Are you the owner of a mobile home park - or would you like to be the owner of a mobile home park? The most important thing you can do to guarantee your success in this business is to learn the principles of property management.
Property management is a broad area but there is one topic that is more important than all the others. In my opinion, choosing good tenants is the core issue and also the most difficult if you don't know what you are doing.
By doing a simple background check on prospective tenants, you will eliminate most of your potential problems right out of the gate. You will also be way ahead of most landlords, who do not bother with background checks. Let the criminals and deadbeats live somewhere else. You don't need them living on your property!
Without a background check, you are sizing people up and deciding whether you "like their looks". My dad actually was an expert at this. He was only fooled a couple of times. However, times have drastically changed since he was a landlord and the number of con artists has gone way up. In today's world, you cannot rely on your instincts.
First, set up your rental application. Be sure you ask for previous rental history as well as current employment and income. You should include a statement that certain items will cause the application to be rejected and a statement that the applicant gives you permission to check all pertinent areas. Make sure the application is signed and dated by the applicant.
One thing which still surprises me is that people who absolutely cannot afford my rental will still try to apply. Some people have no clue about finances, so we provide a short session on budgeting. If you frame this as a concern for your prospect to prevent problems for them, it will be well-received. Be sure you verify their income before you rent to them!
Would you be willing to rent to someone who is just starting a new job? That should depend on the type of job. If the person has a contract as least as long as your lease, you will usually be safe to consider renting to them if everyone else checks out.
When you look at a wide variety of businesses, it is hard to find one with all the benefits of the mobile home park business. If you do it right and learn from those in the field, you will have many rewards and few disadvantages. - 2364
Property management is a broad area but there is one topic that is more important than all the others. In my opinion, choosing good tenants is the core issue and also the most difficult if you don't know what you are doing.
By doing a simple background check on prospective tenants, you will eliminate most of your potential problems right out of the gate. You will also be way ahead of most landlords, who do not bother with background checks. Let the criminals and deadbeats live somewhere else. You don't need them living on your property!
Without a background check, you are sizing people up and deciding whether you "like their looks". My dad actually was an expert at this. He was only fooled a couple of times. However, times have drastically changed since he was a landlord and the number of con artists has gone way up. In today's world, you cannot rely on your instincts.
First, set up your rental application. Be sure you ask for previous rental history as well as current employment and income. You should include a statement that certain items will cause the application to be rejected and a statement that the applicant gives you permission to check all pertinent areas. Make sure the application is signed and dated by the applicant.
One thing which still surprises me is that people who absolutely cannot afford my rental will still try to apply. Some people have no clue about finances, so we provide a short session on budgeting. If you frame this as a concern for your prospect to prevent problems for them, it will be well-received. Be sure you verify their income before you rent to them!
Would you be willing to rent to someone who is just starting a new job? That should depend on the type of job. If the person has a contract as least as long as your lease, you will usually be safe to consider renting to them if everyone else checks out.
When you look at a wide variety of businesses, it is hard to find one with all the benefits of the mobile home park business. If you do it right and learn from those in the field, you will have many rewards and few disadvantages. - 2364
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Don't be overwhelmed! We have everything you need to succeed in our Property Management Module, including forms and procedures. Don't wait another minute! Click Mobile Home Park Classroom and get started right now! You will love our free video with a mobile home park owner giving his favorite tip for success.
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