That kind of shoot-from-the-hip approach can be fun for a minute, but it usually ends up like my old buddy Rick’s first deal.. he bought a distressed fourplex in Tucson years back without a real plan, and while he eventually turned it into a solid monthly cash flow, he spent the first six months sleeping with one eye on the tenant ledger, praying the HVAC wouldn’t bail on him after a hot desert day.

There're some alternative planning approaches, but they are always case-by-case.  

Understanding the numbers is key to knowing whether a project will be successful or if it’s better to walk away.That said, it’s also true that every market is different, and combining a solid business approach with lifestyle goals can create unique opportunities.

What about drive approaches, parking lots, site lights, landscape, irrigation, etc.? 

Well that is a good approach.

Mobile home parks often have unique challenges and opportunities, and it’d be great to hear how you’re approaching this one.If you’re open to sharing more about how you found the deal or approached the seller, that would be valuable for others looking to break into mobile home park investments as well.

We really like their approach and communication has been timely and meaningful.

A strong partnership benefits both parties.Happy vendors are more likely to prioritize your jobs and provide high-quality service, benefiting both tenants and owners.Balancing Stakeholder NeedsBalancing these relationships requires a strategic approach:1.Standardized Processes: Implement systems that ensure consistency and efficiency in addressing maintenance requests, approvals, and payments.2.Transparency: Use technology, like owner and tenant portals, to provide real-time updates and visibility into ongoing issues.3.Regular Communication: Maintain open lines of communication with all stakeholders.

What are your thoughts on this approach?

Also, often times leasing is about who can respond to inquiries the quickest and offer the most convenience.