It may not be a popular bragging point but it is needed
Yesterday, I had the opportunity to drive through a potential community with my parents. One of the regular comments was about the condition of the park and how badly it needed to be cleaned up.
This is the point, if you as an investor are not the one to do it, who will?
Will the next buyer make the community safer and a place that shows respect for those living there. I know that these communities are not all Class A but these communities look bad because of bad management just as much as unaccountable tenants. I often think about the kids living in the communities and how it will positively change their childhoods.
In one community we put in a new road and the kids started using their scooters the same day, before we did that they were riding on dirt roads with Razor Scooters, yikes.
@Logan M.
That’s a wonderful point. Not to mention increasing the value of your property
These are your assets, your communities.
They are the product that you are offering to potential customers and to existing customers.
They need to be the kind of product that you believe is desirable to your customer base.
It seems like you Are doing that.
Good Luck!
#2 1031 Exchanges Contributor
- Investor
- Las Vegas, NV
Another example of “the tragedy of the commons”. I guess that’s one of the few upsides to our community owned parks. The governments not involved. I haven’t seen a dirty or unsafe park even in a “bad neighborhood” in 20+ years. Heck I’m staring at a giant multi-level waterfall with an artificial lake full of ducks and geese as I write this.
#1 Mobile Home Park Investing Contributor
Flag poles, playgrounds, cabanas, paved streets, street lamps, RV parking, large entrance signs, swimming pools, etc- all good stuff. But it has to pencil out to the bottom line. Park improvements require a very keen understanding of 'will this expense drive my NOI? I have nice parks.. clean, organized and well maintained... and my wife almost threw me down the stairs when I wanted to spend 5k on a flag pole. She told me to run the business; not my ego. Gulp...
Quote from @Logan M.:
Yesterday, I had the opportunity to drive through a potential community with my parents. One of the regular comments was about the condition of the park and how badly it needed to be cleaned up.
This is the point, if you as an investor are not the one to do it, who will?
Will the next buyer make the community safer and a place that shows respect for those living there. I know that these communities are not all Class A but these communities look bad because of bad management just as much as unaccountable tenants. I often think about the kids living in the communities and how it will positively change their childhoods.
In one community we put in a new road and the kids started using their scooters the same day, before we did that they were riding on dirt roads with Razor Scooters, yikes.
These are exactly the parks I target. We clean them up in less than a year. We like parks that have bigger yards so there is room to move around. Not much different than a neighborhood. And they treat it like one also when the neighbors aren’t 10 feet away.
The first park I bought had a liquor store to the east and a strip club to the west. But it’s 6 minutes to downtown Little Rock. Everyone thought I was crazy when we bought it. Now, they want to buy it from me. It is not the same park at all. Families thrive there and save money on housing while becoming owners with equity.