mobile home park investing, local vs. out of area investing

What’s the difference in investing in mobile home parks locally versus out

of area, and even out of state?

Access to more data, technology, and contacts than ever before now enables real estate investors to effectively invest in and hold properties virtually

anywhere in the world. So with such great freedom, and no barriers what are the pros and cons of sticking close to home versus further a field?

What’s better, and why?

The Challenges of Investing Close to Home

Some investors will find they have great mobile home park investment options close to them. These definitely should

not be ignored. Aside from the close proximity and potential knowledge of the area, there can be other benefits

of investing in your home town too. This may include positively influencing the property values of any other real

estate you own. Then there can be other than monetary benefits such as improving the local community and

economy and helping others.

Limited Options

You may be in the best mobile home park market in the universe. If so don’t overlook those deals close to you. But since the whole world is your oyster, don’t suffer inferior returns, or forego the need for diversification. Demand the best investments, with the best returns, in a strong portfolio.

The DIY Management Trap

Perhaps the worst part of staying local is the potential to fall into DIY style self-management. This notoriously traps many, even among those who didn’t plan to get involved. There is just too much temptation to stop by, answer the phone, and try to fix it yourself. That can create all types of bad habits, confusion, and issues.

JCOGJ

Privacy & Security

Some investors like the ego boost of being known as the big land owner in town. For others the spotlight is a nightmare. Most investors fail to put enough cushion between them and others. That means they can easily be looked up and hunted down by irate tenants, and the attorneys of malicious fraudsters and opportunists.

Unsustainable Investment Model

Those that fall into the DIY property management trap face even bigger issues later on. Eventually most investors will move. They may move for better weather in retirement, to be near family, or to downsize and be close to good healthcare. Then who is going to manage the investment. If you haven’t built in enough margin to cover hiring a professional third party management firm that could mean a negative cash flow situation which begins to eat into previous gains.

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