In a world of economic uncertainty, disappointing returns, and out-dated investment strategies, where does an investor turn to find valuable insight about “on-trend” investments?
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
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
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.
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
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
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