Posted by Greg Meade on September 30, 2003 at 14:19:26:
and will be a smooth transition. To answer the increase question first, i would honestly discuss it at first meeting…why put off the inevitable…most tenants expect an increase. something that has worked well for me in the past when acquiring a new park is to meet each tenant and give each unit a list of proposed rules. Ask them to look them over and if they see anything that can be modified or added to make the park more safe or efficient, to note it in red pencil and pass in with next rent check. have gotten some great ideas and it makes tenants feel “a part of” rather than “apart from”.
Without more info, i know this could seem kinda brash, but i am very careful about releasing pm until i know every nut , bolt, clean-out, switch, and schedule for myself. Been there and had to really struggle! Good luck!
I’m about to become the new owner of a smaller mobile home park and I am trying to locate some literature/resources for managing the park. The park consists of approximately 50 pads (15 of which are vacant) and all homes are owner occupied. There is some deferred maintenance in the park, which I am prepared to address immediately. In reading several articles and speaking with other park owners, it is my understanding that the first few months as a new owner are the most important. My idea is to (1) go door to door and introduce myself as the new owner, (2) have the tenants sign a new lease and rules and regulations (there are no existing leases with any of the tenants), (3) remove the existing park manager and put a new manager in place, and (4) increase the monthly rent because the park is well below market. I am an active owner and I will maintain a presence in the park.
Does anyone have a step by step process that they would suggest when first purchasing a park or could someone recommend a book or other resource?
Is it best that I introduce the rent increase while meeting the tenants or should I increase the rent after I make the park improvements (new sign, landscapping, road work, etc.)? The increase that I propose is only $25/mo.
Re: Assistance When Purchasing a Mobile Home Park - Posted by Joe C. (AR)
Posted by Joe C. (AR) on September 30, 2003 at 22:49:53:
As said many times on this board, Ray Alcorn’s and Ernest Tew’s material, both available on this site, are very informative when buying and managing a mhp. I have them both and feel that Ray’s is most valuable when preparing to purchase and less focussed on management although included. I believe that Ernest’s is more focused on management although purchase is addressed. Lastly, the book “LANDLORDING” by Leigh Robinson is a great management resource. It’s geared toward apartments but most techniques apply. I got mine at Barnes and Noble.
Good luck with your park.
Joe C. (AR)
Re: Assistance When Purchasing a Mobile Home Park - Posted by jowns
Posted by jowns on September 30, 2003 at 20:29:08:
i bought the worst park in town last january.My thoughts were to do some improvements then raise the rent (people like to see what their money is going toward). They thank me for the improvements ,but they are the ones who are paying for the improvements with the rent increase. 2cents worth???