All Forum Posts by: Mike Matthews

Anthony, I am late on this post but I must tell you. I had 32 sticks and bricks homes at one time. Now I will not own one except for my residence. I only invest in Mobile Home, Parks and Public Storage units. I flip all houses. I can buy 7 mobile homes for less than 1 sticks and bricks home and it pays for itself in only 3 years. So for 100K I am making $3,500 cash flow monthly and that is after the homes are paid for 100%. You House can not offer you that.

Philp I know mobile homes real well. There are No comps that can be run on something like that. All the matters is the price you pay per occupied pad. No pro forms BS please. Find out what amenities the park does offer other than the laundry. Who pays for water and is it sub metered, trash, sewer etc and how old are the junction boxes and how large of an home will each lot hold? You can start there.

How many trees in the park and what type of sewer pipes do they have and how long ago was the last time they were replaced. That is a MAJOR expense that will raise it head one day, you need an estimate of when it will happen.

Wow, I wish I could have know about this earlier. Sec 8 tenants can be real easy to train as long as you went through the correct procedures. Tell us how did this turn out for you?

Jim, I have learned over the years that you must train your tenants, not allow them to train you. All payments are due on the 1st and late on the 5th at 5:00pm. Post marked does not count as received. The morning of the 6th, I send my 3 day vacate notice certified and regular mail to the trouble tenant and begin to enjoy the late fees. The morning of the 10th. I have a court date set for them.
I fully believe that you must train them to avoid these future headaches. Tell me how is your lease agreement structured? I never use a state issue contract, they are too soft. My contract is always set in the landlord’s best interest.

How did you first eviction go? I want to let you know that you did not make any mistakes. You simply had an expensive lesson. But what a lesson. You will never do that again. Tell me how did it go and did you find a new tenant.

Let me know in the future if you have any problems. I will try and help you out as best as I can.

Tell, Me does your state allow for Landlord Liens and Have you added that to your lease agreement.My 9-5 job deals with evicting troubled tenants, or making their life horrid. Sadly I do not know the property code for your state.

DID you move the home as of yet? If not see if the park will wipe the lean if you sing a long term contract to keep the home in the park for X amount of years. They will work with you.

I am bumping this post, asit seems many people are asking me the same questions, over and over again.

No my loans were for 60 days, those are not Lonnie deals. I loaned to dealers.

Every state should have a list of their licensed dealers. I mailed all of them in the area I had family close by. That way my family could repo the homes for me if I needed.

I never had to Repo, thank goodness.

Simple, Now I burrow private money for all the homes I buy. I am not going to spend my money on anything again except for myself.