How to Rent Trailer Homes
Renting out trailer homes can be profitable, especially in a down economy. Although people may not be able to afford to rent a traditional house, they can find more affordable options renting out a trailer home. There is a demand for renting trailers that can be profitable for trailer park landlords.
- Get Tough with Tenants
If you allow the tenant to pay their rent late, there must be a stipulation of a late fee. Without doing so leaves you open to abuse by your tenants as they are more likely to take advantage if there are no consequences to paying their rent late. You must also stipulate that if the tenant does not pay you their rent during the grace period, that you will begin the eviction process. If tenants request it to pay less than the full amount of their rent due, you must also put your foot down and demand the full amount. By allowing tenants to pay partial rent, it will set a precedent in your mobile home Park which other tenants will hear about and likely also use to their advantage. When tenants pay less than their full rent it will make it very difficult for you to keep up on your expenses.
- Invoice Tenants around the Middle of the Month
Approximately 15 days before the rent is due, you will need to send your tenants an invoice stating the amount of rent that is due and on what date that it is due. The invoice should show your address of record where the rent needs to be sent.
- Decide on a Due Date and a Grace Period
The standard due date for rent is the 1st of the month. For a grace period of when you will allow rents to be paid without penalty, consider allowing up to the 5th of the month. Use the postmark date on your tenant’s envelope to determine when the tenant sent in the rent.