New to MHP investing but have previous experience owning retail shopping centers and office buildings. After seeing how much of your returns can be taken away due to the high costs of tenant and capital improvements in the retail and office sector, i have been pouring into learning about MHPs the past 3 months.
I make a pretty significant income from non-real estate related businesses that run without much day-to-day involvement from me and dont take up too much of my time. But i’m looking to diversify my income streams into MHPs through my own capital as well as client’s capital… and really have a passion and interest in real estate investing.
My question is: where would you start if you were in my shoes? I definitely believe in scale and wanting to grow something significant. What i dont want to do is get involved in something that creates far more work for far little return (small deals in which cash flow is miniscule with no real upside). What types of deals would you be willing to consider if you were me? I was looking at a 100 lot park close to home but almost 90% of the homes are parked owned. I am also close to one that is 2 hours way but is only 29 lots (all tenant owned) and i’m wondering if it’s too small to deal with. Lastly, i’ve been looking at a lot of out-of-state deals but wasnt sure if there was a minimum lot size i should consider starting out if the deals are out of state or what else i should be considering if going to invest out-of-state (i understand the #'s pretty well - talking more about the things that i’m not considering when dealing out-of-state
) Definitely want to stay with public utilities for now.
Any help/guidance would be greatly appreciated! I plan on going to an upcoming MH University Boot Camp but can’t make the one in October…