All Forum Posts by: Logan M.

Logan M. has started 136 posts and replied 728 times.

@Logan M.

Depending on your scale of units and issues

I would say buy a drain auger 1st if you don’t have one and that seems to fix a mass majority of our issues roots, grease, dipers, ect

Now you or a tech would need to learn to use the Machine, they can be dangerous but for us maybe about 2-5 % warrant needing a cam for deeper investigation.

Great advice, thanks @Nathan Faselt

0 Votes

Quote from @Roger D Jones:

Quote from @Dave Rav:

@Roger D Jones curious, do you charge for any of those options/services?

No... we allow it to build trust and communication.

If you don't mind me asking, how many units are you dealing with? I am just curious about the scalability of this.

0 Votes

I have been having a few recurring issues in different rentals and I have been debating on buying my own sewer scope. I want a better idea of what is going on and it seems handy to have.

Does anyone out there have a sewer scope that they are happy they purchased vs rented?

0 Votes

Quote from @Alyssa Wright:

You have some great options here for sure! Another option to consider may be to offer referral bonuses as well to try to fill up vacancies even faster. Something that we've done in the past as well is offer credits for anyone who left a review as well!

Were you thinking of doing short-term and long-term or just long-term leases?

Just long term leases but I like all of your suggestions

0 Votes

Quote from @Daniel Stoychev:

@Logan M.

All of these are great options. I always like to have something that reels them in and gets them interested ( short term ), and something for the long haul to keep them happy.

i.e, as you mentioned wave application fees, admin fees etc. Make it easier for them to commit right off the bat, and something such as the tv, free parking, accessibility to parking that is guaranteed etc.

These are nice perks, and a great addition to your strategy. However, run the numbers, you want to offer fair prices. That is what will keep long term loyalty and commitment.

We have not been pushing it too hard because we don't have our C of O but we are trying to be ready for when they can be occupied.

0 Votes

I am filling 8 apartments and a couple of commercial units that I just finished building.

I want to put in place some incentives for new tenants and want to know if anyone on BiggerPockets has done something similar.

Here are a few ideas I have had:

First Month Free: Sign a 13-month lease and get your first month free

Pets: No pet fee for the first 6 months, year, etc

Rent Discounts: Offer a discounted rent for the first month or two for
tenants who sign a pre-lease agreement before a certain date.

Waived Fees: Waive application fees, administrative fees, or security
deposit for tenants who pre-lease.

Free Utilities: Offer to cover utilities such as water, electricity,
or internet for a certain period for tenants who sign a pre-lease.

Upgrade Packages: Provide upgrades or amenities such as free parking,
access to a fitness center, or a smart home package for those who
pre-lease.

Gift Cards or Vouchers: Offer gift cards or vouchers to local
businesses such as restaurants, cafes, or grocery stores as a signing
bonus.

Flexible Lease Terms: Offer flexible lease terms, such as shorter
lease lengths or the option to renew at the same rate, to incentivize
tenants to pre-lease.

Refer-a-Friend Program: Encourage current tenants to refer friends or
family by offering them a reward if their referral signs a pre-lease
agreement.

Early Move-In: Allow tenants who pre-lease to move in a few days early
at no additional cost.

Guaranteed Parking: If parking is limited, offer guaranteed parking
spots for tenants who sign a pre-lease agreement. We could even allow
the first so many to get two assigned spaces.

Apartment Selection: First Come First Serve

Signing Gift: Get a Smart TV when you pre-lease by a certain date
(This could be any item), this could be fund because we could have it
mounted for them.

0 Votes

Quote from @Mike Reynolds:

Quote from @Jordan Jaramillo:

Hey guys, I’m trying to figure out if this deal makes sense.
the purchase price is $2 million. The seller wants $500,000 down the operating cost on the property runabout $8500 and the seller wants a $9000 payment each month. He is willing to do a 25 year seller finance on this deal after accounting for vacancies, maintenance, capital expenditures I should be looking at around an 18% cash on cash return ROI is that a good cash on cash return for a mobile home or should that be higher?

So many questions. How many lots? What’s the price per lot? Or you renting houses or renting lots only? How old are the houses? What’s the interest rate?

I would echo Mike, we need more information.

1 Vote

Pensacola, Florida

Quote from @Dave Rav:

Logan, some really good points and methods for rent collection.

We do much of the same.

We use online processor Schedule My Rent and pretty much make that the only way to pay. Nice part about SMR is they accept money orders (which we know many MHP tenants like).

Never collect rent in person. Been that way at least 8 years. Read your post about the dangers of confronting tenants in default. Happy to say we don't do that. Automated online systems also are great with late fees and other fees. It's automatic, doesn't give tenants chance to argue or give sob stories, and manage how payments applied. (Ours only allows payments in full - they can't bypass late fees).

As to delivering notices of NP, we send certified letters. Nobody hand delivers. Some cities or counties may require that though.

I have found that most sheriffs are very affordable like $24 bucks and that holds up in court well.

2 Votes

Quote from @Mike Reynolds:

Quote from @Logan M.:

Rent Collection can be one of the biggest pain points while trying to manage a mobile home park.

We have a few rules when it comes to rent collection that allows us to collect at a higher rate than the industry average.

Rules of Rent Collection

1. Never collect in person

2. Run payments via an online platform (We use Rent Manager)

3. Pay a constable or the Sheriff to deliver notices of non-payment

4. Deliver notices on the 15th of every month

5. We try to work out payment plans with tenants and are mildly successful

What are some rules and trends you have regarding rent collection?

About the same as you except we have the manager deliver late notices.

Is Rent Manager good with Quick Books? We’ve been using Rent Redi and it’s not going to work out. Several reasons but the Quick Books is a big one.

We use REI Hub for our bookkeeping, its not perfect but works

0 Votes

Rent Collection can be one of the biggest pain points while trying to manage a mobile home park.

We have a few rules when it comes to rent collection that allows us to collect at a higher rate than the industry average.

Rules of Rent Collection

1. Never collect in person

2. Run payments via an online platform (We use Rent Manager)

3. Pay a constable or the Sheriff to deliver notices of non-payment

4. Deliver notices on the 15th of every month

5. We try to work out payment plans with tenants and are mildly successful

What are some rules and trends you have regarding rent collection?

2 Votes

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All Forum Posts by: Logan M.

Logan M. has started 136 posts and replied 728 times.

Post: Buy or Rent a Sewer Scope?

Post: My Rules of Rent Collection for Mobile Home Parks

Post: Buy or Rent a Sewer Scope?

Post: Pre-Lease Signing Incentives

Post: Pre-Lease Signing Incentives

Post: Pre-Lease Signing Incentives

Post: Help 1st mobile home park

Post: My Rules of Rent Collection for Mobile Home Parks

Post: My Rules of Rent Collection for Mobile Home Parks

Post: My Rules of Rent Collection for Mobile Home Parks