Best way to collect rent from a MHP?

Question

I'm considering buying a 38 Unit mobile home park.. 33 of them are occupied, 5 vacancies..

The current owner (an older man) knocks on the doors to receive rent.. I wouldn't do this, but he says they're all trustworthy tenants and he's never had a problem..

What's a better way of doing this?? I am out of state. Actually, half way across the world..

TIA!

Ryan Groene · Answer

3 ways to collect.

1. Have them give rent to manager and manager either deposits into the bank or into whatever program your using

2. Have them mail check or money order to PO box and do the work yourself.

3. Have them set up on automatic payments or using a program where they can either deposit it at a bank, online, or another payment station.

Easiest and most scalable is the 3rd option.

Bill F. · Answer

@Nick Monge like @Ryan Groene said, you'll want something that's monitorable from afar if you plan on self managing.

Simplest is giving tenants deposit slips to your account at the local bank and write their lot number on the slip every month.

Options above and beyond that are ACH, 3rd party platform like Rent Manager, or some thing like PayNearMe.

You'll have to take into account what the park's income can support and is feasible with your management plan.

Nick Monge · Answer

@Bill F.

Honestly, that's kind of up in the air at the moment.. I was considering a property manager but I really don't know if it's necessary as long as I could set up some sort of automatic payments with the tenants..

Also, just to note.. I'm not buying the buildings, just the land and the lots.. So not a lot of upkeep or overhead.. Lot rent is all I'd be collecting.

Bill F. · Answer

@Nick Monge

What is your management plan for the park?

That will dictate your possible collections methods.

Best way to collect rent from a MHP?

Best way to collect rent from a MHP?

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