It is a small park. 10 Park owned homes, 8 Tenant owned, 4 vacant lots. The park owned homes have a lot of deferred maintenance. None of Park Owned renters are paying market rent. Most are paying about $300 per month less than market. Worse, as we were in court yesterday trying to evict 2 non payers, they complained to the Judge that the properties are in too poor of repair for habitation.
All leases have expired. Had planned to upgrade slowly but wonder if it would make more sense to send notice of non-renewal to the remaining tenants before they start slinging accusations. (one is already pretending that some mildew is mold that is causing her child asthma).
Have only owned the park for about 10 days and getting the homes repaired will take about 2 weeks per home. Hate the idea of mass eviction but not as much as I would hate being sued over problems that we have not caused and have not had time to correct.
The rental market here is very strong. Had planned to sell off each home as they were completed but leaning towards renting some of them as the differential between lot rent and home rent is significant. Lot rent is about $300 per month and the market rate for home rental is more like $850-$950 for 2 bed mobile and $1,000 to $1300 for 3 bedroom homes.
Anxious for advice please.