Expanding the park/New owner


#1

Hello. First this sites topic posts are great. It’s hard to find something like your site that talks the real stuff.

I just purchased a 10 unit park and there are 6 trailors on it all I bought with it and 2 are currently rented (After kicking out 2 non-paying renters).

Here is my plan and if you could please tell me on what I can do to improve my cashflow or what not to do:

It currently has been a weekly rental rv/trailor park and I’m pretty much forcing any new tenants to sign at least a month to month lease, have them fill out a full application, and give a deposit of at least 2 weeks.

Does this sound realistic for most of my tenants that are low income?

I’ve already bought For Rent signs as mini-billboards I’m putting all along my highway frontage to get new tenants calling.

Since I’m an out of state investor and I want my property manager to really work in getting them all rented with leases I’ve upped his commission to 15% a month since I know many tenants will cause him weekly problems.

Is it good to pay your property manager well? Does it make a difference?

It currently has a coin-operated dryer/washer I’m hooking up for extra income since I have highway frontage and near a full community of renters I’ve considered building a full self-coin operated laundry mat of around 5-10 dryers/washer in a small building with small grave parking lot right off the highway with signs directing to it for the local public. Is this a good idea? Or a future burden if all coin-operated and inclosed? I could have a small shed or utilities building and figure a way to make it a cheap small business to produce more income on my property.

Lastly taking a small portion of the profits to pay for a monthly pick nick/barbecue ($125 worth) as an inncentive to stay at the park is this a good idea? I’d have the property manager fix burgers/hotdogs on the grill with soda for free to all tenants/tenants families (until food runs out).

I’m just trying to think of ideas here because I want to make this park a complete success and keep from tenants moving in and out.

Also my park is in Savannah, TN (hardin county) do you know of any used trailor sellers within distance of buying trailors to move on the empty lots?

Please reply with any comments about anything I’ve written. Thanks.

Post Edited (08-02-07 01:30)