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Newbie… where should I invest??

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  • #12779

    Member
    Member

    Okay.. I’m a brand new newbie and i’m just getting started. There’s so much to take in and it honestly feels a little overwhelming. But I know that i have to get started somewhere. So where’s the best location to invest?

  • #12781

    MHI Admin
    Keymaster

    Welcome to the forum. Everyone feels a bit overwhelmed when they’re first getting started, so you’re definitely not alone. The question as to where to invest.. That’s a big question. Let’s start with:

    • Do you need to live near your investment? Or are you comfortable with investing out of state?

    If you want to be able to drive to your park, then that starts to limit your options right off the bat. You can use the ‘radius’ method to creating a farm area – start where you are and draw a circle that represents how far out you’re willing to drive. For some, that may be two hours. Anything that falls within that two hour radius can be part of your farm area.

    If you’re thinking about going out-of-state, you have a lot of options (49 in fact ^^ – none in Hawaii). We like to start by finding Landlord friendly states. Also, if you’re just getting started, you might want to start networking with other mobile home park investors and ask questions about where they’re investing in why.

    There’s a lot more to this question but if you start off by thinking – landlord friendly, population growing, unemployment decreasing – you’ll be on the right track. Remember that everything is local, so eventually, you’ll need to make sure that the metro you’re near / in also has solid population and employment numbers.

    For more on the in’s-and-out’s of investing in Mobile Home Parks, you might also want to check out our “Definitive Guide to Investing in Mobile Home Parks.” It’s over 8,000 words of experience written by Tony Ferris and Andrew Lanoie who have purchased over 1,000 lots in the last 2 years. Did we mention that the Definitive Guide is free for readers?

  • #13573

    Linda Lai
    Participant

    How to find out which states are landlord friendly? Do you have any websites or resources to share? such as information of mobile home parks, where to find sales (MLS?), state regulations, etc. Thank you.

  • #13617

    Randy Shoemaker
    Participant

    Landlord friendly states… http://www.rentersinsurance.com/2012/03/8-states-where-rental-laws-favor-landlords/

    I would definitely read the guide. Its is very informative and there are some sites you can check out. Also read through the blogs. It sounds like you want to jump in ASAP, but there is so much information you should arm yourself with before you start. There are blogs on this website that can cover most of the questions you are asking.

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