Any trailer park owners in here?

I own 3 rent trailers on 2.5 acres that bring in $2900 a month. I love renting trailers and have had no trouble. I would have no problem making a offer on that property.

Kicking tenants out will be my biggest challenge, conflict is not in my nature. But I think if I am professional and stick to my rules I will be OK. I don't worry about having to make someone leave, but I do worry about the evection process, and having to pay thousands of dollars to get someone to leave. That is why so many people emphasize tenant selection, and not giving an inch when it comes to late payments.

I can't imagine someone not paying rent, and just staying in your house unwanted. I hear about landlords taking the front door of the trailer, but that's when they destroy shite.

My grandpaw owned one and that was always my summer job through high school. He owned 20 trailers and a house. They were run down and for the worst of the worst. He/we did 90% of the work for ourselves. If you can handle most of the general maintenance and upkeep, don't mind cleaning up absolute filth, are ok with seeing your investment trashed, and can deal with trashy people then it can be a great investment.

SIL owns a couple trailor parks. Be prepared to do repair work . Generally these people tear up these trailers She is constantly working on them. I would rather just own lots and rent those out

I read an article that said sex offenders were the best trailer park tenants. They can meet the terms of their probation, are not exposed to school children, etc., and often they honestly have no other recourse than to pay if you need to raise the rent, because their release terms prohibit them from living in many areas.

LINK

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“We were a family park when we first started. [But] about 20 years ago, I couldn’t get on the property because a drug dealer had separated from his girlfriend in the park across the street ... and there was a long line of cars because she was undercutting her boyfriend.” Lee, 70, says she was advised that if she took in sex offenders the drug dealers would leave. “So, I started taking in sex offenders, and I have a very clean property. Sex offenders are watched by the news media, the TV, the sheriff’s department, probation, the department of corrections ... so when they are in there, the drug dealers and the other people don’t like to be around.” Sex offenders have been good for Lee financially, with park occupancy running at “1,000%”. She rents trailer pad spots for about $325 a month. The trailers are either owned by the tenant or rented from a third party. Many trailers are divided into three bedrooms, for which tenants are charged $500 a month per room. Lee claims she was once offered $5m for Lake Shore Park, which is home to about 50 trailers.

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I know a guy that if eviction process really drags on, he offers them $250 cash to just get the hell out. It's worked every time for less than <$400

Gotta remember who you're dealing with

There's a guy in my old hometown that had the right strategy, IMHO....

He would provide Owner Financing for the trailer, and charge rent on the lot. Couple of perks:
1. They are buying the trailer so the tenant was responsible for their own maintenance
2. They usually had poor credit, so he hit them for 6-8%
3. When they weren't able to make payments he kicked them out, then re-sold the trailer. Obviously keeping all of the money from the original tenants.

If they were able to pay off the trailer, he'd make them move it out to start the process over again.

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If you are going to buy it be prepared to evict people.

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There's the fly in the ointment. I would take a few extra minutes and drive home the point that you have to pay your rent or you have to leave. If you think that's an easy concept for your renters to understand - think again.

Here's the thing with evicting people, you just have to be timely and firm but fair. You start off with tenant selection, but then when you find someone you absolutely drive home the fact that rent is due on X date, there's a late fee on Y date, and if you don't have money by Z date they will have a letter on their door the next day of eviction. Then you go over that again so they truly understand.

Then you tell them you will come by on the X date -1 to change the filter on their AC and to collect the rent payment, that they can make it out for X but you need to have it in your hand. I call my tenants though I don't have a ton, on the 3rd and I tell them I'm coming by on the 4th to change their filter and get their money.

Don't mess around, don't show up a day late or give them any wiggle room. Low end tenants like firm rules, you need to be firm or nothing will get done. If you are firm, as said you evict with no emotion or offer them money to leave. Then move on.

The key to trailer parks is being able to start them on dirt cheap land that you can eventually sell for a large profit. A large trailer park by me was just turned into a Toyota Dealership, I haven't looked up what it sold for but I'm sure a couple mil.