Im looking at a 50 space park with 40 homes paying lot rent.
25 homes are tenant owned
15 are park owned
10 are vacant lots
Under my expenses I plan on hiring a manager for free lot rent and $10 per occupied pad.
This adds up to around $700 a month. Or $8,400 for the year.
I plan to convert all POHs to Tenant Owned Homes and increase the occupancy with the remaining 10 lots. Then slowly bring rents to market.
Question I have is, with the budget I have for the manager, how much can I expect him/her to do?
If average park has around 15% turn over, than I can expect to have to fill 5-8 homes a year from turn over. Some of these homes will be bought, sold, abandoned, some will be evictions and some will be left with an empty lot. There will be constant communication, maintenance, repairs, plus marketing and screening new applicants to try and bring in new tenants.
Along with all other responsibilities of running a park.
Do you think a manager making $700 a month would be able to do the bulk of this?
How much time and responsibilities will be required on my part? Am I expecting to much from the manager?
Eventually, I would like this to be turn key operation. In some of the previous forum posts I read that a lot of people only spend 1-6 hours a month on their park once systems are in place. That seems very low.
What has been your experience?