Trends and Strategies for investing in 55+ communities

[Christian Knutson]

Hi Everyone!

I was exploring the Bothell area just north of Seattle, WA the other day for deals in the area. When I started querying sub $600,000 I started getting a lot of hits for Manufactured, Modular and Mobile homes in the $150,000 - $250,000 price range, and they were all located in Retirement Communities for persons over the age of 55+. 

I was wondering if anyone in the BP community has had any experience purchasing these kinds of properties for investment or personal use. I haven't ever really explored this space or strategy and wanted to see if anyone here had tips, tricks, watch-outs, pitfalls, or other knowledge and could pass on the learning? Many of them have the Senior Exemption constraint listed as False, which I imagine means that investors can purchase these properties and rent them out to folks older than 55+? Very new to the space and looking to learn more.

Thanks!

Christian

[James Dainard]

Quote from @Christian Knutson:

Hi Everyone!

I was exploring the Bothell area just north of Seattle, WA the other day for deals in the area. When I started querying sub $600,000 I started getting a lot of hits for Manufactured, Modular and Mobile homes in the $150,000 - $250,000 price range, and they were all located in Retirement Communities for persons over the age of 55+. 

I was wondering if anyone in the BP community has had any experience purchasing these kinds of properties for investment or personal use. I haven't ever really explored this space or strategy and wanted to see if anyone here had tips, tricks, watch-outs, pitfalls, or other knowledge and could pass on the learning? Many of them have the Senior Exemption constraint listed as False, which I imagine means that investors can purchase these properties and rent them out to folks older than 55+? Very new to the space and looking to learn more.

Thanks!

Christian

 Hey Christian,

Usually you have a hard time getting renters for those because the community is age restricted and a lot of your potential tenants are on fixed income.

If you're looking for a better return you're likely going to want to shoot for a house hack, BRRRRR, or a flip.