Real Estate Investor · Ste. Genevieve, MO · Member since 2009 · 363 posts · 944 votes
6y
The industry standard is $10 per month per lot, plus free housing. It's the same basic game plan the self-storage industry uses. That's strictly a guideline. The amount you pay is also tied to other factors such as if the manager is expected to sell/rent homes, if the park is in a tough turn-around mode, etc.
Lender · La Porte, TX · Member since 2017 · 26 posts · 3 votes
6y
The salaries of Mobile Home Park Managers in the US range from $19,640 to $123,790 , with a median salary of $55,380 . The middle 50% of Mobile Home Park Managers makes $53,460, with the top 83% making $123,790.
Investor · Charlotte, NC · Member since 2016 · 44 posts · 13 votes
6y
@Sergio Rios Where are you getting these numbers? Based on our experience these numbers seem astronomical. We normally do free lot rent then $10 per occupied pad per month then incentive type bonuses on top of that. And this is based on the parks we currently own and operate, ranging from 50 to 75 pads per park.
Real Estate Investor · Ste. Genevieve, MO · Member since 2009 · 363 posts · 944 votes
6y
The industry standard is $10 per month per lot, plus free housing. It's the same basic game plan the self-storage industry uses. That's strictly a guideline. The amount you pay is also tied to other factors such as if the manager is expected to sell/rent homes, if the park is in a tough turn-around mode, etc.
Investor · Tx, GA · Member since 2019 · 313 posts · 337 votes
6y
Thank you @Frank Rolfe, @Patrick McKenna and @Hai Loc. I have a 20 lot site on radar (come with homes + lot) that is already set up and working wonderfully thanks to previous owner as well as a 60 lot site (lot only). The general lot rate in the area is between $400-500, and if the mobile home is park owned then it's around $1-1.2k a month.
I only want to deal with honest people who REALLY know what they're doing and are capable of communicating strict rules, but it's not easy to find experienced people who aren't attached to another site or way up there in years looking to retire.
Was thinking 20 lot site with owned homes - (Estimate $205k collected annual factoring vacancy) 1 lot w/ home + $1,200/month . 5% of rent roll would be $950/month, but they would also have to oversee any repairs needed to the homes themselves which would inevitably come up.
60 lot site - (Estimate $264k collected annual factoring vacancy) 1 lot + $2,000/month . 5% of rent roll would be $1,200 .month
Because these are smaller sites that are normally moms and pops managed, I feel overpaying would be the only way to get a solid manager.
The industry standard is $10 per month per lot, plus free housing. It's the same basic game plan the self-storage industry uses. That's strictly a guideline. The amount you pay is also tied to other factors such as if the manager is expected to sell/rent homes, if the park is in a tough turn-around mode, etc.
For what size parks? $10/month may work for 200 lot properties, but I can't see someone doing a decent job for $600/month on a 60 lot property. Do they have a day job or are they on site through out the day?
Specialist · Scottsdale, AZ · Member since 2014 · 626 posts · 700 votes
6y
Even though $10 per pad may have been the standard for a long time, we have found that if you want quality staff at your park, you will need to pay more than that. Particularly if you have a value add park that requires capital improvements, home renovations, and home sales, on top of normal park management. Consider a person with good management skills and a deep understanding of computers, software, digital storage, along with a strong backbone is worth more you won't be able to attract good talent unless you accommodate them accordingly. This can include salary, a home to stay in, utility stipend, vacation, and other incentives.