All Forum Posts by: Charles Faul

@Lauryn Smith. Hello, correctly repair a trailer usually takes a qualified person. I have done many total reconstructions on trailers . You can do repairs that are much cheaper , but you will have to constantly be repairing as they usually last for a little time . I have found that we did a better job on mobile homes than what was coming out of the factories with better quality products that cost more but lasted for a long time. Doing this way we have done has been expensive, but for the long term has been beneficial . I would rather have a trailer that we remodeled than a new one, but it still less expense than a house . Again remember we had our own crews and did quite a few of them and learning as we went . The $2 to $4 thousand dollar mobile homes usually have lots of work and constant repairs on them . Flooring are the worst and they have no cross strength , so eventually the floor will sag . It can be done and profitable but you either have to do it yourself to be profitable , cause getting calls out and using professional will destroy your profits . Good luck

@Lucas Schneider. Hello Mr. Schneider , If the number are good and appreciate a little in value and you are coming out with a nice net profit , why not. Also suggest you learn a little about electrical, plumbing , carpenter, everything about the property that you can . You would be surprised how many times there is a service call that you would be able to fix on the phone , and I am not saying you need to fix everything yourself , but by being educated in those areas, can help deal with your professionals . Always ask the professionals what was the fix and how they fixed it will help you a lot . It is really not rocket science , and never , ever let someone tell you cannot do it . If you are sincere, tell the truth , you will also find old men like me that would give a young , hard working person a chance and help you with a deal, so never give up . Thanks

Sure anytime thanks

@Brandon Rose. Hello Brandon, There are several reason I agree with you , as I have done very well on those types of properties. I bought properties like those all the time , and financing was always a problem . I started with one that I had saved enough cash to buy. Most of those properties need a lot of work , and I was willing to do it paying for the remodel as we went. When I finished one it was paid for then I went to the next , trying to staying away from debt. I have now $35,000 a month of rent rolls per month . I have a 99.5 % occupancy and less than 1% service calls .I have been complimented for reviving neighborhoods and when neighbors see the end results they start having pride in there homes and start to clean up there own houses . We will not rent our rentals unless we would be proud to live in them ourselves . I know not everyone will agree , and that is ok , but your plan is a good one. Stay out of debt as much as possible . I love the first of the month , but keep enough of working capital (one mistake I made often) . Good luck and you can make in that market and be successful. Thanks

@Alex Williams. Mr. Williams you can call me , as I may have ideas for you . Thanks

Hello , I read all the comments about why some people sell, as I can give you my prospective. I have good rentals that I am selling because I am retiring, not because my rentals are not cash flowing or any other reason . I have remodeled them and are easy care rentals . I am selling on the side of strength and not weakness. I can take you to each and every unit and tell you how much I recieve per month and you can speak to the tenant , then you can decide if you want it or not . I agree to trust but verify , but when you see it with your eyes and talk to the tenant and the real estate attorney agrees that the property is clear then you good . It took many years to get there , but remember there are still good and honest people in this world. I choose to believe that everyone is good until proven wrong. Thanks

@Michael Downs. Hello , Have over 100 rentals , and have remodeled all of them . I use the better products as they will save you money at the end, and less service calls. Have been having good results on the pvc flooring . More than the cost look at the durability , not necessary the most expensive. Good luck thanks

@Reuben. Hello Charlie from La. , I have been investing for 30 years in mobile home parks and houses . I have purchased seven houses on a block .In was in bad shape and attracted undesirable tenants. I cleaned it up , remodeled all the units and now those units are cash flowing $6000 per month . I spent money and starting getting better tenants and paid attention to visitors that did not belong there and ran off the undeseribles that hung around there . I have been having now for 10 years and it is a near problem free units. The city is very very happy with us. Now I have sale pending for $694,000 for the seven houses . It all depends on how much time you want to spend, but our crew did it all . After I sold my other business it has been 11 years and very happy with my investments. Good Luck

Hello , I am new to the BP and really enjoying the post . I have over 100 rentals and I include all appliances, as I do not want them bringing in the units and destroying my floors and walls . Plus it is and added items you can charge for in the rent . I am one of the most expensive rentals in the type of rental we have , but I run it like a business . I treat my tenants  as customers, and always try and address any problems they have . I am not there friend, but I try very hard to keep everything clean, safe, and current. You do have to stand your ground sometimes and evict them when they no longer follow the rules, but it has been a great living for me, unfortunately I am retiring and will be selling the all of my rental in Louisiana. I have stayed at 99.5% full and kept my expenses at less than .003% . Hope you have a great time and very successful. Thanks