Converting Weekly tenants to monthly or Lease to purchase


#1

This is a common issue I see in possible park purchases. Large scare weekly tenants can be a full-time job to collect all the rent income. Does anyone have a system to convert weekly to monthly that works well for tenants and the property owner? Ideas on this


#2

Weekly tenants are usually just programed to live weekly and usually have a difficult time budgeting for time periods much longer than that. In the past, I’ve had marginal success slowly converting an individual tenant from weekly to twice monthly to monthly over a 5-6 month period. I’ve only done this on individual cases. Not sure if that would work well on a larger scale.


#3

It depends on the park. I have stayed away from weekly pay parks because they are usually at the bottom end of the chain in park category. There is a reason they are paying weekly. Another reason is because many of the parks i’ve seen are run by mom and pop and many make cash payments for their rent. So obviously from a financing standpoint its not good.