Small MHP - hands-free? - Posted by Gregory
Posted by Gregory on July 24, 2003 at 12:55:48:
I?m thinking about buying a small mobile home park in 120-180K range. That would be my first RE investment and I?m trying to really understand my maximum possible exposure here. My biggest concern is not income / expenses part, as I think I can analyze it well enough myself, and hey, even if it all goes vacant overnight, I?d still have enough holding power to hold on to it. But being a newbee, I don?t have enough clue how time ? consuming it could be for out-of-state owner to deal with a 5-12 units park. It?s my understanding that usually you have a manager who in exchange for free rent and, may be, some cash, oversees the park, serves notes, does some maintenance, and collects rent. However, from your experience, how often your personal involvement would be necessary? Or, if set up properly, it can (and,may be, in your opinion, should) be a hands-free investment (even if own and rent out some of the homes in that park, not only lots)?
Any advice is greatly appreciated. And sorry for my English, as I?m not a native speaker.