I don’t have any double wides. I have someone that wants to move one in, he said our park is blessed. The only logical place I can put it is sideways across 3 pretty darned short lots. One POS 1BR home is there currently, It’s basically an eyesore.
His home would take up 3 lots as I said, set sideways it would give him great privacy as his back yard would face a large empty piece of land that is fenced off.
I was thinking of charging for 2 of the lots, giving him the 3rd for free, mainly because the lots are only like 60’ deep (give or take). Like I said, it would make for a pretty nice lot, only one neighbor on the end (not the side) and total backyard privacy.
If it’s eating up spaces, I’d charge more. If you are paying for utilities, I’d charge him more.
If you have the room to give him 3 lots, I wouldn’t charge to much more upfront. Get him in and settled. You can raise rents later when he doesn’t want to pay to move again.
Coach, from reading previous posts, its sounds like you are in a good market. While turning away business is not fun, losing three spaces for a DW , not sure if I would do that. If you think that you will get this park to 100% occupancy, i say keep the three lots as opposed to more. If you think you won’t get it there, then I would say to go for it.
Lot rent on our one DW Is the same as SW. On deal evaluations , i have seen people charing 10-25 more for a DW lot but have yet to see someone charging 2x lot rent ( not to say that its not out there)
I would be concerned whether 2x lot rent (or more) is sustainable. It sounds like it is for this one person, but what about after they’re gone and you’re left with the home? More $ to rehab, more $ to get rid of it if needed. The worst thing that can happen is you have 3 lots with one home only getting 25% more than a singlewide. Given your demand in FL, I would wait and fill them individually if that’s an option for you.
Well he’s talking about buying the home and having it moved in, so there’s no cost to me. Maybe 1.5X normal lot rent is more reasonable.
The main issue with these particular lots is they are not very deep, and with the required setback I’d be looking at about a 50’ home.
I can definitely get the park to 100% occupancy, given enough capitol and time. The demand is very strong. With these shallow lots, the best I could to with these 3 lots is MAYBE 2 for 3.
I’ll have to take a look at the lot dimensions again.
As I think about it, $800 for lot rental is pretty steep. He could get a land deal for the same or less.
On the surface it sounds like bringing in a DW is not necessary for your future plans. To do so is going to cost you money in the end not make you money due to the loss of 50% income on the three lot singles as opposed to the DW. Pretty easy decision in my opinion. Thanks but no thanks.
Really good point Greg, but what are the odds on finding 50’ homes to fit on these lots? I haven’t looked that much for them, but when I have I haven’t found anything.