Posted by Scott on November 10, 2010 at 23:05:14:
I agree with Tony and Briton. I have 3 parks and do not want another one. I am happy with what I have and can manage the 3 with ease. I have a greeter at the 2 smaller parks and I manage the larger one. The larger park has a part time maintenance man and a lady who works in the office approx. 20 hours per week. I have my properties running smoothly. If I add more parks to my portfolio I add the headaches. It would also take me away from my “main” park. I have a great relationship with all my tenants. They know I am there everyday and take care of any problems as they arise. I receive positive comments all the time about how lucky they are to have such a great park owner If we add another park or two my larger park may suffer. We own 49 of the 90 homes in the park. All the homes are late model 16x80’s and 5 double wides. All the homes are perfect. If they need any rehabbing when a tenant moves out we do it. Not only to get better residents in the park but to protect our investment.
I am taking a new approach at one of our smaller (26 sites) parks. I am increasing the rent. We do not own any of the homes in this park. My intentions are to fill the vacant lots (when they become vacant) up with our own homes. Over time I plan on putting in 10 homes and renting them out. 10 homes wil increase my income by over $3500 per month. The increase in rent will also add an additional $500 per month. To me thats better then purchasing another park and addding to my headaches.
So in closing I plan on increasing my income by adding homes and raising lot rent. Rehabbing and taking care of my contract homes and building a nice nest egg for my family.