Good Afternoon,
I was referred to this forum by a loan officer. I was inquiring about a MHP on loopnet and he suggested I talk to this forum about getting into MHP’s. What do I need to have in place before i start looking at MHP’s or do I just dive right in ?
There are bootcamps that are run by the folks who run this site plus other companies. This will give you a good understanding of what to expect plus tools to do due diligence. Reading through this forum will give you an idea of what kind of problems you will face. It is a good business, however it has unique characteristics compared to Single Family Homes.
There is a truck load to learn about income investment properties if you are not already a landlord. Due diligence, financing, operations, state landlord tenant laws, only to mention a few. Boot camp is good to understand parks, the interweb has plenty on being a landlord and your state should have the codes on line. It is mandatory that you learn the state landlord tenant codes before you invest. Give yourself 6 months to a year of studying to get your head around it. If you are already a seasoned landlord concentrate on getting to boot camp.
I suggest you join the Biggerpockets forum to get a solid understanding of managing tenants if you do not have experience. Being a landlord is high stress, hard work and long hours so be prepared. It is not a passive investment, you are starting a business.