Maybe I will start posting more again. I am busy. Honestly nice guys like Greg make it fun to post.
Shawn is right tho. There is alot to be learned from my days of posting on creonline several times a week there for a couple years.
I was 19 when I bought my first park. To this day it is the biggest park rehab I have done in my life. I bought the park 1/3 empty and had to research how to do every step of the park rehab.
I had my father whom is a CPA, Broker, and Financial adviser for hundreds of small business in northeastern Indiana. He knew nothing about mobile homes, just alot of general info on how small businesses are run.
Then I had Deals on Wheels and Creonline. Thats it.
The only reason I bring this up is to encourage any newbies to read those old archives. There really is alot of info in them. (even if I look like a young immature idiot half the time)
Best wishes to everyone; and good luck to Greg filling that vacancy!
Some of you mentioned the discount of $100 or something like that off the rent - with restrictions.
In the house business, Dave Tinley teaches a class on leases. It is a 3 day class and worth your time. I have taken his lease and made some small modificiations to it and use it with my mobiles. One of his greatest concepts to me, was the discount program.
The way it works is this. You charge your regular rent with the discount price in the actual lease portion of the lease. ie. If you want to charge $500 for rent a month and your late fee is $100. You would word the lease as $600 a month. In the next paragraph you talk about the discount you offer. Here is where you describe the $100 discount the tenant receives for paying the rent on time, dumping the trash…whatever it is you want them to do for the discount. This paragraph goes on to explain that if the tasks stated are not done, the discount does not apply. This eliminates a late fee - and if you have to evict someone for non payment of the rent, you will get your late fees as they are built into the payment from the begining.
It works great. I have used this for years.
Oh, he also does not use deposits. As there is the discussion of keeping the funds seperate. He uses option fees. Even if the option fee is for the rent not to increase over 5% at renewal.
It’s a great idea and if you would like a copy of this text, just let me know and I will fax / email it to you.