Investing outside of home area

[mftps]

Well im pretty new to mobile home investing, but i was wondering who has done deals outside of their home area? how would you go about doing a deal without being there?

I want to purchase a mh lot about 500 miles from home(There are no condo lots in my state) just wanted to see how much is involved in buying out of state lot or mh...

Thanks, John

 

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[tbsells]

John,
There is alot to know about real estate investing 500 miles from home. Honestly, I don't think it's for beginners. The first couple deals for a new investor are the most risky because you don't know where the pitfalls are. Trying to do the first deal 500 miles from home is really asking for trouble. Some of the things you might not know are: applicable zoning, septic system requirements, building codes, availablility of utilities, who the good contractors are, what the thing will be worth when its built, etc. You may not know these things close to home either, but its alot easier to spend the day at the municipal building and find out. My recommendation is stay close to home on the first few deals. I've done it for years and rarely go more than 1/2 hour from home. I live in a small town in southern Ohio. Unless you live someplace really remote, you can make alot of money close to home. Its easier and alot less risky.