YourPark.com just announced the acquisition of its second manufactured housing community in Austin, Texas, recently named by Forbes Magazine as the fastest growing city in the country. Adding another fully-occupied, high-yield property to their portfolio, already valued at $13 million, cements YourPark.com’s status as one the fastest-growing private businesses in the nation.
Steve Edel, YourPark.com CEO, said, “Austin is one of the most competitive places for affordable housing investments in the country. To be honest, I’m not sure how we landed two properties right near downtown Austin in such a short period of time. Sometimes lightning does strike twice.”
However, this was no accident as Edel is no stranger to this type of business success. His previous venture, a website marketing company, also made its mark on the INC charts before he accepted a substantial, undisclosed purchase offer and started investing capital in affordable housing. Although it’s rare for someone to be highly successful in two different fields, Edel believes his background in technology is one of the main reasons for his newfound success with YourPark.com.
Unlike some investors who buy properties and then sell them at a profit or for other types of development, Edel, who manages the properties with his wife, Christen, told MHProNews that, “We’re in it for the long term, and we’re not selling anything. In fact, we are in the process of expanding one of our properties in Austin.”
Presently, Edel said rents in YourPark.com communities range from $200 to $500 per month, depending on location. He said there is no problem in leasing the homes and lots as they are presently 100% leased.
He also explained that YourPark.com offers a unique path to home ownership through its Mobile Home Rent Credit Program. While renting a manufactured home in one of the communities, residents can earn reward credits that can be applied toward the future purchase of that home or any available home in the community. Over the course of the lease term, residents receive reward credits for paying rent on time and taking care of their home. At the end of the lease term or any extension, residents in good standing can put their credits to use. Credits have no cash value and can only be redeemed to purchase a home.##
(Photo Credit: YourPark.com)
Article submitted by Sandra Lane to – Daily Business News – MHProNews.
