All Forum Posts by: Jerry Lucker

By now we all know to use only Objective criteria in qualifying prospective tenants. THAT may all change believe it or not.

I recently attended the winter conference of the Washington Landlord Association. One of the featured speakers was an attorney for a government agency.

There's a notion afoot that because our society now has built-in racial bias that we can no longer disqualify rental prospects based on blanket qualifications.

EXAMPLE.  An across the board 'yes' answer to a question such as 'Have you ever been convicted of a felony?' cannot automatically be used to turn down a minority applicant.

Seems like we now need to dig a little deeper - 'How long ago was the felony?' 'Was it for a violent offense?' 'Did you get counseling?' etc  etc. The bottom line is we may have to end up making subjective decisions. Ya sure you betcha. Easy to see where that will end up. 

The government is again opening a can of worms for us to feed off. Its a good thing one of my exit strategies is to turn rentals into another type of investment.

Jerry Lucker

First we'll look at semantics - re: 'investing'. Means different things for different folks. I can tell you that my first deal was a mobile home in a park flip ( 2002). I'm still doing them. Dodd- Frank not a problem. I started at age 54, close to broke. Now I am fortunate to own a nice portfolio of income producing real estate. ALL the money came from mobile home in park flips.

I feel my comments would go against the grain a bit. I've been flipping homes in parks for over a decade - successfully. I sell the homes for cash, not contract. I've always been able to find financing for potential buyers. The biggest advantage of this is accumulating a healthy bank account to invest with and bottom line - make more money than waiting for the payments to come in on contracts.

Finding deals, buying, selling, comps, financing - all of it garners negative comments from naysayers and probably always will. It is a niche of myths and misconceptions.

Like anything else, if you understand how it all works you can make some very nice profits. Once again, I started in 2002 and am still flipping mobile homes in parks.

Jerry Lucker

I've been doing just that for over a decade. I use the profits to buy income producing real estate. 

I buy them for a fraction of what real estate would cost, sell quickly - usually 90 days in and out, and the profit margin % is over the top. 

Any particular questions Adrian?

Jerry Lucker

Nothing better than being with like-minded people!

Investors are true entrepreneurs; self-motivated,

self-reliant, self-assured.

I’ve been investing full time since 2002 and every

spec of new knowledge makes it more profitable.

I enjoy sharing about a unique housing niche that

I’ve made very profitable over the years.

I’m an active investor, flipper, and landlord. I’m the

Seattle representative on the advisory board with the

Washington Landlord Association.

I’m looking forward to learning and sharing with the

best people in the land – YOU ALL!

Jerry Lucker

Butterflies are perfectly normal!

Does she have tenants insurance and does it cover that type of water damage?