Finally closed on my first park


#1

Now What? :thinking:


#2

Congrats.

Share some specifics. Market. Lots. Type of park. Things that need attention. This way you can get more specific feedback for your situation.


#3

Yep! I understand fully.


#4

Congrats! On that!

:+1: :+1:

@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?? :slight_smile:


#5

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.


#6

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?