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Started By
Message
1
Posted on 2/18/16 at 10:03 am to NatalbanyTigerFan
Not enough info.
Cost of MH?
How much would it rent for?
Lot rent usually includes water?
Insurance is expensive? Probably $100 a month
Property taxes?
Expenses probably $200+ a month for insurance, lot rent, & taxes. Plus any maintenance and you got to make the payment which may or may not include insurance.
Cost of MH?
How much would it rent for?
Lot rent usually includes water?
Insurance is expensive? Probably $100 a month
Property taxes?
Expenses probably $200+ a month for insurance, lot rent, & taxes. Plus any maintenance and you got to make the payment which may or may not include insurance.
Posted on 2/18/16 at 10:10 am to weadjust
Biggest question for me would be is there room to add more? One wouldn't be worth it for me. My last two tenants have made me second guess doing any though.
Posted on 2/18/16 at 10:26 am to NatalbanyTigerFan
And just how do you plan on screening renters for this mobile home? You're not gonna get the cream of the crop. Regular people don't like worrying if someone is gonna steal their house when they go to work.
My last landlord wouldn't rent to someone under 25, wanted my last three pay checks, did a credit and criminal background check, called where I was living at the time, and spent an hour questioning me. After a while, he trusted me enough to move out of state and not hire a management company. That's the feeling I would expect to get when renting something I owned to someone else.
He renovated a house in the same neighborhood worth twice as much, and wanted me to move in there so he could renovate mine
My last landlord wouldn't rent to someone under 25, wanted my last three pay checks, did a credit and criminal background check, called where I was living at the time, and spent an hour questioning me. After a while, he trusted me enough to move out of state and not hire a management company. That's the feeling I would expect to get when renting something I owned to someone else.
He renovated a house in the same neighborhood worth twice as much, and wanted me to move in there so he could renovate mine
This post was edited on 2/18/16 at 10:29 am
Posted on 2/18/16 at 10:46 am to Hammertime
When I first started renting my house, I listed it on craigslist and another site at the time. I seemed to get a lower quality of renter through those sites than what I wanted. Some even wanted me to do a rent to own kinda thing with them, which sounded sketchy at the time.
So I took all of those ads down, listed one really good write up on Trulia and charged an application fee (~$50) for anyone who wanted to fill out the app. That resulted in a better response for my property and better clientele applying.
You may not be able to do that with a mobile home, but it has worked for me so far. Something as simple as charging an application fee really does weed out any of the people you would most likely not want renting from you.
I highly recommend Trulia, a few people I have know with rentals also used it, and had their houses rented within a month.
So I took all of those ads down, listed one really good write up on Trulia and charged an application fee (~$50) for anyone who wanted to fill out the app. That resulted in a better response for my property and better clientele applying.
You may not be able to do that with a mobile home, but it has worked for me so far. Something as simple as charging an application fee really does weed out any of the people you would most likely not want renting from you.
I highly recommend Trulia, a few people I have know with rentals also used it, and had their houses rented within a month.
This post was edited on 2/18/16 at 10:47 am
Posted on 2/18/16 at 10:48 am to NatalbanyTigerFan
I sure the frick out of it make sure your renters are laying your insurance for you and prepare for it to get destroyed. If you are a handy man the. Having renters is no problem. When shot breaks. Show up fix it. Make sure they you let them know if they skip a payment ur gonna kill their first born.
Posted on 2/18/16 at 11:14 am to weadjust
quote:
Not enough info.
Cost of MH?
How much would it rent for?
Lot rent usually includes water?
Insurance is expensive? Probably $100 a month
Property taxes?
Expenses probably $200+ a month for insurance, lot rent, & taxes. Plus any maintenance and you got to make the payment which may or may not include insurance.
Cost of the home and 1 acre of land is $20k
Similar properties I've found so far rent from $550-$850
Lot rent would be included in the price and I would expect the renter to have water and all other utilities in their name
She told me her property taxes were $88/nth I believe
Posted on 2/18/16 at 11:14 am to NatalbanyTigerFan
1. Screen your renters carefully.
2. Get good damage/last month's rent deposits.
3. I make my renters pay for any repairs costing $100 bucks or less and ALL backed-up sewers/pipes. That way, they are not calling me all the time.
4. DO NOT buy their hard luck stories on why they are late/not paying rent. Give them notice of nonpayment immediately, take them to court and kick their butts out (or whatever the legal process is in your state).
5. Become familiar with your state laws on eviction (see above).
6. You can make some good money, increase your assets, and avoid many headaches if you do it right.
7. Thought of one more: You must inspect the property at least quarterly (and monthly at first with new renters) to make sure they are not destroying the place. If they are, kick their butts out.
2. Get good damage/last month's rent deposits.
3. I make my renters pay for any repairs costing $100 bucks or less and ALL backed-up sewers/pipes. That way, they are not calling me all the time.
4. DO NOT buy their hard luck stories on why they are late/not paying rent. Give them notice of nonpayment immediately, take them to court and kick their butts out (or whatever the legal process is in your state).
5. Become familiar with your state laws on eviction (see above).
6. You can make some good money, increase your assets, and avoid many headaches if you do it right.
7. Thought of one more: You must inspect the property at least quarterly (and monthly at first with new renters) to make sure they are not destroying the place. If they are, kick their butts out.
This post was edited on 2/18/16 at 12:20 pm
Posted on 2/18/16 at 11:36 am to NatalbanyTigerFan
I'll add, I've found it to average out to about 1 months rent a year for repairs. This isn't repairs if a bad tenant moves out, but replacing fridge, air conditioner, etc... type stuff. That may help you get more realistic numbers.
Posted on 2/18/16 at 11:41 am to Langston
Langston and silvertown have given you solid advice. I wouldn't listen to anyone else.
Posted on 2/18/16 at 11:49 am to TigerRob20
I drove around the neighborhood I wanted to live in and looked for "For Rent" signs. I also checked the MLS and FSBO for houses that had been on the market longer than a year and called them. My old landlord didn't advertise on CL for the exact reason as you. He didn't feel like dealing with it
Posted on 2/18/16 at 12:16 pm to NatalbanyTigerFan
Yes it is worth it. You cannot be soft with your tenants. For the most part, they are masters at garnering your sympathy. Some of the stories you will hear from them are remarkable.
Be sure you are willing and able to fix major shite in a hurry. You can't leave them without AC, water etc.
They will not take care of your property the way you would like them to.
Be sure you are willing and able to fix major shite in a hurry. You can't leave them without AC, water etc.
They will not take care of your property the way you would like them to.
Posted on 2/18/16 at 12:53 pm to NatalbanyTigerFan
cpl more things
take b4 and after pictures...to prove condition of place just in case you need it
plenty of spare keys for lock-outs etc
number for handyman if needed
tape a list of do's and don't inside one of the kitchen cabinets for easy reference instead of a loose sheet in a drawer that gets lost or tossed.
you know, like if power goes out check this etc etc
you will make new list in time with new tenants as they screw up.
take b4 and after pictures...to prove condition of place just in case you need it
plenty of spare keys for lock-outs etc
number for handyman if needed
tape a list of do's and don't inside one of the kitchen cabinets for easy reference instead of a loose sheet in a drawer that gets lost or tossed.
you know, like if power goes out check this etc etc
you will make new list in time with new tenants as they screw up.
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