Hello everyone,I’m going to be closing on my first MHP at the end of next month. The current owner is going to be staying on for a period of time to help with the transition and be the on site manager since I live over 4 hours away from the park. There are 12 park owned homes that will need care as well as the grounds maintenance. My question is what do you guys think I should pay or offer for compensation? Free rent? I want to be fair of course but not give away too much. Thanks for the help in advance.
We typically pay around $10 per month per lot, plus free housing (normally just lot rent). Every park is different, and you have to create a fair compensation plan based on that park’s issues and responsibilities. But the bottom line is that it’s never a large amount.I will also point out that the current owner is normally a terrible manager for the park, as they are part of the problem and not the solution (unless the park is already immaculate and well-run). Additionally, the prior owner can seldom handle the blow to his ego of no longer being “the boss”, and this can cause all kinds of problems and hostility.The bottom line is that you might want to think twice about that plan. It has a low historical track record of success.
Frank,Very good advice. Thank you very much