I have made an agreement with the Park Manager to Lease 1 of the empty spots with an option for the additional 3 spots.
The agreement won’t take effect until May 1 (allows me time to get all my ducks in a row with moving a mobile for the first time). I wanted to “experience” moving 1 mobile first before I commit to 3 more - nervous, I suppose.
The agreement is for 3 years at $200 a month (lot rent is currently $265/mnth) with an option for an additional 3 years at 15%. I feel comfortable with this.
The agreement for the additional 3 lots is provided they don’t rent them first. Considering they have been empty for over a year - who knows - I’m willing to gamble that they will still be there.
Has anyone thought of ?leasing? the empty lots in a Park for a reduced amount?
I was with the buyer for the mobile I bought for $150 when the Park Manager I had been dealing with came over to welcome the new buyer.
The Park Manager pointed over to the 4 empty lots and said, ?Boy, I sure wish I could get these filled. Got any ideas??
So, my little brain got to thinking, ?why not bundle all the empty lots together and lease/rent them from the park for a reduced fee.? Then put my own mobiles on them and charge the new owners the current lot rent. I would guarantee the park monthly lot rent irregardless of whether there was someone there or not. Of course, I would have my own mobiles on the lots. Interestingly enough I know of a couple of mobiles that need to be moved that folks are practically giving away.
Now, I realize that this isn?t big money but if I can get 4 empty lots reduced by $40 or $0 that?s an extra $200 a month coming in from these mobiles, hmmmm???
So, tell me where my thinking is flawed. I?m open to suggestions, thoughts, comments, and even criticisms of why this wouldn?t work.
Jacque,
Sounds like a good idea if park owners will cooperate. I’ve heard of deals where the investor does a master lease of the entire property and then subleases to the various tenants. Sounds like the same thing.Try it and see.
BillW.
