newbie inherited a park - Posted by Billy L

import · February 20, 2004, 4:42am

Posted by Tony-VA/NC on February 20, 2004 at 06:35:23:

I would suggest that for now you not go in with the mindset of changing too much too fast.

Much of the current status of the rent and collection will be dictated by the leases you inherited. Read them carefully. Are they month to month, annual or unwritten?

Begin by enforcing the leases you do have for now. I would continue to be flexible with the tenants initially on when they pay. Find out what works best for everyone. I know this may fly in the face of “train the tenants or they train you” but you may well find that some of these tenants pay a premium in order to receive the flexibility. Others may be on fixed incomes that are not dispursed on the 1st of each month.

As for the non-paying tenants. Serve them with notice immediately. This sets the tone for those who may seek to take advantage of the situation.

Find out what you need to do to begin and complete the eviction process in your area. If you are unfamiliar with the landlord tenant law (specifically regarding mobile homes) you may wish to read it and review it with a local attorney who is familiar with the process. This time will be well spent and will only cost you once. From then on you will know the system better than your tenants and have the full force of the law behind your actions.

As you are new to investing and tenant management, I suggest you not make waves until you know your legal rights. I also suggest you take some time to read up on landlording. There is a great number of books in your local bookstore that can help you.

Hang in there and you will likely do very well with this park.

Tony

import · February 20, 2004, 4:42am

newbie inherited a park - Posted by Billy L

Posted by Billy L on February 20, 2004 at 05:42:07:

Hello all, inheriting the park is a good thing(I think?). The bad news is I’m new to park managment, real estate investing, etc. I was left in pretty good shape as far as debt is concerned. There is a mortgage of $61,000 on a house that came with it. The park has 21 spots, 5 have trailers I own that rent for 250/mth(2 are empty). 9 are tenant owned trailers that rent for 100/mth. The previous owner was very “flexible” with the tenants. They have different days they usually pay, and 4 are chronically past due. How should I approach changing due dates to the first, and how do I get the past dues caught up. I think it would be wrong to just boot them after he was so easy to get along with. But I realize it is bad business to let it continue. Well, this post is probably long enough for now. So although I have tons more question I’ll save them for next time. Thanks in advance for your help and insight.