Be realistic in who you are and what your strengths are - for instance, I prefer dealing with buisness owners (more knowledgeable, more experienced) vs the average consumer (more emotional, less logical). Others prefer dealing with consumers as they can be more appreciate and more in need of help;
Parks are a great investment in that if you lose one tenant in a 50 space park it’s not near the shock of losing one tenant in a tri-plex. Steady income is real impressive vs no income (A bank C.D.) or the stock market roller coaster ride. But if you don’t have the time, expertise, or temperment for managing a park, you can still be an owner via an ownership interest with one of the true professional operators - many of who are listed above;
Whatever you own, you need to pay attention. Generally speaking, the more personal involvement I’ve had in my investments, the better they’ve done; and
When dealing with anyone, there’s nothing wrong with expecting and demanding compliance with the agreement as long as you do so with some level of respect. If you acquire a product, you expect to pay for it. If you use a service, you expect to pay for it. If you are admitted to somewhere subject to the rules, expect to follow the rules or be let go. No hard feelings.
Kurt’s following points are very valid:
“3) Whatever you own, you need to pay attention. Generally speaking, the more personal involvement I’ve had in my investments, the better they’ve done;…”
“4) When dealing with anyone, there’s nothing wrong with expecting and demanding compliance with the agreement as long as you do with some level of respect.”
I love Kurt’s #4.
I love to check out Mobile Home Parks…call me crazy.
I love to see what other MHP Owners allow and do not allow and what I can learn from them.
Recently, I was in a local Mobile Home Park and I had one of the Tenants start talking to me. I was asking what the Lot Rents were and how was the MHP in general.
This Tenant started telling me how the previous MHP Owner was wonderful because this Tenant did not pay rent for one whole year. That is 12 months and no one filed an Eviction on her. That is fine if you are a Non-Profit…not so fine if you are trying to make a profit.
This Tenant went on to say that she did not like the new Owners because just that month the new Owners made her pay a Late Fee.
I guess if you as a Tenant had been allowed to stay free for a whole year that you would not be happy with paying a Late Fee.
However, as Kurt stated:
"…there’s nothing wrong with expecting and demanding compliance…"