All Forum Posts by: Craig Sloan

Is is this mobile home on land or in a park? If it's in a park, keep in mind that as the owner of the home you're responsible for paying lot rent at all times, even when the home is vacant. It's often not cost-effective to rent mobile homes unless you own the park.  Tenants often don't take good care of them.  If it's in a park also make sure they allow investors in the park. Some parks do not allow you to rent homes within their Park.

Only only one tenant objected and they had a good rental history so I continued to rent to them. Ironically they would have been better off to purchase the place. I offered them a five-year contract and they ended up staying for 7 years.

@Mindy Jensen is absolutely right.  You can do it but it is slow going.  We have been working on it for years in a couple smaller parks that we own.  Most people do not complete their contract, which isn't always bad.  Each time you resell the home you get a new down payment.  If someone completes their contract your revenue from that home is reduced to LRO.  If they don't complete the contract you resell and continue to generate more income.  I realize you have the hassle of rehabbing the home and re-marketing it every time... but sometimes you just have to make lemonade out of lemons.  

@Laura C.

https://www.auctioneers.org/NAA/For-Buyers-and-Sel... is a link that can help you find an auctioneer in your area.  

Auctionzip.com would also be another good resource.  Look for someone with experience in real estate.  The National Auctioneers Association has the designation AARE (Accredited Auctioneer Real Estate).  There are some classroom hours required as well as experience with at least 10 real estate auctions to earn the designation.  Someone with these credentials may be helpful.  

There is probably someone in your area that has significant experience with real estate auctions.  Good luck.  Hope it all turns out well for you. 

I think you want someone who is competitive in the market, wants to see you succeed and you feel comfortable with.  I think the best strategy is to ask others in your local market who they use.  Interview several, including some small local banks, they may be more relationship focused than the larger banks.  

@Anthony Janke

Finding something that would reduce what you are paying in rent would be an improvement but I would encourage you to try to find something that would at least cover your expenses.  That way you could use the money that you would be paying for rent to fund your next deal.  

@Brian Ellis

It sounds like the rent is too high.  Try lowering the rent a little and see what happens.  Be patient.  IMHO you are better off dealing with some vacancy right now rather than renting to a sub-par tenant.  The right person will come along. 

@Laura C.

Two alternative thoughts.  May not be good options for you but I'll throw them out there.  

1.  Auction?  May result in lower price but may help it move faster.  May not be possible depending on your arrangement with current Broker.  Could also use a Buyer's Premium to cover part or all of the commission leaving you with more proceeds from the sale.  

2.  Rent the property.  Would the rent cover your expenses?  Could this at least buy you some time?  I know there are risks with this approach.   

@Kwok Su

I don't know your market but assuming you follow all applicable laws I would raise the rent as soon as you can.  Most people won't move.  They will realize they had been getting a great deal but that is about to come to an end.  Moving is a hassle.  I have been in similar situations and have rarely had anyone move out because of the increase. 

@Dakari Mitchell

Congrats on making the decision to get into the game.  You're in the right place.  This is a great place to learn.  Lots of great resources and great people.  There are many ways to play this game.  Do you know what your approach will be?  Fix n Flip, Single family, multi-family, commercial properties?