Hello! Thanks to fellow forum member Jefferson Lilly and his awesome podcast which I stumbled upon a few months ago, I decided to join the insanity and purchase my first MHP this week. It is a small 1.5 star 19-pad park which could use some TLC. Almost all the pads are occupied by a Lonnie Dealer. The Lonnie Dealer always pays on time even when one of his homes is vacant from tenant turnover. Lot rents are priced at $200 which is average for that market, but the market should be higher (around $250/month) as most other MHPs in the area are at 100% occupancy and average 2BR apartments go for $500/month.
On to my question: I was thinking I would send out my welcome letter with all the things I plan to do to fix up the park. I will then segue into telling them that I plan to achieve this through a maintenance fund which I will be setting up by raising rents $35/month. All money from this rent increase will go into this maintenance fund which will be used to maintain and improve the park over time. Thoughts on this strategy? How do you think the Lonnie Dealer would respond?