1. Get your trailer inspected
You may think that your double wide trailer is in excellent condition, but it’s always a good idea to get it inspected by a professional. They’ll be able to point out problems that wouldn’t be spotted by the untrained eye. They will check for cracks in the walls, leaks and plumbing problems, electrical issues, roof or floor issues throughout the trailer, and even find out the sources of bad smells. Additionally, most states have laws that protect tenants. These laws define the minimum health and safety conditions that a home should have before it is rented out. Therefore, if you fail to meet the requirements, and your tenants are injured as a result, you’ll find yourself responsible in court. An inspection by licensed health and safety inspectors can protect you from that.
2. Do some repair work
Your double wide trailer is sure to have experienced some wear and tear in the time that you have stayed in it. It is important to fix any problems that may have developed before welcoming tenants. After your inspection is completed, have professionals come and perform comprehensive repairs. You should spare no expense in ensuring that your double wide trailer is fully repaired.
3. Prepare the terms of the rental agreement
Be sure to review the mobile rental laws of your state and use them when drafting the terms of the rental agreement that you are going to sign with your tenants. It goes without saying that you need to articulate the amount of rent owed and when it is due in the agreement.
Similarly, the rules on deposit payment and refunds should also be spelled out. Repayment of the initial deposit to a tenant when they move out should be subject to the conditions stipulated in the lease documents. Most importantly, tenants should understand that the refunding of their security deposit depends on the state of the home when they leave.
Take additional precautions if you are renting a double wide trailer that the tenant will move to another leased piece of land. Make sure you get a copy of the terms of his or her agreement with the landowner and the rules to which the tenant must adhere. You don’t want your mobile home to be in the middle of a dispute following a disagreement between the landowner and your tenant.
4. Think about tenant customization
When renting your double wide trailer, think about your tenant’s specifications too. Some renters would love to have some add-on features included, while others will be okay with the standard design. These considerations can affect the amount of the lease. If the tenant doesn’t like your asking price, considering meeting with them to go over any additions they’d like to see. Some of the usual add-on features include skirting, decks, steps, solid locks, ADA compliant ramps and even porches.
Tenants may also prefer to have the interior partitioned or redesigned to create more rooms and enhance livability. As such, the rental agreement should stipulate the extent to which such changes can be made to your double wide trailer and the penalties that would apply if the tenant should overstep the limitations that you have set in place.
5. Get insurance
Securing insurance on your trailer is a prudent decision for any owner who is thinking of renting a double wide trailer. This important measure protects owners of mobile home units against third-party claims, in case of injuries or damages caused by their leased equipment. You can structure the contract terms so that they include your premiums. That way there’s no cost to you for the added security and protection of your trailer and your tenant.
Other points to consider when renting your double wide trailer
Know your tenants
Before renting your double wide trailer, it’s crucial to verify the actual occupants who will inhabit the unit. You should establish the number of people who are coming to stay in your home. Double wide rental units are economical for residential renters, but sometimes more residents will occupy the unit than it was designed to house. When your double wide trailer is overcrowded, it is more prone to damage, and you would not want that.
Calculate moving costs
Another thing that you ought to consider is whether or not the tenant wishes to use your double wide trailer on his own land. If that is the case, the trailer delivery costs and site preparation costs should be settled in advance. Delivery costs consist of towing charges for the mobile home, plus fuel costs. These will vary depending on the distance and site accessibility.
Additionally, the surface condition determines site preparation costs. If the ground has lots of debris, vegetation, and boulders, then the costs will be significantly higher. The opposite applies as well – a paved and cemented foundation will cost less. The dimensions of the rented double wide trailer might also affect the setup costs.
Now that you know the steps you need to take before renting out your double wide trailer, you’re ready to go. You can learn more about the process of renting out your mobile home in our article, How To Rent Out Your Mobile Home. Once you have a tenant secured, enjoy earning an income and rest easy knowing that you, your home, and your tenants are well taken care of.