All Forum Posts by: Charles Faul

@Cameron McNulty. Hello Mr. Cameron, I understand your question. My take on it that when you let them fix it them self’s a lot of times they cause other damage. It probably worth it to get someone to go take care of it .My lease states if you break it and you pay for it,

But in better language . When going thru the lease I explain every detail so they understand . If there is any doubt on who fault I will take the cost . I have had bad results in letting tenants doing any kind of maintenace or repairs . We take care of it the correct way cutting no corners where a tenant usually will take a short cut . No way I am saying tenants cannot do it and some can , but in general I like the tenants to be tenants and we are the landlords , no disputes . It keeps everything clean and good business . Thanks and good luck

@Todd Powell. Congratulations Mr. Powel, it is so refreshing on hearing the success stories sometimes, as all the negatives wear me down sometimes. You have gave such a accurate account of the business . I accumulated 104 properties that are paid for putting every dime in to it , and worked very hard full time doing all the rehab just with a couple of employees. I was so focused on no debt , I have all these properties , but not enough cash , as I do not want to borrow, as debt scares me. Now I am ready to retire I do not feel secure enough finically just with the income coming in . I know I am crying with a mouth full , also I just finished so it will take a little while to recoup . Your story reminds people that it is possible but not easy. Thanks for your story and the best of luck (lol)

@Katie Miller. My goals are to retire. Have a nice rental portfolio. I am a person that follows my own destiny, but in retrospect I am not sure I have done smartest thing. I would love to hear from BP. I have been building my portfolio over the last ten year , as I am not a fan of banks , so I decided I would my revenues to grow, living way below my means. Now have over 100 rentals paid for in full, but have little cash . If I had to do it again I probably would have borrowed money. No as being older I am property wealthy, but cash poor . On the flip I paid no interest, saved money as being very conservative, and when I do sell I get it all except for taxes . Really looking forward what BP has to say . Thank you

@Nick Troutman. Hello Mr. Nick , look at the numbers and if after you pay the price and have an experienced PM on board and you still are making a good net profit why not. I know it is scary but there are places that still make a nice return on their money . Make sure the properties are in great shape and the numbers are correct , talk to some of the tenants that are leasing. I sell turnkey properties but offer them a PM that know the properties . Also my PM also do all maintenace and repairs that know the properties . You will have turnover and repairs that tenants destroyed but that is part of the business. You can make way more with your money this way than other investments and they keep giving. You might want to look for a property that the seller is retiring they usually sell there properties in good shape and usually around the properties later if you need to help . Hope this helps Good Luck

@Jeffery Scullark. Hello Jeff, I have quite a few houses and mobile homes in Louisiana. Most of the state is in a flood zone , but if your able to pay cash for your property , you do not need it. If it is a mobile home that we are moving in we have to get a elevation certificate and that eliminates any future need for the insurance if you sell. I find it is perfect for rentals , as you can use as a bargaining tool . Personally I have never had one flood yet as I will make sure they are higher than the flood level, and I have no problem buying one in the flood zone. Thanks

Thanks for your post . My two employees are now only maintenace , and keeping the properties in top condition , as I am starting my exit plan this year. We will probably only buy a couple of properties this year . Good Luck and thanks

@Alejandro Calixto. Hello , I am a full time landlord and I truly like it , as any other job they have there bad days but most part it is pretty good . I have two full time employees and myself . We buy houses and mobile homes that have good bones and make them into nice rentals . I have had a few rentals for over 45 years and the last 11 year have went full time. I work also learning everything from electrical to plumbing to permits and the rules . I have been able to achieve 104 rentals with no debt. Always looking for a deal that fit our strategy. So as we put one online for rental we had more to continue working, and sure we made mistakes . But only once , then that mistake was not done again . The hardest part is putting every dime into it , that means all rental monies back into the property. I do live a conservative life , but we watched our monies and lived on a very small budget. Now at 65 I can see the light and going to start selling a few units to build up our cash funds. We do have problems with tenants like everyone else , but they are limited . We are able to help some people in life, but we do get our share of people that use us , but without any debt , I am able to sustain very good numbers . 99.5 percent occupancy, .005 % service calls that are legitimate that is our responsibility, the rest of the calls are tenants that have caused the problem and are charged for the problem.It is a long term , but being a full time landlord is very fun most days . Just a note did not have a lot of funds to start . So you can start small and build , be careful with you funds and hit it hard everyday and at the end it will be ok and mistakes will happen , but learn from them and use the lesson . Build them strong and user friendly, not the cheapest , because that will come to get you in the long term. Sorry for the long text , and good luck to everyone that has the fortitude the withstand the storm. Thanks

@Ray Slack. GM , I am in Louisiana and I sure could not find a decent mobile home for $2,000 to $6000 that I would rent. If I did find one that had good bones I would remodel it myself , with products that last , and bring to stick house standards. After that I get same prices as my homes and have less than .005% call back. I know I spend more on the remodel but it last . When I do sell I usually get 10 times net profit. I do only buy them with the property, and usually have to buy better trailers . I love the mobile home parks , and after all is said and done I could not make that kind of money anywhere else. One example I net for a 13 mobile home park $11,500 per month. Good luck

@Collin Smith. Hello , I started several mobile home parks and it is hard work , but it is probably the best money maker I have. I have a small park of 13 that I put used mobile homes 16x80 only , completely remodeled them , added a deck on front and concrete driveway. I am debt free and I net nearly $120,000 per year. Our service calls are less that .05% , we have more tenant repairs as we do charge them , as our rules are if you break , you pay (actually extra income per year) . The reason we do the remodeling is that we make is very easy to work on and we fix them like a stick house and put quality products on them . We also add all appliances. I also own houses , but mobile home parks are more profitable even with the extra expense I put in the mobile homes. Good luck

@Rebecca E. I love the mobile home parks. I have one with 13 mobile homes that are all set up , with a 10x 12 covered deck , concrete driveway , with all appliances. I took good used mobile homes and remodeled them like a stick house with all new wiring, plumbing, vinyl siding , new insulation, sheet rock , a complete remodel . Those net over $12,000 per month . I am happy with those number as houses are not that profitable . I know not everyone wants to do that type of remodeling but it really worked for us and we are happy with it . Thanks