Out of State Ownership of MHP - Posted by JoeSoCal
Posted by JoeSoCal on August 11, 2003 at 01:34:26:
I have been looking at buying some MHPs in Southern California. However, I am not too excited about the Cap Rates and view the returns to be mediocre.
I am interested in buying some MHPs in areas with a greater return. However, these tend to be out of state.
Do any of you own MHPs out of state, or any other forms of real estate investments out of state? I am concerned that I will be unable to gain any control over a situation if the crap hits the fan, so to speak.
I feel I could take care of anything in Western Nevada or Northwest/Western Arizona as I would be able to drive to and actually visit my properties. However, I am not too sure I could do the same with parks located in Texas or Tennessee, etc.
I know that there are bound to be many horror stories out there. However, I am sure that there are also some of you around here who do manage to work it out. I assume you are using a property management firm of some sort.
Again, I am just looking for some feedback as things seem to be really unappealing in SoCal (at least in terms of MHPs).