Share some specifics. Market. Lots. Type of park. Things that need attention. This way you can get more specific feedback for your situation.
Yep! I understand fully.
Congrats! On that!
@JasonS You now have to execute your business plan that you should of set up for the park. If no BP was set up before, start with sending out to every tenant the new rules, directions on where they now pay rent, etc.
Then start to work on items that will add value.
Sorry I wish I could say more but without knowledge of the park, # of POHs, TOHs deferred maintenance etc. it is hard to list out what to do 1, 2, and 3.
If you can give us some details here and may be we can all give input??
I appreciate the feedback. The “new owner” letters have been sent and we’ll be hand delivering to each home the same letter. The park is mostly full so it’s just getting the new rules, and leases out and some park clean up. Have a couple of POHs to sell but that shouldn’t be a big issue. All the renters are out so I’ll be going through them this week.
As Frank said (paraphrasing) “don’t go out and party for 3 months just because you got your loan, that’s money you owe. Celebrate when you sell or refinance the park”.
How many lots, what’s the current rent, market rent, city or private utilities?
The hardest part is now over.
Have you done your homework prior to purchasing? Such as… knowing the state landlord tenant laws? (You should know this before you send out communications of any kind) Do you have vendors lined up for electric work, plumbers, etc. so you have people to call on in an emergency and/or needed upgrades? Do you have a good attorney for landlord tenant issues? A good accountant? etc. Start a file on your smartphone or put together a binder with some basic information in it for reference. Your business plan should include an emergency plan, business continuation plan, leases, rent collection policies, rule and regulations, eviction procedures, purchase order policies, maintenance schedules and inspections, etc… If you are lucky you have a mentor. If you are totally new to the MHC owner’s world definitely consider attending a bootcamp asap and possibly join the investors group so you can access the phone calls and materials that might be a big help for you.
Plan for your success and prepare for your emergencies and you should do great!
I may be late to the party - first off - CONGRATS!
I’m curious, what specifically made THIS park the one you chose to go forward on?
It was a bite sized park that I felt comfortable handling for my first purchase. Rents were 50% below market. In the end I got in with zero down outside of my DD expenses. The bank/seller financed it all so I have cash flowed from day one.