Are you the owner of a mobile home park – or would you like to be the owner of a mobile home park? The most important thing you can do to guarantee your success in this business is to learn the principles of property management.
Well, this is a big topic! But there is one aspect that is way more important than all the rest – choosing good tenants.
By doing a simple background check on prospective tenants, you will eliminate most of your potential problems right out of the gate. You will also be way ahead of most landlords, who do not bother with background checks. Let the criminals and deadbeats live somewhere else. You don’t need them living on your property!
Unless you do a background check, you are gambling that your initial impression of a prospective tenant is correct. Believe me, this is a terrible way to choose tenants and you will get burned. People with bad backgrounds become quite skilled at fooling others. This is a risk you don’t have to take.
The first step in setting up your background procedure is locating an online credit agency. You will want the capability to check on criminal history as well as credit worthiness. When designing the rental application you will use, keep in mind the type of history you want to determine. Your prospect needs to sign the application giving you permission to check all the answers.
One thing which still surprises me is that people who absolutely cannot afford my rental will still try to apply. Some people have no clue about finances, so we provide a short session on budgeting. If you frame this as a concern for your prospect to prevent problems for them, it will be well-received. Be sure you verify their income before you rent to them!
We never rent to someone who is between jobs or has only held a current job for a few weeks. The only exceptions we will consider are teacher, policemen, firemen, and other professionals who can produce a signed contract.
Owning a mobile home park is a great and rewarding business. Compared to any other type of business, there are so many more advantages than disadvantages. I wish you much success as you pursue your own dreams in this business.
Let us help you succeed in the mobile home park business. In business for 3 generations, we know all the tricks and would love to share them with you. We are Mobile Home Park Classroom, the most comprehensive training center on the web. Check out our free video with an essential tip for mobile home park owners. Get all the forms and procedures you need with our Property Management Module.
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