All Forum Posts by: Franklin Romine

Just purchased a 24 unit Trailer Park, purchase price $300K.  All the trailers are tenant owned.  There is a long term onsite manager.   Currently a 3rd party reads electric meters, prepares a statement for each tenants, mails statements to onsite manager, OM gives tenants statements, tenants pay OM by money order and old owner picks up funds on the 8th of each month.  Previous owner also never charged tenants for Water, Sewer and Trash. So we gave a 60 day notice to all tenants for the new monthly fee.

Our plan is to have Onsite Manager read electric meters,  send meter data to Off Site manager, we prepare statements on who owes what,  send statements to OM to distribute to tenants, and then we hit the tenants bank accounts, or Credit/Debit Cards remotely.  Goal is to no longer accept money, or checks.  Our current process for +80 residential units we already own is electronic payment only through Buildium.

Question is what's is everyone else process for collecting rent at trailer parks that have variable billings with meters?

Also,  what are other trailer park owners charging fees/fines for?  We sent notices to tenants that there will be $25.00 fines for... Dog outside yard, vehicle blocking, offsite dumping, dumpster diving...?

Any thoughts to maximize efficiency and revenue?

Thanks,

Franklin

I would need to see your entire financial statement.  If you have other investments and you don’t need the cash from the sell, I wouldn’t sell.

The system is designed to keep away people that are on the fence from making decision.  It's no different than if McDonald's told us how much weight we would gain if we ate Chicken Nuggets.

Everything sounds good if the Business your buying is decent and you going to be all in to make it a success.

I'm personally seeing and hearing a significant amount of people relocating and staying in CA and finding more affordable areas to lives such as the Central Valley / San Joaquin Valley.  This is direct knowledge from people calling on units I have for rent, and properties I have for sale. 

Ive had good luck with smaller commercial spaces in lower income areas.  

@Tony Merchan

I thought being a landlord was all fun and games

@Patrick M.

You nailed it

@Sue K.

Equity is a false sense of security. Cashflow is much more secure.