We don’t want to fool you about management of your mobile home park. Owning a mobile home park can be a lot of hard work. However, there are things you can do to take some of the responsibility off your hands. Read on to find out more.
What Responsibilities Will I Have Owning a Mobile Home Park?
When you decide to invest in a mobile home park, you will have several maintenance expenses. These can include the following:
- Building: If you’re building a lot on vacant land, you will have to start from scratch working with architects and contractors on the building and design.
- Investing in a Fixer Upper: If you buy an existing lot, you will still want to make improvements. Improvements will vary depending on the condition the lot is in when you buy it, but it is likely you will want to make some sort of updates to make it more appealing to tenants. These can help justify rent increases.
- Ongoing Maintenance: Once you make your initial improvements, you will have to provide maintenance to keep the park looking good. However, the nice thing is, you will not be responsible for repairs inside the units. Because the units are privately owned, you will only be responsible for keeping the grounds looking nice. Therefore, you will want to get someone in to do the landscaping. Also, if you have amenities on the lot such as a gym or pool, you will want to keep these in good working condition.
- Dealing with Tenants: Dealing with tenants is a part of owning a property. Tenants may complain about each other or they may complain about the way the park is being handled. You also may have to chase after them for payments and deal with eviction if it comes to that.
How to Take the Responsibility Off Your Shoulders
It is likely you will have contractors in to keep your property looking its best and to maintain any amenities you have. In addition to that, you can hire an entire management team. You can pay your management team to call in contractors for maintenance and repairs as needed. They can also deal with tenant complaints and payments.
Of course, you will have to pay a management team, and this will eat into your profits. However, if you can afford the extra expense and would rather not deal with the headache, this is a great way to bring in passive income.
Owning a mobile home park is hard work but there are things you can do to make your life easier. Which of these management styles will work best for you?
If you’d like to talk more about selling your mobile home park or are interested in buying a mobile home park, look no further and get in touch with us today.
You can Call us – Phone: 844-238-0218, or Contact Us via our website