Let’s talk about MHPs by state. MHPs operate a lot like one another from state to state. There are, however, some exceptions. The goal is always generally the same: get your revenues up and your expense ratios down. The more you do this, the more competitive you’ll be in your market. But things like rent control are a big distinguishing factor in this regard. There are tenant-friendly states, and then there are those that err in favor of landlords.
It’ll be in the capacity of litigation that we see the biggest example of this. Evictions, adjusting rent rates, and more have different requirements depending on the state. For example, if there’s no vacancies in your town, and your park is already full, you could likely justify pushing rents. This is a guaranteed way to increase revenues.
Comparing And Contrasting By State
As stated, a lot of the procedures are the same in MHPs by state, especially based on the proximity. Say that you buy a park in North Carolina, versus a park in South Carolina, there’s almost no difference aside from banking options. If it’s a local bank, it may not lend to out of state buyers. However, if you go out to say, California, you may find the experience a lot different.
Again, this is due largely in part to the rents being much different. Their landlord tenant laws, as well as their rent control laws, are quite different. But regardless, at its core, it’s still the same wherever you go. Improve revenues, and decrease your expenses. That’s the name of the game.
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