Re: Looking to start. - Landlord Forum thread

Re: Looking to start. by Anonymous on November 6, 2009 @18:11

Do these mobile homes come with a piece of land too. You will not make money renting anything. What you need to do is fix up a place, mark it up and self finance it to someone with a regular job and some kind of credit. People do not care what they pay for anything so long as it is right per month. However, I would not string anyone out for more than ten years.

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Re: Looking to start. by Anonymous on November 6, 2009 @22:09	[ Reply ]
Most of them are in established courts. I personally know people who make very good money renting out places. I have absolutely NO interest in offering people land contracts, I am not a bank.

Re: Looking to start. by Anonymous on November 6, 2009 @22:40

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Taking in good money and making good money are two different things. You may personally know some people who are taking in good money but they are not telling you about their cost. First, most of them could not sell their places for enough to pay of the mortgages. For years they have pumped money into their units for maintenance and interest on their loans. People are constantly trashing their places. And, nothing deteriorates faster than a mobile home. Your life experiences are not enough to prepare you for the people you will rent to. If you want any chance at making any money, find a multi-unit building that is good enough for you to live in. Then live in it and watch it 24hrs of the day and do all of the maintenance yourself. Pay half down so you will have enough positive income flow to maintain the building and pay the mortgage even when there may be some vacancies.

Re: Looking to start. by Anonymous on November 6, 2009 @22:50

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I only want to start with mobile homes, use them as learning tools. I would later like to get normal single family homes, and multi family homes. All are fairly cheap here, and i would plan on keeping them a very long time (I am only 23)

My last landlord owned a lot of properties, If i remember correctly he had about 30 separate units, some duplex's some single homes, and a few multi unit places. 3/4 of them are paid off, besides taxes, insurance and general maintenance, they are all profit.

In the short term, no I wont make much money, i'm looking more for a long term investment.

Re: Looking to start.