Posted by Chuck (AZ) on July 16, 2001 at 12:38:43:
It’s really not a question of adminstration, it’s more a question of how much money you want to make.
Let’s say you have 60 homes. If everyone pays when due, you have no adminstration problems. If 5 are late every month, then you deal with it.
Weather that becomes a hassle or not is really up to you.
I used the number 60, as I own a 55+ (60 spaces) and collect lot rent on the first of the month (no park owned units). I’ve never had a tenant pay late, unless they were out of state and had to mail it in. There were 2 occasions when the lot rent was late due to a pending sale of 2 different homes, a phone call to each party concerned took care of it.
Now granted the lot rent will always be due (as in forever)… and when selling a home on contract it will eventually be paid off… this of course means you can then add another home to replace that lost income, should you desire to.
The ONLY problem I can see that you might run into (besides a deliquent) would be your distance from a problem and the time involved to resolve it.
Therefore, I’d suggest that you not invest in anything more than an hour away from you.
If the above doesn’t answer your concerns, be more specific and I’ll try to provide some perspective.