Congratulations! - Posted by ray@lcorn
Posted by ray@lcorn on April 24, 2006 at 19:48:34:
If you’re like me you left closing thinking, oh wow, I own it! Then you drove through the property and thought "Oh Sh*T, I own it?
That’s what I call the “aww sh*t” moment… but it passes, and if you did your homework the investment is the beginning of your success.
The one best tip I can give you about takeover of a MHP is similar to the advice from Bruce below… clear and immediate contact with the residents to let them know who you are, what to expect, and when to expect it.
That covers a lot of ground, from the way you will collect rent to picking up trash. And the very best way to communicate those things is with a Rules Sheet. I assume that the tenants do not have leases, and that’s just the way you want it. A signed rules sheet will have the same binding effect as a lease and none of the drawbacks. In the rules you can clearly spell out what you will and won’t allow on the lots, how the lots will be maintained, when the inspection will be made, noise, nusiances, etc. It will also includes the normal stuff about rent due date, late fees, default provisions and the like.
p.s. Check with your state’s landlord tenant law for specific guidance about land-lease parks. Many states don’t have any regulations, but some do, so be sure you’re cognizant of the requirments and construct the rules accordingly.