I’m sorry if this has already been covered on this forum, but I am wondering how Georgia and Alabama fare for park investors (MHU style)? When I look up holdings of some of the large investment portfolios in this category, it seems like they don’t tend to have many properties in these states. Are these states more difficult/problematic or is this just a coincidence. Thanks
Sorry - i have found some previous threads that address these states. It sounds like I am in a rather weak market for this - does that count me out from doing this?
If you are in Georgia, be in metro Atlanta. If you are in Alabama, be in metro Birmingham. Those markets are no different than any other metro market in the U.S. However, when you venture out into smaller markets in those states, be sure that SF home prices are high, and apartment rents are high. You don’t have to avoid them – just be extra careful. It’s hard to be the affordable housing niche if SF are at $30,000, if you know what I mean.If you want to hit other states, that’s fine as well. I’d pick a territory initially that you’re comfortable with, which for many people is a 4 hour radius from your house. Over time, you’ll realize that 2,000 miles away is fine, but that may too large a hurdle initially. If you go 4 to 5 hours from your house, I’m sure you hit more than just Alabama and Georgia. From my house, it’s 6 states.
Jrw, my Husband and I live and own 2 Mobile Home Parks in South Carolina. However, we are always looking for other MHPs.We have relatives in Alabama who flip homes for extra income.Since we find MHPs attractive in terms of cash flow and an investment strategy, we have been on the lookout for MHPs that we can show to our relatives in Alabama. We found a wonderful Lot Only MHP in Alabama for a great price.The Google drive by of the MHP was gorgeous.Yes, it is true that the Lot Rents in Alabama are lower than other States.However, the lower Lot Rents also make the Purchase Price lower. This allows investors to get into the MHP game with fewer dollars.Even though our business strategy is to be physically close to our MHPs; we were ready to place a contract on this Alabama MHP immediately after seeing the Google drive by. Unfortunately, when we contacted the Realtor, the MHP already had a contract and was set to Close.Thus, there are MHPs in Georgia and Alabama…just keep searching.We wish you the very best!
Frank,Is there anything particularly bad about Pennsylvania? There are quite a few large metro areas and it isn’t subject to cheaper prices like in the south. I’m curious because you guys own parks in seemingly every non-coastal state except PA (I don’t think?), and I was wondering if there were a reason to avoid the area.
No, there is nothing wrong with PA. We have looked at parks there in the past. Just have not bought one yet.