All Forum Posts by: Mike Gennaro

Thanks @Rachel H. ,

How long have you invested in this space? Did I see on another thread that you are an author as well?

Best,

Mike

Hey Rob,

We're buy and holders like you. My wife and I have now set up and run 9 properties for ourselves and 2 for my parents. I've managed a portfolio of over 50 properties. I list my credentials so that you'll believe me when I say that while the process gets easier, the tenant needs never change, and you never get more time. We brought property management in at property number three and have never looked back. It has been a game changer to have someone else manage repairs and tenant issues. It has also allowed me and my wife to focus on acquisitions, managing our rehab teams, consulting with tax, legal, and insurance advisors, and most importantly, getting out of the house to spend some of that cash flow once in a while! 

To answer all of your questions:

We are so very glad we got into the rental business.

I was able to quit an absolutely miserable day job, and now I own a furniture making company, Barndog Mill LLC. The extra cash flow from rentals made this dream possible.

I suggest getting property management after property number one. I plan to always keep one to manage ourselves, so we don't lose touch with what tenants want in a property.

As SFR section 8 and mobile home landlords, the stories are too numerous to convey. Our first ever tenant ended up in an eviction, and we quit for one year until we pulled ourselves back up by the bootstraps.

Hope this helps and brings a little encouragement. Keep solving problems for people, and you'll keep making money. You are putting a roof over someone's head and filling a valuable need in society. For that, there will always be a need.

Best,

Mike

@Leslie A. 

I have read Mobile Home Wealth, and I consider it the most useful read so far concerning rentals. Due to the cover graphic, I was a little worried it might have been outdated, but the info contained in it still holds true. I also read Trailer Cash, but I have to give that one two out of four stars. 

@Mark Gruetzmacher  

To address your point about the challenging tenant base, I was getting lied to left and right when I first bought my mobiles, so I found the toughest property manager I could. She has been an absolute life saver, and she is worth every bit of the 10% of rent that I pay her. There is enough money to go around in this niche, so I suggest property management if you can find it. It has allowed me to focus more on acquiring more properties and doing what I'm good at, finding new deals and managing rehab crews.

Hey @Mike Landry ,

I do have one mobile home that is not in a park. We had a renter that signed with us before we even begun renovations. Low income rentals on land are hard to come by, and are very much in demand. Think about how the majority of low income properties are in overcrowded areas that were poorly planned out. You are right that one perk to buying mobile's on land is that the city sprawls out into the country eventually, and appreciation occurs. Flipping seems like a great plan too, but I have always followed Robert Kiyosaki's advice not to flip, but to buy, hold, and refinance.

If you are curious, the basics of our deal was that we bought a 76' trailer on one acre of land for $1000 plus closing costs. I bought it from a guy that couldn't keep up the property any more and was willing to take next to nothing to be done with it. His x-wife technically owned half, but she left town years ago ago and has never contributed to paying property taxes or upkeep. Our plan is to sue her to quiet title if she ever shows up. We're putting about $15K into our renovations, because the property is going to be a long term rental.

To address your point about the challenging tenant base, I was getting lied to left and right when I first bought my mobiles, so I found the toughest property manager I could. She has been an absolute life saver, and she is worth every bit of the 10% of rent that I pay her. There is enough money to go around in this niche, so I suggest property management if you can find it. It has allowed me to focus more on acquiring more properties and doing what I'm good at, finding new deals and managing rehab crews.

It's so good to see all of the interest in this topic. 

@Leslie A. I'm so glad I found this thread. What is your ideal price to buy a travel trailer that needs no work?

Mike

Thank you all for your responses. I think @Leslie A. is correct in that maybe buy and hold mobile investors are not quite as strongly represented on the forums. That being said, it is great to have a support group for this kind of investing, and I look forward to reaching out to you all in the future.

Best,

Mike Gennaro

Option 2 is very choice Fouad for so many reasons. If you've answered your question, then you don't need to hear it from me:)

Best,

Mike

Option 2 is very choice Fouad for so many reasons. If you've answered your question, then you don't need to hear it from me:)

Best,

Mike

Hey Leslie,

Are you buying travel trailers in parks, or do you own the park where they are located? If so, has it been easy to rent them out and manage the tenant transitions? Length of tenancy? Please tell me more, lol!

I think we've talked before. I'm glad to hear it's going well in the travel trailer niche. My venture into MH investing stemmed from my research into serving the influx of oil field housing needed in our local area here in south eastern Louisiana. 

Best,

Mike Gennaro