Welcome back to The MHP Expert! Today, I’m discussing what, if any, are the advantages of finding an MHP near you. So you’re ready to jump into the industry. Maybe it’s your first deal, or you might be a veteran and have already closed a deal. Either way, it’s always good to consider the pros targeting a park within close proximity.
There are a lot of advantages when it comes to tracking down a park nearby. You’ll for certain have an easier go than crossing state, or even county lines for one. Take those who are new park owners. When you buy your first park, you’ll want to be there every day. This can be a major inconvenience if your park isn’t within a certain distance from you. No need to break the bank on lodging and travel arrangements when there’s likely a closer, more pragmatic option.
The Demands Of A New Deal
To reiterate, your presence at your mobile home park during the first few months is critical. From getting the hang of the deal, to learning the layout, the tenants, and even more! Having to worry about $1,000 a day in travel expenses is a burden you really shouldn’t put on yourself.
Aim for the best mobile home park near your home that’s already tidied up, with no deferred maintenance. Regularly paying tenants are also a great sign of stability. Now if you’re a bit more experienced and have the capital to extend those efforts, more power to you. But for the more economical approach, you’ll want to stay within a decent range.
Ways Around Distance Based Issues
There are some workarounds if you’re dead set on something out of state. Being partnered with a good manager can help to alleviate some of the concerns here. That said, the manager would also need to be on or near the mobile home park grounds to make this work. One way or another, consistent boots on the ground are a must.
Also, there’s nothing quite like being able to put eyes on your investment. Hearing about progress over the phone or email, or seeing in still images or grainy video, isn’t the same as being up close and personal. You’ll notice aspects of the park and its day to day proceedings that a secondhand exposure won’t show you. It’s worth it to consider, especially if you have a lot riding on the deal. Your goal is to set yourself up for success as much as possible!
Advice From The MHP Expert
I encourage you to stay as close to your location as you can. An hour or two away, at the absolute most. Keep in mind that for those in metropolitan cities, you may want to keep your distance even less than an hour away.
Have more pressing questions about securing success in the mobile home park industry? You’ve come to the right place! The MHP Expert is dedicated to bringing you the latest and greatest information in our field. Visit our services pages to learn more about how we can add value to your MHP journey.