with real estate investing.  And when you can reduce your taxable income by depreciating the value of your asset , it is icing on cake. 

With mobile home parks, the IRS allows accelerated or bonus depreciation which isn`t available with other forms of rental property investments. A mobile home park owner can deduct a huge portion of their investment within the first year.

Investing in a Mobile Home Park Vs Other REIs?

The mobile home parks have certain distinct advantages compared to other forms of Rental Investments like apartments, SFRs or MFRs. 

Low Tenant Turnover

Frequent tenant turnovers bite deep into your profits. We all want stable tenants. And this is where investing in a mobile home park provides an edge. You don’t own a home in your park, just the land. The home is owned by the tenant. 

In order to move out, the tenant has to take the mobile home along and this comes at a considerable cost. Moving a mobile home can cost anywhere between $5000-$8000. It is not at all a viable option for tenants to move out every now and then. Expect your tenants to stay for many years to come at your park. 

Maintenance and Repairs

The most cumbersome aspect of the rental business is to maintain the property and do the repairs. On average, a rental owner shells about 50% of their gross income in maintenance and repairs. Not just spending money, a rental owner is also legally liable to get the repairs and act on maintenance requests in time. 

God save a rental owner who doesn’t have a property management company to take care of things. And if you see, when you own a mobile home park, you save a good chunk of money and your time. As a park owner you are only responsible for park infrastructure and not the homes. A Mobile Park owner on average spends only about 30% of their gross income on maintenance and repairs. 

Higher Return Potential

When you own a mobile home park, your acquisition cost significantly reduces. You acquire more units and still pay less because you are just going to own the land.  On the contrary,  buying a single family rental or a multi family property, you pay significantly more but still acquire less units. When you have more units, you have a potential of getting higher returns. 

Imagine what kind of effect can forced appreciation provide you if you can increase rent by just 5% on all your units?  Calculate yourself how much return will increase on SFR or when you own a mobile home park. 

Read: How to increase the returns from your Rental Units?

Is there any Risk Investing in Mobile Home Parks?

There is always a risk involved with an investment. The only thing is identifying the risk and whether it can be managed or not? Investing in Mobile Home Parks is no different. But more than risk, consider these as downsides. 

It Takes Time To Get Complete Returns

When you start a mobile home park, it can take up to 5 years to reap the full returns. When you buy an existing park, it is hard to find a fully occupied park. Getting these empty lots occupied can take time for a variety of reasons.

• a) Bigger institutions and investors are already having their hands on a good chunk of mobile home parks that are at good locations. Your chance of buying at a prime location is thin. And when you buy a little off from the main locations, it can take more time to fill vacancies. Your marketing should be very effective in this case. 
• b) A person who is considering to live in an affordable mobile home community is likely to be making a bare minimum on the salary front. His ability to afford a decent mobile home will be limited. Now, he can either rent a park owned home or finance the mobile home. Financing a mobile home is not that easy. This can set you back some more time to get your vacant lots filled. And for good, you are only renting to those who own their mobile homes. 

Do check out the 21st Mortgage Cash Program . It will certainly be in your interest. With this program, a park owner can quickly get a tenant to finance their mobile home. 

Community Rules

Mobile Home Parks are a shared community. There are certain rules and regulations of living in a community. And being the owner, it becomes your responsibility that every person inside the community adheres to the community rules. 

To get your tenants to comply with rules will take your efforts, time and money. And if you choose to ignore this, your business can suffer.

Crimes and Quality of Tenants

When you provide the cheapest form of housing on the market. You tend to attract renters from all kinds of groups. Occurring to cases of crime, drug dealing, police sirens in your mobile home community can be a common sight. Mobile Home Communities got a bad reputation just for the sole reason. Though there have been studies that have proved this only as a stereotype or generalization of MHPs. 

But still, you need to be very careful whom you rent to. Your business can be at risk if you don’t do a thorough background check before letting to renters in your community. 

Occurring to Liabilities

Working with lots of tenants, you are more prone to liabilities. And when you are a mobile home park owner, there can be a lot of things that can go wrong. You must carry adequate liability protection otherwise you and your business will be at risk. 

Read: Do You Need A LLC For Your Mobile Home Park Business?

The Bottom Line

Mobile Home Parks are a good investment haven considering the economic downturns and its ability to provide a stable cash flow. Consider MHPs as a way to diversify the risk. But always remember to analyse all the pros and cons before jumping into anything. And if you are a first time or a small investor with limited rental experience, you should proceed with caution with Mobile Home Park Investment Strategy. 

Have anything to share related to Mobile Home Parks or are you considering to invest in MHPs anytime soon? Do write us your comments in the box below.

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Starting Mobile Home Park Business – Profitable Business Plan Sample

The real estate business industry is indeed quite big and has a lot of opportunities for a savvy entrepreneur or investor. The mobile home park business is one of them. Though the mobile home park business is capital intensive, it has highly profitable business opportunities.

Many investors prefer investing in the mobile home business and making a huge profit because it has low maintenance costs when compared to any general home rentals. Modern people are finding it convenient to live in mobile home park buildings. 

Before you start your business plan, you need to understand this industry first. Discuss your strategy with experts in this area. They can help you to find the areas where you can get easy approval for mobile home parks. After you get the approval, you need to apply and obtain the license for the business.

Remember, if you want to build a parking building, you will require a professional team that will work for you to achieve your business goals. Your working team should include architects, engineer/ builder, other workers like plumber, etc.

But if you are planning to buy a mobile home park which is on sale, you will only need to do a makeover to attract the tenants. And in that case, too, you would require a team that would work with you and achieves your business goals.  

Before you start working on your business plan, you need to look into some of the essential facts:

Industrial Overview of Mobile Home Park Business

The studies have proved that from the past few years, this industry has slowly recovered from the recession. During the recession, high unemployment and tight credit market reduced the demand for land leasing. Later, the poverty rate and shattered housing market eventually started the demand for land leasing, and industry started the recovery phase. Experts believe that in the years to come, this industry may experience expansion.

If we look into the barriers to enter this industry, it differs from one place to another. Barriers for entry depends on different cities and states due to zoning regulation. This industry has moderate barriers across the United States. Indeed, it is a capital intensive industry, and it is expensive to buy land space and build a mobile home park business. But the cost can also depend on the location of the property. The expenses may vary depending on the infrastructure and the facilities the owners want to provide to their tenets. 

Level of Competition in Mobile Home Park Business

There are no significant barriers to the new competition in this industry. In most of the areas in the country, it is hard to get proper zoning, acquiring necessary permits, and license. Remember, it is not easy to build new mobile home parks. Thus, it is less competitive for investors who are currently investing in building mobile home parks everywhere.

This business provides high returns to the investors than the typical home renting due to the reduced costs. Mobile home park business owners are only likely to manage the land associated facilities. They do not incur any maintenance costs such as painting, new appliances, or any other amenities inside the home. To stay ahead of the competition, you need to provide something more than what your peers are providing.

Market Research

Market survey is quite essential in the mobile home park business. You need to collect lots of information through research and then collate it to get the overall picture. The information includes how this business industry work, finance you will need to start this business, experts in this field, and lot more.

It is important to know your target market before you invest in this business. Research your target market, work, and concentrate on your target market to make money and reinvest returns. Try and understand the problem statement first before you delve deep into finding a solution to the problem with your new business strategy.

Challenges and Threats

The real estate industry is where most of the entrepreneurs are want to do their deals. It is what makes this industry more competitive and interesting. It is very challenging to start your firm. Many smart professionals eagerly want to make their deals and be a part of the industry. The following can be the challenges in the mobile home park business:

• Financing and getting investors to fund your business is a big issue as the market is already filled with small to big players.
• There are unlimited investment choices. Whether you want to go solo or wish to take people on board might be a tough call.
• It might take up a lot of your time and, you might even end up spending full time on the business. It could be a good idea in case you are planning to work on the business proposal full-time.
• It is difficult to invest in a down market.
• It is hard to be patient enough through the best course of action. It might take a while for a mobile park business to generate revenue before you start seeing it.

Legal Entity and Insurance Policies

 You can build your home in your name and start from there, but what if you have finance failure? So, it is advisable to start a business after proper planning. Most of the mobile home park business is set up as LLC’s (Limited Liability Company). This option enables the owner to legally separate themselves from the liability to protect personal property and finance in case of failure.

It is easy to create an LLC . According to Business Nerd, all you have to do is file an article of business incorporation with state agencies and maintain a good standing business. Seek the advice of the real estate attorney if necessary. They will have experience in any matter of real estate and will be able to guide you through the process. For any business, it is a good idea to talk to people in the field before taking any kind of action.

 LLCs enjoy greater flexibility compared to the corporation or partnership. LLCs offer more benefits relative to other entities. In many states, LLCs may pay lower registration and maintenance fees compared to a corporation. Also, keep in mind LLCs offer more flexibility in the distribution of profits, as per the LLCs operating agreement.

As a mobile home park owner, your insurance needs are similar to the landlords. Tenets must insure their home and belongings, but as an owner, it is your responsibility to cover common areas, utility service lines, landscaping, and others as it is a part of the mobile home park. 

It is important to know that as a mobile home park owner, you are in a unique position when it comes to insurance coverage. Most of the insurance companies will not be willing to take the responsibilities of insuring mobile home park business.

However, there are specific insurance companies that specialized in this type of coverage and, you can approach them for insuring your business and the livelihood of people associated with it. Some of the insurance you may need includes General Liability Insurance, Workers Compensation Insurance, Directors and Officers Liability Insurance, Auto Liability Insurance and, Employee Practices Liability Insurance. 

Financing Your Business   

We all know every business needs funds to get started. If you have already made savings and kept aside for your business, then it is a great idea and, you can start right away. But if you do not, then you may take a loan from the bank or financial institution. You may need to provide some bank collateral to get finance depending on the bank. However, some banks may not ask for any collateral. To raise funds for your business, you need to be a strong borrower. 

It is important to have the sizable down payment and shy away from big banks. And always think outside the box. Or, if you are looking for individual investors of businessmen for partnership, it could be an easy way to get funds for your business. In this case, you must have your business idea well-organized to be able to pitch to the investors and impress them.

Only when the investors see value in your proposal, scope in your business and sometimes even traction in their growth, will they be willing to invest. Understand what each investor is looking for and try to pitch accordingly to draw their attention.

Selecting a Suitable Location

Choosing a suitable space where you want to locate your business is the fundamental step in starting this business. You can ask the retailer to look for a suitable location for your business. Keep in mind the following factors while selecting a location for your business, the topography, accessibility, competition nearby and all additional facilities available, such as water, sewage, and utilities

Marketing Plan and Strategies

The real estate industry is a game of numbers. The bigger number of house units you can produce, the more profits you can make. It is also important to know, not everyone gets the same results. Results can differ for everyone according to their respective marketing campaign. 

There can be two investors in the market who could be doing the same and get different results. And two investors in the market who could be doing different and get similar results. The real estate industry works in this way. Marketing strategies can include advertisements in the newspapers, direct mailing prospective customers, or the traditional form of advertising, cold calling, digital advertising, and social media marketing.

Staying ahead in the competition

Most of the people blame the industry and competition in the industry if they are not claiming the results like others. But if you are well-equipped with resources and planning, the right education, you can win in any business. The key to understanding the industry is to know who your competitors are.

Find out and understand what is your competitors are doing and what is making them win or lose clients. It is not true that, just because there is a huge competition, they won’t have weaknesses in the big players of the market.

There may be people who dislike doing business with them, if you want to be the best among your competition, find a workforce made up of the best individuals in the industry. Learn good things about the industry from your competitors and also learn from their mistakes, ensuring that you do not make the same in your journey. 

Creating corporate identity and brand awareness

Brand awareness in the mobile home park simply means your local retailers and individual who needs your service know who you are. It also means you are on top of their mind if they are looking for any mobile home. Most people look online for their home search. It is important to create brand awareness with digital advertising.

Many companies spend their precious time and money in creating a corporate identity. It sometimes works and sometimes fails. You need to keep in mind some of the points to create brand awareness:

• It is a service
• Your face can be your brand
• You know where your potential customers
• You are an expert in the market 

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Writing a Business Plan for a Mobile Home Park

Mobile home parks are common to areas that typically have lower income and lower middle income people. These businesses generate substantial streams of revenue not only from the sales of mobile homes, but also from the rental of these properties. Over the past 14 years, Deutsch and Thomas has worked with both types of real estate investment firms that either develop new mobile home parks to sell to third parties or for rental income purposes. We are familiar with all operating aspects of these companies, and we can develop a comprehensive business plan for you that clearly showcases to a financial institution or to an investor how this will be an economically viable real estate project. One of the nice aspects of owning a mobile home park is that these businesses typically are always able to produce a substantial stream of income regardless of how the general economic climate is doing. One of the key focus is that we have in any business plan that we develop is the economic viability of the company.

Deutsch and Thomas always develops a full five year financial model that has a profit and loss statement, common size income statement, cash flow analysis, balance sheet, breakeven analysis, as well as all applicable business metrics. We always provide our clients with two forms of the business plan – one that is appropriate for financial institution and one that is appropriate for an investor. This allows our clients have all their financing options open to them if they are seeking either debt, equity, or combination of both in order to develop or acquire a mobile home park. Additionally, we always include a full scale marketing and advertising plan that clearly showcases how the business will market its available units to the general public. This includes working with area real estate brokerages that cater to the needs of lower income and lower middle income people. Additionally, we always include a full-scale market analysis that features information about the economy as a whole, the mobile home park industry, and the ongoing competition at the business will face. A demographic profile of the anticipated buyers or renters is also included within any business plan we do.

If you are seeking a professionally written business plan for your mobile home park, please feel free to contact us anytime at 646-216-9844 or through the contact us form on this website. We look forward to working with you!

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• E-Mail: [email protected]

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MobileHomeParkBusinessPlan.com

A Complete Business Plan for a Mobile Home Park

Mobile Home Park Business Plan

$29.95 – Purchase Checkout Added to cart

1.0 Executive Summary

The purpose of this business plan is to raise $1,000,000 for the acquisition of a mobile home park while showcasing the expected financials and operations over the next three years. The Mobile Home Park, Inc. (“the Company”) is a New York based corporation that will provide high quality mobile home living spaces to tenants in its targeted market. The Company was founded by John Doe. Revenue generating operations are expected to commence this year.

1.1 The Services

As stated above, the Company intends to launch its operations with the acquisition of an existing mobile home park. The expected rent roll for this 50 lot mobile home park is $400,000 per year, which includes rent fees, late fees, and other ancillary income including the facility’s onsite Laundromat. The Mobile Home Park will generate enough positive cash flow to cover both the interest and principal payments for the debt capital sought in this business plan.

It should be noted that the Mobile Home Park will have a substantial onsite laundry facility, which will generate substantial streams of additional income for the business on a daily basis.

The third section of the business plan will further describe the services offered by the Mobile Home Park.

1.2 Financing

Mr. Doe is seeking to raise $1,000,000 via a bank loan. The interest rate and loan agreement are to be further discussed during negotiation. This business plan assumes that the business will receive a 25 year loan with a 6% fixed interest rate. The financing will be used for the following:

• Acquisition of the Company’s Mobile Home Park
• Financing for the first six months of operation.
• Development of the Mobile Home Park’s onsite office.

Mr. Doe and Investors will contribute $200,000 to the venture.

1.3 Mission Statement

It is the goal of the Company to create a business that provides tenants with high quality and affordable mobile home living spaces that will provide a substantial return-on-investment for Mr. Doe and his Financial Partners.

1.4 Management Team

The Company was founded by John Doe. Mr. Doe has more than 10 years of experience in the real estate development and management industry. Through his expertise, he will be able to bring the operations of the business to profitability within its first year of operations.

1.5 Sales Forecast

Mr. Doe expects a strong rate of growth at the start of operations. Below are the expected financials over the next three years.

1.6 Expansion Plan

As time progresses, the Company will seek to acquire or develop additional mobile home park properties throughout economically viable markets within the United States. The business will source capital from private investors as well as financial institutions for the continued acquisition of mobile home park properties that will produce substantial rental income and capital appreciation for the Company.

2.0 The Financing

2.1 Registered Name and Corporate Structure

Mobile Home Park, Inc. The Company is registered as a corporation in the State of New York.

2.2 Required Funds

At this time, the Mobile Home Park requires $1,000,000 of debt funds. Below is a breakdown of how these funds will be used:

2.3 Investor Equity

Mr. Doe is not seeking an investment from a third party at this time.

2.4 Management Equity

John Doe owns 100% of the Mobile Home Park, Inc.

2.5 Exit Strategies

In the event that Mr. Doe wishes to sell the Mobile Home Park to a third party, he will contract a real estate brokerage firm to market the property to potential buyers. Based on historical sales prices of mobile home parks, Mr. Doe expects that the property will appreciate to have a value in excess of $1.3 million by the third year of operations.

3.0 Mobile Home Park Operations

Below is a description of the revenue centers for the Mobile Home Park.

3.1 Rental of Mobile Homes

The primary source of revenue for the Mobile Home Park is the rental of the 50 units located on the property that Mr. Doe intends to acquire. Each of these units produces an approximately monthly income of $600 to $750 depending on the size of the mobile home.

The Company will have an onsite manager that will be given a free of charge mobile home to live in and a $20,000 annual stipend. This onsite manager will oversee the general operations of the property, showcasing vacant mobile homes to potential tenants, and secure leasing agreements for people that want to rent the Mobile Home Park’s units. Mr. Doe will be in daily contact with this manager to ensure the proper operation of the property.

3.2 Ancillary Fees and Income

The Company will also generate secondary revenues from late fees on rent and income from the Company’s onsite coin operated laundry center. Aggregately these two income streams will provide Mobile Home Park, Inc. with approximately 10% of its revenues.

4.0 Market and Industry Analysis

4.1 Economic Outlook

This section of the analysis will detail the economic climate, the mobile home park industry, the customer profile, and the competition that the business will face as it progresses through its business operations.

Currently, the economic climate is uncertain. The pandemic stemming from Covid-19 has created a substantial amount of turmoil within the capital markets. It is expected that a prolonged economic recession will occur given that numerous businesses are being forced to remain closed for an indefinite period of time (while concurrently having their respective employees remain at home). However, central banks around the world have taken aggressive steps in order to ensure the free flow of capital into financial institutions. This is expected to greatly blunt the economic issues that will arise from this public health matter.

However, the current economic condition should not have an impact on Mobile Home Park, Inc.’s ability to generate income. The demand for affordable housing units (especially mobile homes) is expected to skyrocket over the next twelve to twenty-four months. For many people, the rental of a mobile home unit will become a viable economic option given the anticipated long recovery period.

4.2 Industry Analysis

Within the United States, there are approximate 50,000 companies that operate mobile home parks. The industry generates approximately $9 billion per year and provides jobs to 70,000 people. The growth of the industry has remained in lockstep with the general economy over the last five years.

As discussed above, it is anticipated that the industry will experience a substantial growth period over the next two to three years as a result of the COVID-19 pandemic. The demand for low cost housing is going to continue to increase as a result of lower overall wages.

4.3 Tenant Profile

Management expects the following demographics of tenants that will continue to rent from the Mobile Home Park:

• Household income not exceeding $35,000 • Between the ages of 21 and 55 • Works within 15 miles of the Mobile Home Park location.

4.4 Competitive Analysis

Within any major metropolitan area, there is a moderate amount of competition among facilities that maintain mobile home parks for rent to the general public. One of the main ways that the Company will differentiate itself from other competitors is by maintaining an onsite laundry facility. Only a handful of facilities in the market offer this benefit to patrons. The facilities will also feature a large number of vending machines that will feature popular food items

5.0 Marketing Plan

Mobile Home Park, Inc. will use a number of marketing strategies in order to maintain near 100% occupancy for its facilities from the onset of operations. Below is an overview of the strategies that the Company will use from the onset of operations:

5.1 Marketing Objectives

• Maintain an expansive online presence that showcases the facilities and available units.
• Develop relationships with real estate agencies/brokerages that specialize in mobile home rentals.

5.2 Marketing Strategies

Foremost, the Company will maintain an expansive online presence so that people who are searching for affordable housing operations within Texas can quickly find the Mobile Home Park. The business’ website will be search engine optimized and mobile friendly. All available units for rent will be clearly showcased on the platform including virtual and video tours. The website’s address will be listed among major real estate and mobile home park directories.

The business will also run advertisements among popular real estate circulars that are distributed through the Company’s targeted market. Available units for rent and general information regarding the Mobile Home Park property will be included in these print circulars. Management anticipates that 1% of aggregate revenues will be allocated towards these types of marketing purposes.

From time to time, the Company will also take out billboard advertisements in the event that there are a number of vacancies available. This event would occur if total occupancy dips below 80%. Mobile Home Park. Inc. will hire a qualified regional advertising agency in order to conduct these marketing operations.

Finally, the business will maintain connections with area real estate brokerages that may fill vacancies. Although most real estate brokers and agents do not focus on renting mobile home units, Mr. Doe sees an opportunity to develop commission-driven relationships with these firms when people inquire about finding affordable housing within the Texas market.

5.3 Pricing

It is expected that each unit will rent from $600 to $800 per month depending on size.

5.4 Marketing ROI

6.0 Organizational Plan

6.1 Corporate Organization

6.2 Personnel Summary

7.0 Financial Plan

7.1 Underlying Assumptions

The Company has based its proforma financial statements on the following:

• Mobile Home Park, Inc. will have an annual revenue growth rate of 5% per year.
• The Owner will acquire $1,000,000 of debt funds to develop the business.
• The loan will have a 25 year term with a 6% interest rate.

7.2 Sensitivity Analysis

The Company’s revenues are not sensitive to negative changes in the economy. The demand for affordable housing will remain very high over the next twelve to thirty-six months as the economy undergoes a substantial correction. As such, Management expects that the Mobile Home Park will operate at near 100% occupancy at all times. The business, through its rental income, will be able to sustain the financial obligations showcased in this business plan.

7.3 Source of Funds

7.4 Profit and Loss Statement

7.5 Cash Flow Analysis

7.6 Balance Sheet

7.7 Breakeven Analysis

7.8 Business Ratios

Appendix A – SWOT Analysis

• Economically insulated business as people are seeking affordable housing units at all times within Texas.
• High gross margins from ongoing rental of mobile homes rental services.
• Recurring streams of revenue on a monthly basis from rental income.
• Substantial ancillary incomes generated from vending machine and laundry room usage.
• An owner-operator (John Doe) that has extensive experience in the mobile home park industry.
• Many regulatory and compliance issues regarding tenant laws.
• Competitors within the same Houston metropolitan area market.

Opportunities

• Expansion of the business to maintain several facilities throughout Texas and the Midwestern United States.
• Attract additional equity capital from private equity firms and angel investors.
• Potential sale of appreciated properties for a substantial price to earnings multiple.
• Changes in the interest rate environment can impact the Company’s ability to acquire capital for growth purposes (limited risk at this time).
• Liabilities resulting from onsite client injury can severely damage the Company. 
• Continually changing economic environment.

Appendix B – Expanded Profit and Loss Statements

Appendix C – Expanded Cash Flow Analysis

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