So for those that may not know, a lot rent is the amount that is paid to the park each month for the space your mobile home is occupying. The cost of lot rents vary depending on your city and state. In todays video I want to share a few tips and pointers I have learned over the year, to help you when it comes to mobile home lot rents.
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Hi, I’m Chimene Van Gundy, best selling author and mobile home millionaire, and in today’s video I’d like to discuss with you mobile home lot rents. What are they and what does that mean? So typically mobile home lot rents are anywhere from three to $500 to paint on your market. This is when the actual mobile home sits in a mobile home park and you have to pay a certain amount of money every month for that home to be on that lot. Some experts or gurus out there will tell you to separate your lot rent from mobile home payments. This is a big fat no like Eerng! Eerng! Eerng! And the reason why is because you could lose your shirt. So for instance, if you allow somebody that you’ve financed a mobile home to pay separately from mobile home park rent versus the payment that they pay you, the problem with that is if they don’t pay that lot rent, the mobile home park can come back and repo that mobile home and still your asset away from you leaving you high and dry. So it’s always best to combine that lot rent with that monthly payment to ensure that that lot rent every month is paid and you’re the one that makes sure it gets paid that way it protects your asset. And the third secret that I want to share with you is obviously negotiating those lot rents. Always make sure to do that. If you’re rehabbing a mobile home, there’s no reason for you to pay the full market lot, rent it all. And I want to actually share a tip or secret with you that will help you with this negotiation. That is for every lot that is empty in a mobile home park, it reduces the mobile home proforma for the park by $50,000 meaning they’re unable to leverage those funds if they should ever have to get a loan or they want to refinance the value of their park. That means that park managers don’t want the mobile home moved, so they either work with you on the mobile home, lot rent, or you just send them a letter saying that you’re going to move the mobile home off of the lot and they’ll be sure to actually renegotiate that deal with you. I hope these tips help you with mobile home lot runs. If you love the information that I’m sharing, I invite you to join me for my free webinar where I show you how to buy and sell mobile homes and share with you the three secrets top real estate investors use to grow profits, whether in a booming or slow economy. Please make sure to like comment, share, and subscribe.
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