Looking to get started - have a couple questions

mobile home university
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MHP newbie here. I’d like to move out of some SFR’s and possibly into mobile home parks. I’m in the process of reading books, podcasts, and will do a couple different courses on MHP’s. Will also go to the boot camp in Vegas in Sept. Wondering if I could ask a couple questions:

  1. I would most likely be buying parks NOT in my immediate vicinity. I’d be looking at perhaps a 40-60 pad park to start. Therefore, not huge but big enough to probably have a manager who lives onsite. How difficult is it to manage such a park/manager when living remotely? I wouldn’t want to buy a turnaround mess of a park as I couldn’t spend a ton of time on site (I work full time). Hoping I could handle 95% of issues from a distance and only have to go onsite perhaps quarterly.

  2. Is it reasonable to think I could buy a fairly turnkey MHP (or simple value add) and get 20% CoC in year 1 or 2? I realize these deals aren’t growing on trees but if I found motivated sellers with help of a coach/mentor is this pretty feasible to get these returns? I figure I can invest in a MHP fund and get 10-12% CoC fairly easily.

Thank you for any feedback you have

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Parks aren’t difficult to manage remotely and you shouldn’t have a problem running a 40-60 lot park while keeping your full time job. Having an on-site manager to handle collections, inquiries, tenant issues, etc. is important. I have a 125 space park that is 73% occupied in the Louisville, KY metro and I live in CA… It takes about 4 hours a week to manage.

I’d say it’s reasonable to buy a fairly turnkey park and get 20% CoC returns - probably immediately.

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Sounds like you are taking the right steps and you can achieve both your goals. I think a bigger market, less (no) POH , and public utilities would be preferred if possible to minimize some of the moving parts on remote stuff.

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