I've connected with several of the top 100 owners in the country. People usually correlate size with effectiveness and profitability. To my surprise, several 'sophisticated' owners are negligent in their operations. Purchasing is the exciting part. Operating is where the money is made. Mobile home parks can be operationally less intensive than other real estate classes. However, it is still active management. I see many newcomers looking to collect rents and pay the water bill. While enticing, most parks don't operate this way.
Here are a few ways to stay on top of multiple assets.
- Visit your property once a quarter or so. In person visits are hard to replicate even with technology.
- Have an open business line for tenants to reach out with concerns. Stand behind your manager but it's helpful to provide an outlet in the event the manager is slacking.
- Communicate frequently with your manager. At times, it can be overwhelming.
- Monitor closely who rents in the park. Tenant screening is step one to eliminating headaches, but it isn't foolproof. It is an ongoing job. Yesterday, I confronted a meth addict who was renting from a owner's home. Even with strong systems, bad actors can slip in.