All Forum Posts by: Jerry Lucker

Seek out good books, courses, mentors, etc. You'll save yourself a lot of time, mistakes, and stress. Make more money sooner. You may pay to learn but its focused education, worth every penny.  

 You bet!

Live and learn. Earnest money should have been deposited with escrow immediately. Don't give it another thought. We have to have thick skins as investors. Don't bother with trying to get blood out of a turnip. Not good for the blood pressure or stress level. I would fire the agent immediately. I don't think anyone can hold you to a contract with that kind of ineptitude and carelessness exhibited.

After much research I switched from a trust to a Will, POA, and Medical Directive. The Trust was a 8" thick pile of unnecessary hoopla, whooptedo, and verbosity. I paid a lawyer $6,000 many years ago to set up the trust. It caused me nothing but headaches and trying to keep it current with all my business transactions was an absolute nightmare. On the other hand they're terrific for all the attorneys that have the gaul to propagate these monstrosities. Just my opinion of course :)

You need the advice of an attorney ASAP.

I've been doing this type of investment for over two decades. The cost is a fraction of what a comparable size stick built would be. I get rents very close to what a stick built would bring. There are renters that don't care if its a mobile home. They're not buying the home. They want a certain number of bedrooms, baths, and square footage. You have to inspect and maintain the home religiously, but its so worth it. After many years of renting out the property you can sell it and carry the contract. You'll then have many more years of income without any upkeep worries. 

As a side note, I made most of the money to build up my rental house portfolio by flipping mobile homes in parks. Most investors scoff at this, but with profit margins of 50% to 200% compared to real estate flip margins let them laugh. There has always been plenty of projects to choose from with very little competition. In parks, the homes are personal property, not real estate. They are bought and sold just like a car or boat. Takes little money, the houses are easy to inspect, simple and inexpensive to fix up, and the park is responsible for all the infrastructure.

Talk to the utilities providers. They can tell you what their charges would be for meters. You may have to get separate quotes from contractors also. Factoring in the costs to the rent prices will depend on your individual circumstances. How would that affect the overall investment you would have to make in the property? Will it still provide enough positive cash flow? Are you looking at cash or financing, etc.? Once you have the figures locked in I'm sure you'll be able to determine the best course of action.

Most of my tenants over 20 years have beat up my properties pretty good. I charge good rents, require steep security deposits, schedule regular inspections, take incoming and outgoing photos, videos, and descriptions, and hold the tenants responsible for every item. Landlording can be challenging but can pay very well. 

I would call my attorney and figure out the best way to get rid of her. Then resolve yourself to the fact that most tenants will be problematic - so take it in stride and focus on the bottom line. Don't let emotions and stress ruin a great investment :)

The hardest part of being a landlord is having the right attitude. I'd say 90% of my tenants over the last 20 years have been  stupid, lazy, inconsiderate, dishonest, and worse. I'd also say my income for what I have invested would be hard to beat. I just don't get upset :)