Podcast Episode #2: Tenants To Avoid and Yearn For

 

 

 

Finding and keeping the right tenants in your mobile home park (MHP) has a huge impact on the quality of your park. Nothing ruins a park faster than a bad tenant. They’ll all start to fall like dominoes as one bad seen infects the rest of your community. Once they’re in, a bad tenant can be hard to get out, so no matter how carefully you maintain your park, things start to go bad. 

 

Stop the problem before it starts

Preventing this from happening starts with who you let live in your MHP. The vetting process is something you have complete control over as the park owner, so do your due diligence. Take the time to run background checks, confirm employment and don’t fall for a ‘hard luck’ story. Only the facts are going to tell you the likelihood of this person being a good tenant who pays on time, keeps their lot clean and doesn’t cause any trouble in the community.

 

Looks can be deceiving

It’s also important to look out for traps. It may seem appealing if a potential tenant offers you an entire year of rent up front, but what happens after that year? Why do they have so much cash right now? What did they do to get it? Don’t let the appeal of the cash stop you from looking into who this person is. If they came by that money as a result of criminal activity, like selling drugs, you do not want them in your park. 

 

Get the bad out of your park

It a bad tenant does slip through, prepare yourself for a struggle to get them out unless you take the proper precautions from the start. One way to protect yourself is with month-to-month leases. This way, if a tenant goes bad, you can opt to not renew their lease almost immediately. If they’re a bad tenant, you’ve got to get them out whatever legal way you can, but it may cost you a little in lawyer fees if you’re not careful.

The best way to ensure your MHP community runs smoothly, with tenants who care about the space as much as you do, is to carefully vet tenants. Get more strategies from Glenn Esterson and Jason Sirotin in the second episode of the MHP Expert Podcast.

 

Podcast Transcript

Jason: Hey everybody, Jason Sirotin here with The Mobile Home Expert Podcast, here with our mobile home expert Glen Esterson. Glen, how you doing today?

Glen: I’m doing wonderful. Another day, another dollar.

Jason: Oh yeah. So Glen, when we left off last, we were talking about The Mobile Home Park Manifesto, the book that you wrote, and we’re getting into chapter two which is all about tenants, and I have so many questions about tenants. I want to understand how did these folks get there, which we kind of talked about. Why are they there? Vetting them, how to keep them, how to get rid of them. And then, in the ones that we want to keep, I’d like to learn a little bit about how do you convert or what is the value of converting someone to a lot renter instead of a home renter, meaning that they buy the home and now are just renting the lot. Is that a correct way of saying that?

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