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re: Real estate cash flow strategy--punch holes I'm this idea
Posted on 6/27/13 at 8:11 am to rintintin
Posted on 6/27/13 at 8:11 am to rintintin
i know a few people that i call "slum lords" and it's nothing i want to be a part of. they have to go door to door to collect rent half the time in not so great area's, but at least up here it's messicans and not d-bo. They do get paid a lot in cash though. I like the idea of re-developing them into better properties, a lot of times the city grows around them and it's prime property, one of the biggest trailer parks in fayetteville backed up the hospital and finally the hospital caved and bought it all out to expand, whoever owned that deal made a lick.
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Posted on 6/27/13 at 8:12 am to rintintin
When my mom graduated from LSU, her and my dad had very little money and bought a trailer with what they had. 30 Years later they have done very well for themselves. Sometimes it is all people can afford.
Granted, I am sure that is a small percentage of people and that most are bums and druggies.
Granted, I am sure that is a small percentage of people and that most are bums and druggies.
Posted on 6/27/13 at 8:14 am to TheDiesel
probably depends on your town, here they aren't bad, it's just old people and poor people that don't want to live in the college apt complex's, i'm sure the trailer parks in baton rouge are a little sketchier.
the trailer park we bought on the lake was TRASHY, each one had a little storage shed and car port and shite everywhere, so much junk, and the actual trailers where from the early 80's and they were bad off on inside.
the trailer park we bought on the lake was TRASHY, each one had a little storage shed and car port and shite everywhere, so much junk, and the actual trailers where from the early 80's and they were bad off on inside.
This post was edited on 6/27/13 at 8:21 am
Posted on 6/27/13 at 10:39 am to rmc
quote:
You need to factor in legal fees and in that same vein, find a good lawyer.
Things to consider: creation of entity, leases for tenants in your trailers, leases for tenants in their trailers, approximate cost to file eviction actions in the venue your property is situated in, approximate attorney's fees for average eviction case where the tenants don't have much of a defense. Keep in mind that evicting a tenant from your trailer is one thing. Evicting a tenant and their trailer is another. You will have to have a trailer moving outfit setup to move the trailer off the property.
Your lease will undoubtedly contain attorney's fees which you probably not recover. So while it is nice to think the tenant will be paying for the attorney, that's just not reality in most cases.
I guess this was less of a hole punching and more of a PSA.
Also, if your tenant is just leasing a lot and then loses the home to his lender, you usually end up with a trailer sitting there for months while that process moves through the system and then one day someone shows up take the trailer. So, you get no income from the lots during that time. You can't block the trailer so that it can't be removed and good luck getting lot rent out of the lender.
Posted on 6/27/13 at 11:14 am to TigerDeacon
You could always drop the trailer off at the bank if the guy moved out?
Posted on 6/27/13 at 11:16 am to Clay1582
Get the book "deals on wheels." And I would rent the lot, not the tailers.
Posted on 6/27/13 at 11:27 am to Clay1582
I have a friend that buys houses in run down neighborhoods rehabs them and then rents. The rents run $450-$600 per month which in this area is very low. He considers it "on-time" if the rent is paid in the month it is due, most pay within 60 days, but almost all require him chase down the money. He always has at least one property in the eviction process. This seems to be standard procedure when managing low rent property.
Posted on 6/27/13 at 11:41 am to TigerDeacon
quote:
loses the home to his lender, you usually end up with a trailer sitting there for months
Maybe things have changed with all the new rules, but mobile homes were once financed via personal property loans if they were on rented lots. Thus they are not foreclosed but repossessed like a car, which is a much quicker process. So if you go the route of toting the note and owner financing, you can kick their arse to the curb relatively easily. Although, if a different lender is involved, you would be at their mercy to move quickly on the repo.
Posted on 6/27/13 at 11:44 am to TigerDeacon
If I do rent the lots, I will own the paper so it they don't pay, ill be the bank and ill just take the down payment they gave me to make any needed repairs and start over again. This is some good info. I should have mentioned I already have a small mobile home park, so I'm comfortable with owning and renting mobile homes, I've just never bought individual lots. I am leaning more towards doing "Lonnie deals" (deals on wheels) but that would be a new endeavor for me.
Posted on 7/1/13 at 11:55 am to eng08
quote:
You could always drop the trailer off at the bank if the guy moved out?
Where do you drop of a trailer for places like Green Tree Financial?
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