Hi there,
Thank you in advance for any help.
I’m currently under contract on a mobile home park in Oswego, NY and I was curious if anyone had property management company recommendations in that area. Please let me know.
How big and have you considered someone on-site? I’ve found exactly one PM in my experience who knew their way around parks and even then, they cost something slightly north of 10% of gross. We do it all in-house with the help of someone on-site (rent break or salary depending on park size)
42 units. We typically use someone on-site as well. I just thought it might be worth it to put some feelers out and see what comes back for PM companies. How big is your operation if you do in-house? Thanks for the reply!
Most management companies do not know how to manage mobile home parks, so most owners self manage through their own staff.
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I will manage a park, but I rather master lease it vs be an agent for the owners. I think the spread is always negotiable and even a future upside or ownership buy is could be attractive.
Matt Fonk Tampa
This lack of available property management companies is a huge part of why parks have a return premium over apartment buildings - you’re purchasing a job not just making an investment - as well as buying yourself a potential hostile relationship with local governments that doesn’t exist in the multifamily world - and attracting the ire of left wing housing activists that also is not an issue in the multifamily world (compared to the park world).