If you want to start investing in real estate, you have a lot of options. You can certainly think about buying a campground as your first investment, but first-time buyers will have to choose between Pendleton, Oregon, RV parks, and mobile home parks. In some situations, these two kinds of land are sold by the same brokers or are close to each other. This can make it even harder to decide. In today’s post, you can compare these two types of investments,
RV Parks
Greater Involvement
If you want to buy an RV park, you’ll need to know what level of involvement will be expected of you. If you decide to invest then you’ll have to be ready to take care of common areas, and take care of campers’ needs all the time. That means you’ll probably be busy all day with these tasks, and you may need help to make sure things run smoothly. You won’t be able to spend hours and hours at your office. But that can be a big plus for investors who like to talk to people face-to-face and want to give guests memorable experiences.
Need for Amenities
Keeping RVers will take more work; you’ll need to make providing and maintaining amenities a top priority. When you drive an RV, you can stay at any facility for a week or less, and if you don’t like it, you don’t have to go back. If you want to get new customers and keep the ones you already have coming back, you need to stand out from the crowd. That might mean more work, but it might also mean more pay.
Higher profits
Buying Pendleton Oregon RV parks could pay off in the long run. In the U.S., there are more than 12,000 RV-related businesses that bring in more than $37.5 billion each year. Also, RV parks have higher rates of return on investment than mobile home parks. That means that the profit and return on investment could be much higher. In the end, that means that buying an RV park is often a better investment.
Mobile Home Parks
Hands-Off Management
If you want a less active way to invest in real estate, a Riverview mobile home park may be a better choice than an RV park. Usually, the only time the owner of a mobile home park talks to the people who live there is to collect rent or deal with a problem. Compared to what the owner of an RV park may have to do, that’s a lot less work. But you can’t leave completely; you’ll still have to be available to residents when they need you.
Long-term relationships
People who live in mobile homes tend to stay put for a long time, especially since moving to a new park can cost thousands of dollars. That can give you a chance to really get to know your residents instead of meeting a bunch of new people every day. You won’t have as many responsibilities on the job, but you’ll be able to talk to the people who live in your mobile home park on a regular basis.
More competition
It’s important to know that there are usually more people looking to buy mobile home parks than people looking to buy an RV park. Some people might think that means mobile home parks are by far the best option. But it could mean that these grounds are cheaper or require less maintenance, both of which are attractive to some investors. In the end, though, more competition can cause prices to go up and supply to go down. If you want to live in a mobile home park, you might not get the one you want.
Final Views
Buying Pendleton, Oregon, RV parks can be a great way to make money. Still, these aren’t the only ways you can make money by investing in real estate. Before you go with the most popular option, you should think about what’s important to you, how much it will cost, and what else you need to think about to make sure your investment fits with your professional and financial goals.
