Long Distance Mobile Home Park

[Muhammed Mutahr]

Hello all and Happy New Year!

Looking at potential Commercial Multi-families to invest in the next year or so and have come across a few mobile home parks that have interested me. For those of you that own/manage mobile home parks what are some things you look for in a potential deal? What are some problems that might arise from someone trying to manage from out of state?

So far I have been leaning towards tenant owned units that pay utilities directly to the city. Any other suggestions?

Thanks!

[Brenden Mitchum]

Hey @Muhammed Mutahr

My only advice would be to thoroughly understand this asset class. It really is not like any other class and should be treated that way. Do not analyze it as you would commercial MF or you will find yourself in trouble. 

As long as you have properly educated yourself, you should not have any issues owning from OOS. However, you will definitely want to have someone in the park helping you out if you plan to manage the property yourself. 

Lastly, network as much as you can so that you have a community of people you can go to when you have questions or concerns. Check out the MHP Tribe group on FB for this. Tons of park owners and investors on there, as well as new and hopeful investors. We also meet via zoom every Monday evening for networking and topic-based discussion on the business. 

And please, feel free to message me anytime if you have questions or just want to chat!