We’re back with another entry about my time as an MHP investor. In my experience, I’ve had more luck with populating vacant MHPs, than with taking over an existing, run down park and renovating it. The latter is so much more difficult than taking an empty space, putting a tenant in it, waiting a year, and then selling it for a larger take. So far, this has proven to be the case in all of my real estate endeavors, not just limited to the MHP space.
The headache factor of getting an ugly park fixed and online isn’t worth it. Speaking for myself, it’s too exhausting of an endeavor to pursue. I’d rather take vacant MHPs, and then fill in the spaces as I go. But, even this take on the effort isn’t without its major considerations. You have to budget for carrying costs to get through that first year of owning a vacant park. It takes a few months to tenant the property.
Patience Is Key In MHP Investing
One of the biggest virtues when it comes to any form of investing is patience. As my previous blog entries show, my journey began with $15,000 almost 20 years ago. It took a lot of trial and error, and tons of creativity on my and my partner’s part. But two decades later, I can say it was well worth the effort.
It takes gathering your first chunk of investing cash, and placing it somewhere you don’t mind festering for an extended period of time. It can feel like you’re moving at snail’s pace, but if you’re being smart about it, you’ll get the best value this way.
The MHP Expert
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