All Forum Posts by: Joseph Wilkins

I had them evicted and it was successful so the eviction is on their record. But I’m not sure of their new address so I was hoping to run it through collections. Do you know of a company that can help me with that? 

I am 27 i currently own 17 units, 15 are a mobile home park and 2 are a duplex.

Started out by saving up and buying 1 then just kept waiting for deals and remodeling each one, then either selling to reinvest or letting them pay for themselves.

Due to the nationwide pandemic me and my family have been taken advantage of. As of February we had a tenant almost 30 days late so i put an eviction notice on their door (hoping this scare tactic would make them pay rent). Since then they have accumulated almost $4000 between rent and their sewer bill that i get stuck with, thats not including the $400 it cost in lawyer fees to get them out. I would like to recover some if not all of my money and i was wondering what ways i could do that. Any suggestions? 

Investment Info:

Other buy & hold investment.

Purchase price: $60,000
Cash invested: $20,000

15 Unit Mobile home park

What made you interested in investing in this type of deal?

Expanding, i went from having no room to expand since my debt to income was maxed at 3 properties to getting 15 units and plenty of expanding room.

How did you finance this deal?

Private Lender & Cash from selling 2 other properties

How did you add value to the deal?

It was worth twice what i payed for it before the upgrades i have done

What was the outcome?

1 year later i went from 3 rental units to 9 and have potential to add 6 more units

Lessons learned? Challenges?

Mobile home parks are more return for your money since they are all located on the same property the taxes and all other upkeep cost are minimized, compared to rental properties that are all seperate