How realistic is it to operate a mobile home park in another state?

Question

Hi,

I live in CA, there aren't a lot of parks.  I've been researching a number of options, including buying a mobile home park.

Is it realistic to own a mobile home park in another state?

Thanks,

Ron

Aaron Mazzrillo · Answer

Very realistic. I have lots of friends who own parks in other states.

Matt B. · Answer

We own parks in other states and manage them from our local office with the help of resident managers and subcontractors. There are definitely pros and cons to it. We prefer to have them within a days drive so we don't have to fly.

The key is deciding what role you want to be. Landlord or Investor. If you want to fix every problem yourself, you may be happy in the Landlord role. Then the property needs to be pretty close. If you want to empower others to do that for you and just manage them, then you will be happy in the investor role and location is then less of an issue.

One is not necessarily better than the other, just different according to ones strengths and goals. Much success to you either way.

Trent Begay · Answer

Realistic,

But you should take in travel considerations.
	
	You probably wont be able to show the property to tenants yourself and carry out on-site management duties. 
	
	Also if an eviction ever become necessary the principal will have to physically go to court for that process in most states. Although you can hire a lawyer or have somebody with some kind of power of attorney handle that too. 
	
	Those are Just a couple things I would consider though. Good luck!

Jon Klaus · Answer

Dave Reynolds of the Mobile Home Park Store says it's the only way to go. He doesn't want to live near his parks.  He outsources almost everything,  Maybe he'll jump in here, its been a good while since we talked.

Zachary Steinke · Answer

My business partner and I live in Phoenix, Arizona. My partner owns three mobile home parks in Colorado, and we manage them from here. He does fly there about once a month, so there is some travel time involved.