Key Sentence:
- Over the past decade, we have seen the availability of affordable housing drop drastically.
- This is a consequence of the financial crisis and has recently been exacerbated by COVID-19.
What remains is a situation where they rent for thousands of years into their late 30s and can’t climb the real estate ladder at the same age as their parents. One entrepreneur working on innovative solutions, including well-designed mobile homes, is Franco Perez, founder of Franco Mobile Homes.
Franco was initially raised in the Philippines and moved to the United States when he was 11 years old. When he arrived, the contrast was quite intense because he had seen people in the Philippines. Who was penniless and very happy but saw many people in the United States. They were rich and not where his family was in San Jose, California. , life.
His father was the primary breadwinner at home but after the financial crisis in 2009. He left the family, and suddenly Franco and his family had nothing. This caused him to move from house to house, often struggling to make ends meet. After a while, Franco realized that he had to drop out of school and become the primary breadwinner. But eventually, he felt that something was not enough in the housing market.
This led him to enter real estate. In real estate, when he realized that the industrial structure was causing most realtors in the area, he worked to try to sell homes for the highest possible value, leaving a void for affordable housing; he found an RV…
Mobile accommodation
While researching RVs, Franco realized that this could be a solution to bridge the gap between people paying $3,000 a month for rent in Silicon Valley. Those buying $1 million worth of homes – able to afford a dollar or more. He started looking at it and found an abandoned RV in a central location that he could create. He did it first and turned it into a so-called “sexy” RV to remove the negative connotations associated with RV.
The houses will cost about $ 250-350 thousand and look just as good as a “traditional” house. As he further shared the concept, people bought this house and used it to step up the property ladder. Over time, he discovered that he could renovate an abandoned house and build a new mobile home. They started working on it, and it cost $300,000 to $400,000, which has resonated with the community.
Future
As Franco developed more RVs, he realized the need was great in urban cities. He attracted a dynamic young team who faced the same problem head-on, helping him ease the process across America. They want to renovate old mobile homes, build their “sexy” homes, and build projects. Where you have the same sense of community as in the apartment and your door and space.
A study conducted with CPA showed that buying an RV for $3,000 per month in places like Silicon Valley would save $95,000 in five years due to the rising cost of RVs. Therefore, it was critical to Franco that, regardless of their careers, people realized that their wealth was tied to where they lived, so it made sense to climb the real estate ladder ASAP, and his company offered an innovative way to do so.