Not raising the cost of rent each year
Many landlords simply do not increase rent incrementally each year because they are too close to their residents. However, the cost of not increasing rent by a certain amount can be costly. The average trailer park rent for a lot can be anywhere from $125 to $800 per month in the United States. If you are on the lower end of this echelon, and you have a 20-park lot, raising your rent by $25 each year is an additional $500 you could make from your park. By not increasing your rent, your park is not growing for you as an investment.
Getting a fast cash offer on your mobile home park could be a great way to get out of your trailer park and move over to another, more attractive investment.
Not making sure that your lots have submetering
This is a major problem for trailer park owners. If submetering is not in place, this means that tenants are not responsible for their own utilities and you could be paying more for water and electricity than you should. Putting submetering in place can be an expensive endeavor, depending upon the number of units that you have. If you are paying too much for your tenants’ utilities and don’t have submetering, a fast cash offer can help you recoup money that you’ve sunk in your mobile home park.
You have a property manager who lives on the property
Most modern mobile home parks have a property management company that services the property.