All Forum Posts by: Samuel Coronado

You may be able to absorb this extra 50 a month, but there is a bigger picture of coming insurance hikes that often result from the re-assessments. Blue collar wages are also going up every year whether you use a Mr Electric type service or the local guy down the street who has to charge more because his cost of living is increasing, plus his competition is dying of old age or retiring, which puts his skills at a higher premium than they were last year. (10,000 boomers a year are exiting the labor force, many were in these blue collar jobs.) The materials may be trending down, but they are still relatively expensive. We don't raise rent just because we want more money. We raise rent to stay afloat. I've bought properties from several landlords who thought they were doing their tenants a favor until the 15 year HVAC went out and they didn't have reserves for an 8k fix. The tenants had to use space heaters until they could find a new place to live, which put a bigger strain on the property owners who couldn't carry the note themselves for a long period. Sub to deals are made of people who don't raise rents. 

It depends on how the lease is written. If there is a clause in there that it's two years, but Year 1 is X and Year 2 is Y, then rent can be raised according to what the lease says. Other than that, if your lease says rent is X for 2 years, then you can't raise it at all without tenant consent and an amendment to the lease. 

I closed on one in October and actively building one now as well. 

If they are lying about this, imagine what else you will find. I just bought a park where a few shower drains were not even fully connected to the main drain and pouring water in the crawlspace. Be very aware of these people. If they are wholesalers, I would ask around and detail their comments and name drop who said it. This helps flush out the bad apples from the local group. Document every interaction. 

I had a guy apply with me. He was a great candidate. I ask what's the deal. Why live in lower end housing in a low cost of living area when there is a lot better options? In my part of the world, you are much more than comfortable at 70k a year with two kids. I know other parts of the country, that's not even a living wage , but here it is. He said he everywhere else wanted literally almost double what I was charging. 

 I am getting into this now as a way to expand my mobile home park. I'd love to talk.

The customer is always right. So many businesses are forgetting this. 

I'm working on Welcome Packages for new tenants that include a small basket of gifts like soaps, shower curtain rings, flowers, etc. The house rules and maintenance procedures will also be in there (kind of similar to what you may have seen in the past with Airbnbs) and a list of emergency numbers, closest medical, fire, and police, etc. What do you think would be something great to go in there? Budget is about $100 per basket. I've thought about a small tool kit with a small hammer and some little nails to get things hung up on the wall. Also looked at small toys for any children coming in. 

I am looking for partners to do a small expansion on a mobile home park that I am currently managing. We charge $200/week for older 2 bedroom 2 baths. Looking to add 3-4 more with an all-in cost of about 10-12k per unit (includes new utility hook ups, septics, moving and setting, acquisition, repairs as needed, marketing, screening, showing, and leasing). Last unit we marketed had to close in 3 days because we had 215 applicants and we couldn't keep up with the overwhelming responses. We are in north Alabama. Also looking to create one from scratch. A 20-pad with lot rent only model of about 250 a lot with all utilities sub-metered to the tenants. 

If this is for the Fayetteville area, check out Lumbee Guaranty Bank.