I would like to buy my first MHP but have to admit I’m a bit overwhelmed by the range of properties for sale across the US. In order to prepare a shortlist I would like to know how to narrow the focus geographically and in terms of park size(budget up to approx. 450K) before scheduling a personal visit from Europe. Though I plan to sign up for one of the boot camps over the summer I’m trying to research as much as possible early on with a view to buying something by Q3 2017.
Does anyone here have any useful tips to share in this regard?
I started my real estate investing career by buying apartment buildings in California. I would not buy them today because, not only are they over priced but also because of the the anti-landlord laws.
Washington State and Oregon also seem over priced.
There was some posting on this board not long ago about the taxes in the state of New York that made me think only a fool would invest there. Perhaps some NY investors can correct me on that.
I own a park in Illinois, but I worry about size of the government debt and the lefty’s running it, turning the state into an economic smoking hole.
Just a very quick rough-and-dirty, with a budget of $450k figure about ~40-50 occupied space park based on park price of $1 million at $20k-25k per space. Also, plan on searching for a year to find something at a good price, not a quarter.
Assuming he is European, he will also have trouble getting US mortgage loans I do believe. Definitely not a standard term like we are used to anyway.
Most good MHP tenants seem to be found in the northern states and midwest, as compared to the southern US. Either coast is pretty expensive, in general. Hope that helps to narrow your focus a bit.
Thanks for your comment. FYI, I am a dual citizen so that isn’t an issue plus I don’t plan to seek bank financing. The first real issue is how to search remotely.
Thanks, Brandon. My budget is for a park priced around 450k, not 1 million, so I assume I should be looking at approx. half the number of spaces you mentioned initially. Also, as a first time buyer would you suggest steering clear of septic and wells and look exclusively for city water and sewer?
Fellow dual expat here, don’t forget the joy of owning a US LLC in foreign countries…
MOST of the prospecting can be done remotely, if you narrow it down to a specific state or geo area. Either hire someone in the US to make calls or get ready to stay up late… I’ve done both :stuck_out_tongue
The final part is visiting the park, but I can tell you that a lot of stuff doesn’t pass very early DD or doesn’t have the terms necessary to make a bad park doable in terms of financing. Ask me about the Park in Ohio that trucks water in every day…
Feel free to drop me a PM if you want to commiserate on the unique issues we tend to face…