When you take over a mobile home park, it’s likely you will need to start fixing up your mobile home park and make some sort of repairs to provide a justifiable turnaround. In a best case scenario, you will want to make improvements to make your park more desirable to renters. In a worse case scenario, you will want to perform a major overhaul to make the park livable.
No matter what your situation may be, it can be difficult to figure out your priorities to determine where you should start. Here are some tips that will help you create a plan for improvements.
Hire a Team to Help With Fixing Up Your Mobile Home Park
The first thing you will want to do is hire a management team who can tend to the park. This includes landscapers, custodians and repair people.
In some instances, you may decide to keep on the management team that was working for the original owner. However, if the park was in disrepair when you found it, you may want to hire your own people.
Make Improvements to the Lots
One of the nice things about owning a mobile home park is that it’s up to the owners of the lots to make their own repairs. However, if the lots and homes have fallen into disrepair, you may offer them a one-time service that includes landscaping and painting. This may be the only way you can get the park looking good.
If you don’t go this route, you may be dealing with people that can’t afford to make repairs. The park will look unattractive making it difficult for you to find new tenants. However, your renters should be aware that you are providing a one-time complementary service and that they will be responsible for this type of maintenance moving forward.
Fix Infrastructure Issues
Any infrastructure issues should be a priority. If there are problems with water lines, sewer lines, electric service, gas service, roads, trees and other structures, these should be dealt with immediately.
It’s a good idea to have the elements of your infrastructure inspected to determine what repairs are necessary. Then take care of any damage immediately. Not doing so can end up costing you more in the long run.
Think About Budget When Fixing Up Your Mobile Home Park
There will inevitably be some amount of fixing up to do before you start on your venture and you will need to budget accordingly. In most cases, new owners will raise the rent to cover these expenses. Consider how much work needs to be done. Also consider how much you will need to raise rents by to make sure you are still able to make a profit.
Also, consider how much tenants are currently paying. No need to price them out to a point where you end up with empty lots.
A mobile home park is a great investment but improvements will have to be made to justify a raise in rents and make the park attractive to tenants. Finding the right management team, working with your tenants and making structural improvements will help your park live up to its potential. What updates do you think are essential in boosting the value of your property?
Let’s talk more about selling your mobile home park or buying a mobile home park. Go ahead and get in touch with us today.
Call us – Phone: 844-238-0218, or Contact Us via our website