This is my very first post. First, I would like to thank all of you for sharing your invaluable knowledge of the industry. I have been doing a lot of reading and the information is just overwhelming at times. I am a novice. I have no real estate properties other than my house. I have been looking for ways to invest in real estate and so far, it seems that investing in MHP offers the greatest benefits.
I have a few questions. I am looking at parks in the Northwest Indiana area (or a close area; 2-hour drive radius). My target price is $150,000 and under due to lack of funds for bigger downpayments. There are a few parks for sale posted on the website. One of them is found here: http://www.mobilehomeparkstore.com/p4sale/in-westof-indianapolis-20.htm
The area is farther than desired, but the data seems interesting. I like the idea of the park being located just 45 minutes west of Indianapolis. One of the main questions I have for you is: does being an absentee owner matters? By absentee I mean being 3 hours away from the park, I would probably visit the park two or three times per month. On the first deal, would it be better to be closer to handle any problems?
I am thinking about a strategy and I would prefer to try and buy two parks. I know; walk before I run. The reason I am thinking about this is to spread and reduce risk. Would this be a wise decision when starting out?
Also, I have been running numbers and looking at the possible returns on other scenarios. This might be a dumb question, but I think I want reassurance from the experts. I know, after reading many posts, that there is a lot of work involved. However, the returns are amazing. How feasible would it be to replace my existing salary from cash flow from MHP investing in a five year time frame to become a full time investor? I know that one bad deal can break my financials, but assuming decent deals with decent cash flow…
Thank you in advance for any input!
Juan Carlos Babilonia