All Forum Posts by: Ken A.

Nice going! 

Remember there is no failing, only quitting too soon or dying. - Yoda

Canada and Australia are definitely the 2 markets where I am not bullish, in fact I would be bearish based on lower oil prices and commodity prices.  Good old USA real estate is still booming till 2022-2024.

I am in Florida also, and prefer to do Rent to Own.  I will offer $200-$300-$400 rent credit per month ONLY if they pay every month on time, and also must buy the house in the future with their own loan.  I am kind of surprised your values are only up 3-4% per year, it's probably much higher retail price-wise.  Rent to Own is great because: 1. No need to foreclosure, just evict as usual.  2. Tenants act more like an "owner" and does not call for small repairs, etc.  You could also make them more responsible for more repairs. That will depend on your lease.  3.  I do the usual lease, and then have a separate form for the possible "ownership"/rent to own deal. 

(See my Blog). Real Estate in general will continue to go up (especially single family).  Obviously individual locations can have great variance.  Good luck!

Florida is definitely a top state for Mobile Homes.  They are not allowing any more Mobile Home parks to be built.  Always look at the Mobile Home total payment : (tenant pays Lot rent + their loan payment ) to equal about a 2 bed, 1 bath rental apartment in the area.

Unfortunately the huge drop in oil prices has just been over the last 10 months or so.  It has not necessarily stabilized.  These things never end well.  Sorry.

Hi Dawn. Personally I have never liked condos/townhomes because of HOA fees, etc. Cannot figure out how to pass the "expense" along to the tenants. Also have no control over HOA fee raises. I bought a condo cheap ($30K) and the HOA was only $90 in 2005. Fast forward to today 2015 and it's $240 per month!! There hasn't been any big CapEx type repairs to general property/area. Not a thing I can do, but hope to sell in future (probably break even). Can't control the HOA "Gestapo" board, so out of luck.

Read everything you can by Lonnie Scruggs.  In the distant past, I have bought mobiles dirt cheap, in established Mobile Home Parks.  The "tenant/buyer" pays the lot rent, and I "owner finance" the mobile home to them for 4 to 6 years.  I usually get all my money back in a year or so and everything after that is pure profit!  In Florida, the actual Mobile Home is titled like a car, so you can "re-possess" the home without going through foreclosure.  (not sure if Dodd-Frank really give a crap about "non - real estate" asset.)

Try Craigs list, Penny Saver papers, etc.  If you find a Park you like, drive through them, there are plenty of "for sale" signs.  Note: It is important you talk with the Mobile home Park Manager about what your doing (can also be a good source of leads for Mobiles!)

I am now always charging a "pet" fee every month.  Tenants now "somewhat" are expecting it.  They usually also handle the "monthly" payment better, rather than a one shot non-refundable payment.  The size of the fee depends on, how nice the house, how many, etc.

"Lurking" is still legal.  Just don't cross over into "Stalking".  Anyway need a lot more info/specifics.