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.
Most landlords do not bother with tenant screening. I know this is true because people pay me to process their applications and expect me to rent to them. It is not unusual for a person to have a criminal record or horrible credit and still apply. I believe most landlords tell applicants that they will be checked out, but then do not actually do the background checks. This teaches undesirable tenants that they can be accepted regardless of their history. Do not be part of a process like this!
Unless you do a background check, you are gambling that your initial impression of a prospective tenant is correct. Believe me, this is a terrible way to choose tenants and you will get burned. People with bad backgrounds become quite skilled at fooling others. This is a risk you don't have to take.
You will need to find an online credit agency which also checks criminal backgrounds. Don't ever rent to anyone without checking these two items! Your rental application will need to ascertain all the critical information. It must be signed by the applicant as the applicant must give you permission to do a background check.
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!
We never rent to someone who is between jobs or has only held a current job for a few weeks. The only exceptions we will consider are teacher, policemen, firemen, and other professionals who can produce a signed contract.
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.
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.
Most landlords do not bother with tenant screening. I know this is true because people pay me to process their applications and expect me to rent to them. It is not unusual for a person to have a criminal record or horrible credit and still apply. I believe most landlords tell applicants that they will be checked out, but then do not actually do the background checks. This teaches undesirable tenants that they can be accepted regardless of their history. Do not be part of a process like this!
Unless you do a background check, you are gambling that your initial impression of a prospective tenant is correct. Believe me, this is a terrible way to choose tenants and you will get burned. People with bad backgrounds become quite skilled at fooling others. This is a risk you don't have to take.
You will need to find an online credit agency which also checks criminal backgrounds. Don't ever rent to anyone without checking these two items! Your rental application will need to ascertain all the critical information. It must be signed by the applicant as the applicant must give you permission to do a background check.
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!
We never rent to someone who is between jobs or has only held a current job for a few weeks. The only exceptions we will consider are teacher, policemen, firemen, and other professionals who can produce a signed contract.
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.
About the Author:
My family has been in the rental and mobile home park business for over 40 years. We love this business and can help you succeed in the mobile home park business, too. Visit us at Mobile Home Park Classroom and see our free video with a dynamite tip for mobile home park owners. Then sign up to be notified when we release our Property Management Module.
