I just filmed a video for you about owning a mobile home park:
Here’s the transcript:
Hi. My name is Jason Ayers from MobileHomeParkClassroom.com. Let’s talk about owning a mobile home park. If you are thinking about investing in or owning a mobile home park, I want to congratulate you because this can be a fantastic business, if you do it the right way, if you know what you’re doing, and if you know what you’re getting into…
My family has been in the mobile home on RV park business for three generations. My grandparents, my parents, and then my brother and I were brought up in the business. It can be a very profitable business when you buy a park in the right location that has enough demand and has the right tenants in the market. That is a very important component of getting a park that you’re really going to enjoy owning.
Now, equally as important is how you manage that park, who manages that park and how well they do it. This is were a lot of park owners who were stressed out, who don’t enjoy the business. Maybe who you’d even selling the business that you’re thinking about purchasing or coming from there, or coming from that space of it, maybe not being something they want to do forever. A lot of that is because of the way that the park is run, and who’s running it.
We definitely didn’t get this right, right off the back. It took a very, very long time and we made a lot of costly mistakes and went through a lot of stressful situations and got tons of phone calls in the middle of the night, and had to deal with all kinds of issues. A property manager, if it’s not the right property manager, or they’re not trained the right way, it doesn’t shield you from that. You still have to deal with it, the bucks stops with you as the owner or the investor, unless you’re in a more passive investor and not the managing partner.
Going through all of that, and not wanting to continue to have to deal with those problems, caused me to create MobileHomeParkClassroom.com.
What I essentially did was, I took this three generations of experience and the lessons that we had learned and I boiled it all down into a very easy course that teaches you how to find, hire and train the best property manager for your park, and how to manage them, whether you’re local, or whether you’re remote. Then, all you have to do essentially is give the Property Manager the information about your park, it’s specifics, the rental rates, and the other things that are specific to your park. And then just give them the password and have them login to Mobile Home Park Classroom, and they go through the Property Manager edition.
They will learn pretty much everything they need to know about the business from marketing and advertising to attract the right tenants, to qualifying those tenants, to handling phone calls from them, touring with them, signing up the tenants, what to do when sticky situations come up like tenants who were not paying the rents, who were not paying the bills or they want to move in roommates or they’re parting or causing problems. How to handle taxes, and insurance and finances and maintenance personnel and maintenance issues, what to do if there are problems in the park, what to do in a number of sticky situations. It’s all condensed down into this course we created because we really wanted leverage. We didn’t want to have to keep investing 80-120 hours to train a property manager, every time we hire a property manager.
The reality is, you’re going to go through multiple property managers if you own the park for any significant amount of time, because even if you find the manager within your park, chances are eventually somethings going to come up in their life that’s going to cause them to leave to go somewhere else.
We really realized the inefficiency of repeating the same process over and over and over again. 80-120 hours of our time, which even at $50 an hour is worth $4,000 to $6,000 per Property Manager.
If you’re thinking about owning a mobile home park, I’d highly encourage you to go to MobileHomeParkClassroom.com right now and find out about running the business, and how you can run it as profitably as possible while reducing your stress level as much as possible by finding and training the right property manager for the job.