Closing on 1st park next week--now what--need help!

Closing on 1st park next week–run down Hispanic park in Texas 50+ occupied lots. Can you help me with my priorities? Here are my thoughts:

  1. get water under control via rubs or meters–currently out of control with 8000 water bills per month
  2. send out new leases
  3. educate and school new manager
  4. send out rules and regs—much needed!
  5. cut dead trees

What can I do this week to get prepared? Is there a project timeline in Excel or some other program that someone has to set a timeline for me?

Thank you


Sounds to me like you already have a game plan. Just go back over your manuals from bootcamp.

This would be my list:

  1. You should already be educating your new manager on what you want them to do in complete detail

  2. On the day of closing, you should have a letter hand delivered to each tenant advising them that there has been a sale, who the new manager is, how to contact them, and how to pay the rent.

  3. Send out new leases and rules and begin the process of getting them signed and back to you.

  4. Get all dead trees and tree limbs removed, as well as dogs over 30 lbs., trampolines and swimming pools per your insurance company’s regulations.

  5. Begin whatever improvements you planned to make.

  6. Have American Leak Detection find your main line leaks, while also having a plumber find and fix internal home leaks. Spot test the meter and see the new usage.

  7. Raise the rent as needed.

  8. Billback water and sewer once you have a complete handle on the system, as well as the correct registration and methodology to bill for it in Texas. You do NOT have to do this if the water usage is reasonable – it is much easier and less costly just to raise rent. However, the only way to create conservation of water is personal accountability.

You should be able to think up the next steps for all of these items between now and the first. None of these are hard to do.

As the new owner, your primary concern needs to be staying firm on collections. Many tenants will see the change in command as a way to skip or delay rent. That’s job #1: make sure you get paid.


All good advice.
You also need to be prepared in the event there is push back. If the community is sorely in need of park rules there will be resistance to change. Be prepared to select the worst tenant to evict as a example to all. If you have not already memorise and fully understand all the tenant/landlord regulations for Texas you better get studying up on how to run your business. You have one week to learn the law.

Knowing the regulations means you will not need to come on here to ask basic questions about managing tenants and respecting their rights.


Here’s some thoughts from a liability and insurance perspective:

  1. if you have any old dilapidated unrepairable homes, get rid of them right away. Insurance companies hate these as they can create huge liability problems;
  2. the keys for loss control with rental homes are good steps with handrails, sturdy floors, and working electrical systems. Check those off the list first and sleep better; and
  3. The keys for loss control for the park itself are the removal of vicious dog breeds, trampolines, and the repair of broken sidewalks and deep potholes

Cleaner, safer parks have access to better insurance coverage and lower insurance premiums for a reason. If you’re buying a fixer upper, let your agent know your immediate plans to improve it. This may get you in a better insurance program to start with, and certainly should after the first year turn around is well under way.