This site has been a great help to me, but I’ve come into some questions.
A MHP I’m looking to buy is currently giving free rent to a collection manager that collects electricity bill/rent and giving free rent to a repair maintainence guy + paying him a salary of $1000/month.
The park brings in $3900 net after these expenses from 18 lots.
Is this park worth it (tons of old trailors) if I will have to keep two full time people on taking over$2000 of my cashflow instead of a property manager?
Is it smart to keep both on if this park is established and been around for 30 years? I’m worried if I stop them the park could go into a lot of problems. The town is only 3000 people near 15 minutes of a bigger city.
The price would still let me net at least $1000/ cashflow after paying my mortgage with only 10% down.
let me know what you think of full-time paying these people. does it sound ridiculous or is it smart?